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Video instructions and help with filling out and completing 2022 profit and loss template

Instructions and Help about 2022 profit and loss template

The profit and loss statement shows you your business's income and expenses over a period of time you can access your profit and loss statement by selecting reports from the nav bar on the left and then clicking profit and loss underneath favorites the profit and loss statement shows you how much money your business made and spent over the displayed period of time at the top of the profit and loss statement you see your business's income displayed right here divided up into different income accounts so you can see your general revenue streams right here you also see your cost of goods sold these are costs specifically for the production of goods that you sold or services that you charge your customers for and then towards the bottom of the profit and loss are your expenses these are expenses for the general maintenance of your business such as advertising insurance rent and utilities the profit and loss statement allows you to see your total income minus your cost of goods sold and then also minus your expenses to display your net income this is your profit over the selected period of time let's take a look at the balance sheet by going to reports and then balance sheet now let's scroll down to the bottom of the balance sheet to the equity section here we can see the exact same number that was displayed on the profit and loss statement before so the end result of the profit and loss statement is also displayed on the balance sheet and the net income or profit of a business is used to calculate the growth in what the business is worth to the owner because it's in the equity section of the balance sheet use the profit and loss statement to measure the basic profitability of your business.

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