Q1. What is the Profit & Loss statement?
The profit & loss statement summarizes the revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year. It is also known as the Income Statement.
It can help you in assessing your organization's operational efficiency and profitability. It helps in understanding if your organization is generating profit or incurring losses, guiding decision-making regarding cost control and revenue generation strategies
Q2. Can I customize the date range for the profit & loss statement?
Yes, you can select any date range to view the profit & loss statement of that particular time frame. Alternatively, you can use pre-defined time ranges for quick date update.
Q3. What currency is the profit & loss statement in?
By default, the profit & loss statement will display values in your organization's base currency.
You can change the display currency of the profit & loss statement to other currencies that have been set up in your organization. For more information about setting up other currencies, refer to Accounting.
Q4. How can I see the exchange rates being used in calculations?
At the bottom of the page, click on See All Rates.
You will be shown a list of all exchange rates used to convert foreign currency transactions back to the organization's base currency.
Other information include the date of the exchange rate, as well as the rate type.
Q5. Can I make use of tracking tags when viewing my profit & loss statement?
If you have tracking tags added to your organization, you can also select and apply them as a filter.
Q6. Can I download the profit & loss statement?
Yes, you can download the report in Excel or PDF formats.
See below for an example of the downloaded file.
Q7: Can I add notes to my profit & loss statement?
Yes, enable Print Report Notes in Options to add and format notes below the report. These notes will be included in the exported report.
Q8. Is it possible to include exchange rates in my profit and loss statement?
Yes, enable Print Exchange Rates in Options to display them below the report. They will also appear in the exported report.