Profit and Loss Report
The Profit and Loss Report is an income statement for the business for a reporting period of month, quarter or year. By contrast, the Balance Sheet Report is for a specific point in time.
The report is the total of all Profit and Loss Accounts from the start to end of the reporting period and shows:
The total of these indicates the overall profit or loss of the business within the reporting period.
This report is primarily used to determine the profitability of the business.