The Profit and Loss Summary report gives you the net position of your business from an income versus expenses perspective. Not to be confused with cashflow and equally not to be considered as an indicator of liquidity it has specific uses and value based on how you read into it. Typically the Profit and Loss report:

• summarises your year-to-date earnings.
• shows all amounts without consumption tax (GST/VAT/TAX).
• is calculated on an Accruals Accounting basis. For a Cash Accounting report you will need to run the Profit and Loss Summary Cash report.

The options you choose on the report settings screen appear at the top of the report. If you want to change these options, click the Change Report Settings at the top of the report.