How does the Profit and Loss report work?

This statement generates a Profit and Loss report, based on the Income and Expense guide which will step you through how to set up your data file accounts in the system. You will need to specify the date range that you want the information displayed for. The profit and loss report refers to Assets, Liabilities and Equity.

On the Profit and Loss Statement, the reference to “Income” includes:
Invoices issued. For example the Profit and Loss Statement is done on an accrual basis (accordingly, actual receipts received on invoices do not appear); plus all other income earned (eg. bank interest, dividends).

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