The profit and loss (P&L) report is a financial statement that
summarizes the total income and total expenses of a business in a
specific period of time. It is also known as the income statement or the
statement of operations.
The goal of a P&L report is to measure the profits by excluding
the expenses from the income and provide an overview of the financial
health of the business.
Note: Currently this report is available only for users who are using cash basis accounting method. In order to change the accounting method, head to Store Settings --> Accounting Method
Under the reports section, you will see that all sales report are shown under the heading of cash basis
Only limited reports are available under cash basis of accounting
The report format is as given below
Gross Sales: In this report, the data for all sales and expense accounts will be shown. Under total gross sales, report shows the total cash sales value against a particular category i.e. repairs, casuals, trade-in, unlocking, bill payments etc for a specific time period.
Note: Inter company sales are only shown to customers who have enabled our inter company billing module.
Discount: It shows the sum of line-item discount for a given time period
Net Sales/Payments Received: Net sales/payments received is the hard cash value that business has received during a specific time period. It is calculated as Total Sales minus Discounts.
Other Income: This will include the sum of all cash in transactions for a specific time period.
Cost of goods sold: This will include the sum of cost of goods sold against each category e.g. repairs, accessories etc during the specific time period.
Gross Profit: Gross profit is calculated as Net Sales minus Cost of goods sold.
Expenses: This includes expenses such as cash out transactions, trade-in purchase and data from all expense accounts for a specific time period.
Net Profit Before Tax: This is calculated as Gross Profit minus Total expenses.
Tax: This represents the value of tax received from customer at certain time period.
Net Profit After Tax: This is calculated as Net Profit Before Tax minus Tax.