Profit & loss

The Profit & Loss report shows a company’s revenue and expenses for a period, by account group, and the profit or loss they make. Run it for a whole financial year, or for a month or a quarter within it.

To open it, select Finance > Profit & Loss.

Run the report

1. If you have access to more than one company, choose the company. TrakIT remembers your choice for next time.
2. Choose the financial year. The report starts on the open year that includes today, or on the latest open year if none does.
3. Check the start and end dates next to the year. They start on the first and last days of the year, and must fall within it: a date outside the year is set back to the year’s first or last day. If the end date is before the start date, TrakIT swaps them.
4. To see the sub-accounts under each account, select Show accounts.

The report updates as soon as you change one of them. All figures are in the company’s base currency, shown under the year. A period cannot span two financial years: run the report once for each year.

What the report shows

The left side lists the account groups that carry debit balances: the expenses. The right side lists the groups that carry credit balances: the revenue.

On each side, every account group lists its top-level accounts, by code, with their amounts for the period, and ends with a Total. With Show accounts, each account’s sub-accounts follow it in smaller grey text; inactive sub-accounts with nothing in the period are left out. Each side ends with its TOTAL.

At the bottom, Total for Period shows the profit or loss: in green with a plus sign for a profit, in red with a minus sign for a loss.

How the figures are worked out

• An account’s amount is the sum of all the journal lines dated from the start date to the end date, both included, on the account and on all its sub-accounts.
• On the right side, credit amounts are shown as positive, so revenue is positive.
• Total for Period is the revenue minus the expenses.
• The year-end closing entry is left out. It is dated the last day of a closed year and moves the year’s profit or loss to the retained earnings account; leaving it out means a closed year still shows its revenue, expenses and result. See Financial years.

Amounts in other currencies count at their base-currency value on the day they were posted. Income and expense accounts are not revalued when exchange rates change. See Multi-currency accounting.

Who can use this page

Your role needs Read in the Financial Reports section. The company list shows the companies you have access to.