Profit & Loss Report

Your business performance over a period. Shows revenue, expenses, and profit to help you understand how your business is performing.

Overview

The Profit & Loss (P&L) statement summarises your business income and expenses over a specific period. It shows whether your business made a profit or loss.

Key metrics

Metric	What It Shows
Total Revenue	All income from sales and other sources
Gross Profit	Revenue minus cost of goods sold
Total Expenses	All operating, administrative, and finance costs
Net Profit	Final profit (or loss) after all expenses

Report sections

Revenue

Income your business earned:

Operating Revenue

Sales Revenue — Income from selling goods/services
Service Revenue — Income from services provided

Non-Operating Revenue

Interest Income — Bank interest earned
Other Income — Miscellaneous revenue

Cost of Goods Sold (COGS)

Direct costs of producing goods you sell:

Materials and supplies
Direct labour
Manufacturing costs

Gross Profit = Total Revenue - Total COGS

Expenses

Costs of running your business:

Operating Expenses

Rent, utilities, insurance
Office supplies, software subscriptions
Marketing and advertising

Administrative Expenses

Professional fees (accountant, lawyer)
Office administration
Staff salaries and wages

Finance Costs

Interest on loans
Bank fees and charges
Financing expenses

Generating the report

Step 1: Set date range

Select start and end dates
Or choose a preset: This Month, This Quarter, This Financial Year, Last Financial Year

Step 2: Choose reporting basis

Basis	When to Use
Accrual	See all revenue earned and expenses incurred, whether paid or not. Best for management decisions.
Cash	See only cash received and paid. Simpler, matches bank movements.

Default: Your business setting (usually accrual)

Step 3: Add comparison (optional)

Previous Period — Compare to the period before your selected range
Previous Year — Compare to the same period last year

Comparison shows:

This period amount
Comparison period amount
Dollar change
Percentage change

Step 4: Click Generate Report

The report displays with summary stat cards and detailed sections.

Understanding the layout

Stat cards (top)

Three summary cards show at a glance:

Total Revenue — All income
Total Expenses — All costs
Net Profit — Final result (profit or loss)

Report table

Organised by account type and category:


REVENUE
  Operating Revenue
    4000  Sales Revenue          $24,850
    4010  Service Revenue        $1,200
          Total Operating Revenue $26,050

COST OF GOODS SOLD
          Total COGS               $8,500

GROSS PROFIT                         $17,550

EXPENSES
  Operating Expenses
    5000  Rent                   $5,000
    5010  Utilities              $1,200
          Total Operating Expenses $6,200

  Administrative Expenses
    6000  Office Supplies          $350
          Total Administrative       $350

  Finance Costs
    7000  Interest Expense       $2,000
          Total Finance Costs      $2,000

          Total Expenses           $8,550

═══════════════════════════════════════════
NET PROFIT                           $9,000

Mobile view

On smaller screens, the report shows as expandable cards:

Tap a section to expand and see account details
Summary amounts visible without expanding
Grand total card highlighted with mint border

Using comparison

When comparison is enabled:

Account	This Period	Last Period	Change	Change %
Sales Revenue	$24,850	$18,200	+$6,650	+36.5%
Rent	$5,000	$4,800	+$200	+4.2%

Positive change: Revenue increase or expense increase Negative change: Revenue decrease or expense decrease

Exporting

CSV export

Generate the report
Click Export → CSV
File downloads as Profit_Loss_YYYY-MM-DD.csv

CSV includes all columns: account code, name, amounts, comparisons.

Best practices

Monthly review

Generate P&L monthly to track performance
Compare to previous month and same month last year
Look for trends in revenue and major expense categories

Before tax time

Run P&L for the full financial year
Review for unusual or missing transactions
Verify expense categories are correct for deductions

Managing expenses

Review expense categories for cost-saving opportunities
Compare expenses as percentage of revenue over time
Identify expense growth trends early

AU-specific notes

BAS preparation

P&L complements your Tax Summary:

P&L shows business performance
Tax Summary shows GST amounts for BAS
Use both together for complete BAS picture

Tax deductions

Review expenses for tax deductibility:

Operating expenses generally deductible
Private portions must be excluded
Capital expenses may need depreciation

EOFY review

Before June 30:

Run P&L for the year
Review for missing income or expenses
Ensure all transactions correctly coded
Export for your accountant

Troubleshooting

Revenue seems low

Check reporting basis (accrual includes unpaid invoices)
Verify date range includes all expected transactions
Check for draft invoices that aren’t posted

Expenses too high

Review Cost of Goods Sold (should only include direct costs)
Check for misclassified personal expenses
Verify bank fees and interest are in Finance Costs

Comparison percentages look wrong

Division by zero: Previous period was zero
Large percentage changes: Small base amounts exaggerate percentages
Verify comparison period selection matches expectations

Net profit doesn’t match bank balance

P&L is not a cash report (use Cash Flow or Bank for cash position)
Accrual basis includes unpaid invoices and bills
Balance Sheet shows overall financial position

Balance Sheet — Financial position at a point in time
Cash Flow — Movement of cash
Tax Summary — GST/VAT amounts
Aged Receivables — Who owes you money

Last updated: February 24, 2026