Overview
Your Profit & Loss report is automatically created from your financial data. Once you upload your bank statements, the system processes your transactions and generates a structured income statement showing your revenue, expenses, and profit for any selected period.
How is your P&L generated?
Your Profit & Loss statement is generated through the following flow:
Upload Bank Statements → Automatic Categorized Transactions → Chart of Accounts GL Postings → Profit & Loss Report
This means your report is only as accurate as the bank data you upload and how it is categorized.
Step 1: Upload your bank statements
To generate a Profit & Loss statement, you must first upload your bank data.
Navigate to the Bank Data menu
From here, you can:
Upload bank statements (PDF or CSV) for the selected year
Create or connect a bank account
Enable bank sync (if available)
⚠️ WARNING: For accurate reporting, you should upload bank statements monthly. Uploading incomplete or missing months may result in inaccurate Profit & Loss reports.
ℹ️ Note: Uploading statements month-by-month helps the system process and categorize transactions more accurately.
Step 2: Navigate to Profit & Loss Report
Navigate to the Reports Menu
Select the Profit & Loss report
This is where your income statement is automatically generated from your financial data.
Step 3: Select your date range
You can choose the time period you want to view your Profit & Loss report. Some of the date options include:
2025 Tax Year
2024 Tax Year
Today
All Time, etc.
Simply select the option that matches the period you want to analyze.
Custom date range
You can also choose a custom date range:
Select the custom date option
Select your preferred month and year
Choose the start date and end date
Click Apply
Your report view will show the records based on the date range you selected
Step 4: Understand your Profit & Loss breakdown
Your report is grouped into the following categories:
Revenue
Cost of Goods Sold (COGS)
Expenses
Other Income
Other Expenses, etc.
Each category contains Chart of Accounts entries that make up the totals.
Example: Revenue section
Sales Revenue
Service Revenue
Sales Shipping Fee
Sales Discount
ℹ️ Note: Each category represents a group of related financial accounts that together form your total income or expense. The totals are generated based on your financial data for the selected date range.
Frequently Asked Questions
1. Why is my Profit & Loss report empty?
This usually happens when:
No bank statements have been uploaded
Transactions have not been processed yet
The selected date range does not contain any data
ℹ️ Note: The report only displays data that exists within processed transactions.
2. Can I generate a Profit & Loss report using only bank statements?
Yes. Once you upload your bank statements using any of the accepted file formats (PDF, CSV, PNG, etc.), the system automatically:
Extracts transactions
Categorizes them
Generates your Profit & Loss report
ℹ️ Note: No manual report creation is required.
3. Why can’t I find my Profit & Loss report?
Check the following:
You have uploaded bank statements under Bank Data
Transactions have been successfully processed
You are in the correct business account
4. Why is my report missing some months?
This usually means:
Bank statements for those months were not uploaded
The system has no transaction data for that period
ℹ️ Note: Upload bank statements monthly for complete yearly reports.
5. Why does my report not match my expectations?
This can happen when:
Transactions are not fully categorized
Bank statement data is incomplete
An incorrect date range is selected
⚠️ Warning: Report accuracy depends entirely on the quality of uploaded and categorized data. Ensure to import the backlog of data on a month-by-month basis.
6. How long does it take to generate a Profit & Loss report?
Reports are generated automatically once:
Bank statements are uploaded
Transactions are processed and categorized