The Profit & Loss or income statement lists your sales, expenses, income and cost of sales accounts.
In Saasu, you can run the Profit & Loss either in Detail or Summary. You can also select to run the report in Accruals or Cash basis.
For example, the Profit & Loss Detail Cash report display transactions entered into Saasu on a Cash Accounting basis. Where inventory is concerned it only includes inventory transactions that follow the Cash Accounting methodology. See the list below that outlines what information these reports display.
The Profit and Loss Detail (Cash Accounting) report shows all amounts excluding GST/VAT/TAX. This report is designed for cash accounting so the report is calculated on a Cash Accounting basis.
The options you choose on the report settings screen appear at the top of the report. If you want to change these options, click Change Report Settings at the top of the report.
Transactions excluded in the Profit & Loss Report
- Sales and Purchases with status “quote” or “order”
- Inventory Item purchases marked as “Inventory” that have been bought but not sold. The inbuilt account “Cost of Sales: Raw Material Expenses” is used to report these transactions.
- Bank Transfers
- Inventory Adjustments
- Inventory Transfers
- Inventory Opening Balances