The “Profit and Loss Statement” or “Profit and Loss” report is one of the basic Financial Reports and includes:
- the sales,
- costs and
- expenses of an organization as recorded by the documents issued (i.e. Sales Invoices for services or products) or received (i.e. Supplier Expense Documents) in a specific period (from – to).
These reports are usually on an annual basis, usually calendar, and with a monthly analysis. Please note that these reports do not record the organization’s cash position since the receipts and payments related to the above documents are not included.
