View the Profit & Loss Statement:
- From the left-side menu, click Reports, then select Profit & Loss Statement.
- Choose a date range or enter a custom date range.
- Select the report type: either Summary or Detailed.
- Decide whether to include zero-balance accounts.
- Click Filter Report to view your Profit & Loss Statement.
- The Summary tab provides an overview of income, cost of goods sold and the business gross profit, as well as the operating expenses and the business net profit.
- The Details tab provides an in-depth look at the specific income and expense account balances that contribute to the business's gross and net profits.
Understand the Profit & Loss Statement:
Income and gross profit:
The top section of your profit & loss statement reflects the income accounts and the cost of goods sold that make up your business's net gross profit.Gross profit is the total revenue minus the cost of goods sold. The cost of goods sold includes the costs to produce your product or service. To determine your gross profit margin or the percentage of revenue kept after covering your cost of goods sold, divide your gross profit by your total revenue, then multiply by 100.
Operating expenses and net profit:
The bottom section of your profit & loss statement reflects the expense accounts that are not directly related to product or service production and the business’s overall net profit. Operating expenses include things like payroll and wages, advertising, and insurance.Net profit is your business’s bottom line in overall profitability. If the total number is negative, this is called net loss. Use this number to track your business growth, changes in sales volume or changes in expenses.
Export the Profit & Loss Statement:
To download your profit & loss statement, at the top right corner, click download, then select CSV or PDF format. The statement will download to your browser.
