Profit and Loss
The Profit and Loss report display a company’s revenues and expenses for a particular period of time, usually 6 months or a year based on the chosen budget scenario. It is also known as an Income statement, Statement of Financial Results or Income & Expense Statement and is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement.
The report summarizes and compares your income and expenses for a given period to work out whether your company has made a profit or a loss.
The Profit and loss report shows subtotal amounts for each income or expense account categories, subcategories and groups organized according to the balance sheet structure.
The grand total level shows your revenue or loss for a set time milestone (year, month, day etc.) within the indicated period.
In Codejig ERP, generated basic Profit and Loss report is prepared in accordance with the format prescribed by IFRS.
The report is broken into different categories representing revenues sources: Sales, Invoiced costs, Revenue adjustment, Commission revenue, Barter sales, Income from government grants, Other operating income etc., that are summarized below at a grand total level.
The exact set of categories, subcategories and groups that organize the report depend on the selected type of accounting framework. In Codejig ERP, the default accounting framework is represented by IFRS.
To see the categories and subcategories of the major components of the report, you have to drill down within it.
Summarized amounts are displayed at each level of detalization and at the grand total level. If no data is available for certain levels, nothing is displayed for them. While moving to sublevels of the report, total amounts are broken down into the amounts comprising the final total of the higher level.
To generate the Profit and Loss report:
1. On the Codejig ERP Main Menu, click the Reports module.
2. Under the Reports tab, click the Accountant folder, and then select Profit and Loss report.
A listing page of the Profit and Loss report opens.
3. On the listing page of the report, click + Add new.
A page for configuring report parameters appears.
4. In the header area, enter dates for the report and provide a name for it; specify a balance type.
5. To generate the report according to the indicated parameters and predefined report settings, click the Build button in the toolbar area.
For more information about generating reports, see Generating Reports.
Default data presentation in the report is determined by the pre-defined grouping and summarizing methods. If the default settings do not suit your business requirements, you can customize them. Also, no filters are applied in the basic report.