Report Summary

• The P&L report is also referred to as the income statement or the statement of operations.
• It is available for users who utilize the cash basis accounting method.
• To change the accounting method, navigate to Store Settings > Accounting Method.
• Under the Reports section, all sales reports are displayed under the Cash Basis heading.
• Only limited reports are available under the cash basis of accounting.

Report Format:

Report Data:

Gross Sales:

• It displays the data for all sales and expense accounts.
• Total gross sales represent the total cash sales value for specific categories (e.g., repairs, casuals, trade-in, unlocking, bill payments) within a defined time period.
• Inter company sales are only shown to customers who have enabled the inter company billing module.

Discount:

• It shows the sum of line-item discounts applied within the given time period.

Net Sales/Payments Received:

• Net sales/payments received represents the hard cash value that the business has received during the specified time period.
• It is calculated as Total Sales minus Discounts.

Other Income:

• This category includes the sum of all cash transactions for a specific time period excluding sales.

Cost of Goods Sold:

• It reflects the sum of the cost of goods sold for each applicable category (e.g., repairs, accessories) during the specified time period.

Gross Profit:

• Gross profit is calculated by subtracting the Cost of Goods Sold from Net Sales.

Expenses:

• This category covers various expenses, including cash out transactions, trade-in purchases, and data from all expense accounts, within a specific time period.

Net Profit Before Tax:

• It is calculated as Gross Profit minus Total Expenses.

Tax:

• Tax reflects the value of tax received from customers over a certain time period.

Net Profit After Tax:

• It represents the final calculation in the report, calculated as Net Profit Before Tax minus Tax.

Key Takeaway:

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