Profit & Loss Report

Feature

Goldenseal accounting software version 3.4 adds a Profit & Loss Report which shows a detailed breakdown of income, cost of goods sold and overhead expenses.

This long-awaited report is an excellent business management tool that shows you at a glance your sources of income, cost of goods sold, overhead expenses, gross profit and net profit.

You can itemize each part of the report with breakdowns by tax category, vendor accounts, job types, locations, sales branches and other options.

Suggested By

Many users of Goldenseal construction accounting software.

How to Use

To set up the Profit & Loss Report, follow these steps:

1. Choose Preferences from the Options menu, and choose Income from the submenu.
2. Enter Cash or Accrual into the P&L Report Type popup field.
3. Enter the details you'd like to see for the Income, Cost of Goods and Overhead sections of the report.
4. If you want to use different terms in your report, enter different text into the Gross Income, Cost of Goods, Gross Profit, Overhead and Net Profit text fields.
5. Click OK.

To view the Profit & Loss Report, follow these steps:

1. Choose Financials from the Reports menu, and choose Profit & Loss from the submenu.
2. Click the Update button.

Technical Details

The Profit & Loss report uses a specialized report table to itemize your income, cost of goods and overhead expenses in the report. You can use several different methods to break down the items.

You might want to experiment with different Preferences options, so you can find the setup that best suits your business needs.