Financial Reports

Profit & Loss (P&L)

The P&L shows your revenue, expenses, and net profit for a period. Go to Reports → Profit & Loss and select a date range.

• Revenue — money earned from sales and services
• Cost of Sales — direct costs of delivering your product or service
• Gross Profit — Revenue minus Cost of Sales
• Operating Expenses — overhead (rent, salaries, software)
• Net Profit — what’s left after all expenses

Balance Sheet

The Balance Sheet shows what your business owns (assets) and owes (liabilities) at a point in time. Go to Reports → Balance Sheet and select an as at date.

• Assets — cash, accounts receivable, inventory, fixed assets
• Liabilities — accounts payable, loans, tax liabilities
• Equity — what the owners own (Assets minus Liabilities)

Assets always equal Liabilities plus Equity — this is the accounting equation.

Trial Balance

The Trial Balance lists every account with its debit and credit total. Debits must equal credits — if they don’t, there’s an error somewhere. Go to Reports → Trial Balance.

Drilling into amounts

Click any amount cell in a report to see the underlying journal entries that make up that figure. This lets you trace any number back to its source documents.