🆕Profit and Loss Report
Use P&L statements to assess your business profitability over a year.
Last updated
Use P&L statements to assess your business profitability over a year.
Last updated
In the Advanced Reporting
menu of the Reporting Suite
, select Profit and Loss
You will then be prompted to build the Profit and Loss Report by entering the basic report filters such as the Company, Branch and Date Preselect.
You may opt to change the Income Grouping of the results.
The two grouping options are explained below :
Loan Payout Month - The report will generate and display all income revenue as income received in the same period in which the loan was paid out
. When using this method, the scheduled receipt period is irrelevant.
Scheduled Receipt Month - The report will generate and display all income revenue as income received in the scheduled repayment period.
When using this method, the actual period which the loan(s) were paid out is irrelevant.
The results generated provides a monthly financial snapshot of the total income generated and compares it to all incurred expenses, revealing the company's profitability for that period.
A general example is shown below
The enhancements listed below will significantly improve the accuracy, flexibility, and performance of the P&L report.
When creating a new Transaction Category
, enable the VAT EXEMPT OR ZERO RATED
toggle switch to enabled to declare the expense as a vatable.
Now, when capturing a new expense, you will be able to enter the amount paid to VAT as a separate field (shown below)
The date that a purchase sale transaction took place is a user defined field. This means that the transaction date of an unreconciled report can be modified accordingly.
The user creating the transaction will have to have enabled as a role right the Advanced Ledger Right
to ALLOW CUSTOM DATE TRANSACTION in Setup > Role > Transaction Rights
If you want to record a discrepancy, wish to implement a strategy based on the current profit and loss statement values, or perhaps there's been a notable event that may drastically hamper the net total for a particular month, simply select the icon. The following dialog will pop up, allowing you to append a note that will appear in the report.