The Profit and Loss Report, or the Income Statement

The Profit and Loss Report, or the Income Statement

The Profit and Loss Report, or Income Statement, shows your organisation's net income, which is computed by deducting expenses from revenue for the specified reporting period. Since this report shows financial transactions, it will include sales that have yet to be fulfilled. In contrast, the Profit and Loss Report by Product involves inventory movements and records sales proceeds from invoices related to fulfilment.

This report is only available to users with Financial Reporting permissions.

Prerequisites

 

Data from this report can be exported in Excel, PDF or RTF format.

Input:

Reporting Period

Allow user to select the reporting period to show, or select a custom date range. By default this is set to the current month.

Compare To

Allows user to select comparison range, e.g. previous year, previous quarter, previous month.

Compare periods

Selects number of previous periods to compare the current period against. Up to 12 periods can be compared.

Layout

Set to the Default layout. Allows selection of saved layouts, if any.

Save Layout As

Allows saving of a layout for potential future use.

Reset Layout

Resets layout to the default layout or selected saved layout.

 

Select Apply Filter to set filter fields for the report and Update to refresh the output with any new changes. See Managing Cin7 Core Reports - Filtering Reports for more detailed information about using filters.

Output:

The following output fields are available for this report. Only the Income and Expense accounts that have been credited/debited within the reporting period will appear on the Profit & Loss report.

Field Name

Description

Income

The total income for the specified reporting period

Cost of Sales

The total cost of sales, which includes the cost of goods sold (COGS). This amount will be deducted from the income.

Operating Expenses

The total operating expenses. This amount will be deducted from the income.

Net Profit

The profit, computed as (Income-Cost of Sales) - Operating Expenses

 

Publish

Balance sheet by periods can be Saved or Published to save a snapshot of the report and its settings where the data and date range cannot be changed.

  

Published reports can be accessed from the top right of the reports screen in the Published tab. Reports that have been saved but not published will appear in the Draft tab.

  

Add notes to a report for publishing by clicking the dropdown arrow in a cell and clicking Add a footnote. You will then be able to enter text in the notes field below the report. Notes text will be saved to draft or published reports.

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