The profit and loss report (P&L), or income statement, is presented in account number order and shows how a company's result (profit, loss or zero result) has been for a certain period of time usually a quarter or a financial year. In a Profit & Loss report you can gain understanding of, among other things, sales, gross profit and profit before and after tax.
If you tick Compact, the amounts are summed per account group, and thus not every account is shown separately.
In the report selection window you can choose an "Official" printout which presents the report according to Governmental Decree on the information to be presented in the Financial Statements for Small and Micro-businesses. This report has only two columns: the period and a comparison with the same period last year.
Note: These versions do not contain the audit trail. The drill down can be accesses via the detailed versions of the reports If you are not sure which version to use please check with your accountant.
The standard report has three columns showing: Period, Accumulated and Period last year. You can also choose comparisons to Budget or the previous years' Total.
The structure of the reports
The report in all is versions is created by the account class tree structure & the Micro version of the official report (FI) & All the official reports (LT) are created by grouping account classes to Official Groups. Read more about Account Classes & official groups.
You can choose to include journal drafts in the Profit & Loss report to simulate how the journals would affect your accounting before you actually post them. Read more.