About profit and loss reports

The Profit and Loss Report shows you your total income and total expenditure for a specific period of time. This report is also sometimes referred to as a "P&L Report", “Statement of Operations”, “Statement of Financial Results” or a “Income & Expense Statement”.

Important Note: The manufacture cost tallies in this report are estimates designed for high level business decision making, and are not calculated for taxation purposes. For your official inventory and COGS valuations, please use your Schedule C report.

How to find this report: 

Navigate to your Reports page, then click the Profit and Loss report under the General heading. 

To run this report:

Select the date range you wish to view from the  Date Range boxes, then click the Run Report button. 

The first section is called INCOME. This shows a category breakdown view of all orders generated within the period selected using the accrual method. It does not include cancelled orders, however it does include orders where full payment has not been received yet. All amounts are exclusive of tax as it should not be considered part of your income for the purposes of this report. If you require your Tax amounts, these figures can be instead pulled from your Tax Summary / Tax Detail Reports.

MANUFACTURE COSTS is the next section. This shows you your material cost attributed to your orders within the time period. Note: This should not be used for taxation reasons as it is an estimate only, for your final COGS and inventory tallies please refer instead to your Schedule C Report.

The next line displays your Gross Profit, which is your income - manufacture costs. This is what you have left after the cost of manufacturing your products.

Your Gross Profit Margin is shown directly under this. This is an interesting metric as it measures as a percentage how much you have left as profit after direct costs of production have been paid for: the higher the number here, the better your business is performing.

The next section is INDIRECT EXPENSES. As material expenses are factored in only when used in the manufacture of your completed products, they are filtered out of this view. All non-material purchases will be shown here. The full cost of the expense is included, including shipping and tax.

Your Total Expenses shows the grand total for all non-material purchases within the time period, and your Net Profit is your Gross Profit minus Indirect Expenses. This final figure shows you what is left after all expenses are taken into account.

This report can be downloaded a print-friendly PDF or a CSV for further analysis in a spreadsheet.

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