The Profit & Loss (P&L) report is your most important report. It gives you a clear answer to the question: “Am I making money?”
You can find it under Reports > Profit & Loss.
This report shows you:
- Income: All the money you’ve earned (from your invoices).
- Cost of Goods Sold (COGS): The direct costs of providing your service.
- Gross Profit: Your Income minus COGS.
- Expenses: All your operating costs (from your Bills and Expenses).
- Net Profit (The Bottom Line): Your Gross Profit minus all other Expenses. This is the profit your business has made over a set period.
You can run this report for any date range, such as “Last Month,” “Last Quarter,” or “This Year.”
