Overview of the Profit & Loss/Income Statement

This article covers how to print a Profit & Loss/Income Statement report.

The Profit & Loss/Income Statement is a list of Revenue and Expense General Ledger accounts, with balances, displaying the closing balance for the net amount of transactions entered in the current month, the monthly budget amount assigned to the account and the difference between these.

It also lists the net amount entered for the year to date, the total of all monthly budget amounts since year-end and the difference between these. Amounts in revenue accounts are generally negative and amounts in expense accounts are generally positive.

To print the Profit & Loss/Income Statement:

1. Click on Firm & Financial
2. Click on Profit and Loss/Income Statement
3. Report Year - Enter or select the report year
4. Report Period - Enter or select the report period
5. Include Inactive - Select to include inactive Revenue and Expense accounts. This may be required if you are reporting on a previous year with a general ledger account that is now set as inactive
6. Output Options -Click on View to display the report on the screen or click on Print to print the report.