Overview
The Profit & Loss report (also called an Income Statement) shows revenue earned and expenses incurred over a period, giving you a clear picture of your business profitability.
| Section | Description |
|---|---|
| Income | Revenue from all income accounts |
| Expenses | Costs from all expense accounts |
| Net Profit / Loss | The difference (Income minus Expenses) |
Date Range & Filters
Use the date range picker to set the reporting period. The page displays your financial year start and tax calculation period for reference.
You can also switch between accounting methods using the selector at the top of the page.
Accrual vs Cash Basis
- Accrual — Revenue and expenses are recognised when invoices and expenses are issued, regardless of when payment is received or made.
- Cash — Revenue and expenses are recognised only when payment is actually received or made.
The default selection on this page comes from your Income Tax Reporting Basis setting, since the Profit & Loss report is typically used for income tax purposes. You can override it on this page for reporting purposes without changing the default.
Note: Your Income Tax Reporting Basis is independent from your GST/VAT Reporting Basis. It is very common for businesses to use Cash basis for BAS/GST while using Accrual for the Profit & Loss and annual tax returns. Both settings can be configured separately in Account Settings > Accounting.
Permissions
- Owners, Super Admins, and Accountants can view Profit & Loss reports
- Admins, General Users, and Clients cannot access accounting reports
Note: Requires the accounting add-on on your subscription plan.