What is the Profit & Loss?

A Profit & Loss (P&L) is a financial statement that summarizes the profitability (or lack thereof) for a business in a specific timeframe. The P&L provides insight into the business’s financial performance by showing the overall profit or overall loss of the business for the specified timeframe, including where money was earned (money in or income) and where money was spent (money out or expenses). 

The P&L reflects the General Ledger (GL) accounts associated with each transaction and journal entry you've tracked. The P&L can be customized to view and compare any of the data you've tracked. You can also drill down into the report to see all of the transactions/journal entries making up the total for each specific GL account within the reporting period.