If you're looking for a quick way to see your total profits and losses, you can generate a Profit and Loss Statement from the main Accounting section. Choose Accounting on the left, and then click P&L Statement in the menu.
You will be presented with a Profit and Loss statement for the current calendar year. You can adjust the date range of the report by adjusting the “From” and “To” date fields towards the top. You might use this to get your Profit and Loss Statement monthly or quarterly to measure your progress throughout the year. Click the “Update” button to regenerate the Profit and Loss statement.
The P&L statement will show you a breakdown of your income, expenses and profit for the selected time period. The top section shows your income, with a total revenue amount calculated. The bottom section shows your expenses, with a similar total. Each line in the report is grouped by the category of income or expenses that you recorded them to when creating the transactions. The numbered items correlate to categories on the IRS Schedule F Form 1040, while any custom categories you entered will be listed without numeric references. The profit displayed at the bottom is calculated by subtracting your expenses from your income.
Reach out to us for assistance if you have any additional questions about this report.