Profit and Loss Statement | Patriot Profit

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Viewing Your Profit and Loss Statement

Background

A Profit and Loss Statement (also known as a “P&L”) is an important tool that helps you measure the financial health of your business. This report shows details of your income and expenses over a period of time. As a business owner, you will use this to determine whether your business is profitable within a timeframe, such as a month or a year.

For further reading about how to manage P&L responsibilities in your business, see our related blog article Your Small Business Needs a Profit and Loss Statement!

How To Use the Profit & Loss Statement in Patriot Software

As a Patriot Software customer, you can find this under Reports > Accounting > Financial Reports > Profit & Loss Statement.

The P&L will display all of your income accounts, such as sales for each product and service you sell, and all of our expense accounts, such as payroll expenses and other operating costs.  By default, the prior month will be shown.  You can change the start and end dates, and choose which Accounting Basis to view, either “Cash” or “Accrual.”  If you track Departments, you can also filter this report by Departments.  Click “Run Report” to refresh the results.

Click each entry on the report to open a panel on the right side of the page.  The panel displays the details of each transaction that makes up the total.  Click “Go to Full Report” to go to the Activity by Account report with the same filters.

You can print a PDF version of the report or click “Download Spreadsheet” to download a comma delimited file with these income and expense amounts to import into your bank or other software.  A comma delimited file will open in your spreadsheet program, such as Excel.

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