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“We’re bringing in money, but it feels like there’s never anything left.” Sound familiar? Revenue doesn’t equal profit — you need to see what’s actually happening between money coming in and money going out. The Profit & Loss (P&L) report — also called an Income Statement — shows exactly that: your revenue, your costs, and what’s left over. It answers the simplest question in business: “Did we make money or lose money?”

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Accessing the P&L

  1. Go to Reports in the sidebar
  2. Click Profit & Loss
  3. Select your date range

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Report structure

The P&L follows a standard structure: 
Revenue
  - Product Sales
  - Service Revenue
  - Other Income
= Gross Revenue

Less: Cost of Goods Sold (COGS)
  - Materials
  - Direct Labor
= Gross Profit

Less: Operating Expenses
  - Payroll
  - Rent
  - Utilities
  - Marketing
  - Software
  - Insurance
  - Professional Services
= Operating Income (EBIT)

Less: Other Expenses
  - Interest Expense
  - Depreciation
= Net Income (Profit/Loss)

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Key metrics

MetricFormulaWhat It Tells You
Gross RevenueSum of all incomeTotal money earned
Gross ProfitRevenue - COGSProfit before overhead
Gross MarginGross Profit / RevenueEfficiency of production
Operating IncomeGross Profit - OpExProfit from core operations
Net IncomeTotal Revenue - Total ExpensesBottom line
Net MarginNet Income / RevenueOverall profitability

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Date ranges

Select from preset or custom ranges:
PresetPeriod
This MonthCurrent month to date
Last MonthPrevious full month
This QuarterCurrent quarter to date
Last QuarterPrevious full quarter
This YearJanuary 1 to today
Last YearPrevious full year
CustomAny date range you specify

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Comparison views

Compare performance across periods:

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Year-over-Year

  1. Select a date range
  2. Click Compare
  3. Choose “Previous Year”
  4. See side-by-side columns with variance

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Month-over-Month

Compare any two months to see:
  • Revenue growth/decline
  • Expense changes
  • Profit improvement

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Budget vs. Actual

If you’ve set a budget:
  1. Click Compare → Budget
  2. See actual vs. budgeted amounts
  3. Variance shown as $ and %

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Drill-down

Click any line item to see details:

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Account detail

Clicking “Software Expenses: $2,450” shows:
  • Individual transactions
  • Dates and vendors
  • Running balance

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Transaction list

From the detail view:
  • Click any transaction to see the journal entry
  • Jump to the invoice, bill, or bank transaction

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Export options

FormatUse Case
PDFShare with stakeholders, attach to emails
ExcelFurther analysis, custom formatting
CSVImport into other systems
Google SheetsCollaborative editing

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Scheduled exports

Set up automatic exports:
  1. Click Schedule
  2. Choose frequency (weekly, monthly)
  3. Select format
  4. Enter email recipients
  5. Reports are sent automatically

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Cash vs. Accrual

Toggle between accounting methods:
MethodRevenue RecognizedExpenses Recognized
CashWhen receivedWhen paid
AccrualWhen earnedWhen incurred
Your default method is set in Settings → Accounting. The toggle lets you see both views without changing your books.

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Why it matters

Cash basis may show:
  • Lower revenue (unpaid invoices excluded)
  • Lower expenses (unpaid bills excluded)
Accrual basis shows:
  • True earned revenue
  • True incurred expenses
  • More accurate matching

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Categorization impact

The P&L is only as accurate as your categorization:
  • Uncategorized transactions appear as “Other Income” or “Other Expenses”
  • Review and categorize regularly for accurate reporting
  • Use bank rules to automate recurring categorization
Go to Banking → Transactions to categorize.

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Common questions

The P&L shows income and expenses, not cash flow. Differences include:
  • Unpaid invoices (accrual basis)
  • Accounts payable (bills not yet paid)
  • Loan principal (not an expense)
  • Owner draws (not an expense)
  • Asset purchases (capitalized, not expensed)
COGS (Cost of Goods Sold) are costs directly tied to producing what you sell—materials, direct labor. Operating expenses are overhead—rent, utilities, marketing. COGS varies with sales volume; OpEx is more fixed.
Go to Settings → Accounting → Budgets. Enter monthly budget amounts per category. Then use Compare → Budget on reports.
Only categories with transactions in the selected period appear. To see all categories (including zeros), click Show All Accounts.

Balance Sheet

See your assets, liabilities, and equity.