Understanding profit and loss statements

In this section, we will show you how to customize and generate a profit and loss statement. The profit and loss statement, also referred to as the income statement, will show you how profitable a business is for a period of time. This report summarizes all the income and expenses that have been incurred by a business for a specific period of time. The difference between income and expenses is shown on the report as either net profit (income exceeds expenses) or net loss (expenses exceed income). Like most reports, you can customize the profit and loss statement to meet your business needs. 

Follow these steps to customize and generate a profit and loss statement:

1. Navigate to Reports in the left menu bar, as shown in the following screenshot:

2. Scroll down to the business overview section and select Profit and Loss, as shown in the following screenshot:

As you can see, there are several different types of profit and loss...