Profit & Loss Account Report
A Profit and Loss Report (P&L) is a report that shows your total Income and your total Expenses in a specific period of time. It’s a really useful report as it shows you your net Profit (or loss) based on your Income & Expenses, and that can be used to come up with some cost cutting strategies!
Profit & Loss Reports go by a few names, so it might be referred to as an “Income Statement”, a “Statement of Operations”, a “Statement of Financial Results” and “Income & Expense Statement”. Let’s stick with Profit & Loss Report.
How to View Profit & Loss Account Report?
In the Account Reports menu, select Profit & Loss Account.a) View Data.
1. Select From Date & To Date.
2. Select Cost center. How to create Cost Center.
3. Select Group Level.
4. Then Click Report.
b) Report:
| Demo Company | |||
| Profit & Loss Account | |||
| Date : 01/01/2018 to 31/03/2018 | |||
| Particulars | Upto Previous | Current Period | Amount |
|---|---|---|---|
| Operating Revenue | |||
| Sales Account | 0.00 | 3,60,300.00 | 3,60,300.00 |
| Less: Sales Return | 0.00 | 3,500.00 | 3,500.00 |
| Sub Total : | 0.00 | 3,56,800.00 | 3,56,800.00 |
| Cost of goods sold | |||
| Purchase Account | 0.00 | 6,79,760.00 | 6,79,760.00 |
| Less: Purchase Return | 0.00 | 5,240.00 | 5,240.00 |
| Less: Closing Stock | 4,42,100.00 | 8,66,714.00 | 8,66,714.00 |
| Sub Total : | -4,42,100.00 | -1,92,194.00 | -1,92,194.00 |
| Gross Profit : | 4,42,100.00 | 5,48,994.00 | 9,91,094.00 |
| Other Income | |||
| Discount Received | 0.00 | 6,300.00 | 6,300.00 |
| Miscellaneous Income | 0.00 | 2.50 | 2.50 |
| Sub Total : | 0.00 | 6,302.50 | 6,302.50 |
| Total Income : | 4,42,100.00 | 5,55,296.50 | 9,97,396.50 |
| Direct Expenses | |||
| Opening Stock | 4,42,100.00 | 4,42,100.00 | 4,42,100.00 |
| Administration Overheads | 0.00 | 23,775.00 | 23,775.00 |
| Discount Payment | 0.00 | 279.00 | 279.00 |
| Sub Total : | 4,42,100.00 | 4,66,154.00 | 4,66,154.00 |
| Net Profit\Loss : | 0.00 | 89,142.50 | 89,142.50 |