The Profit & Loss Statement shows your firm's income and expenses over a period of time. This report will show you what your business made and spent over the defined period of time. Use this report to compare your income and expenses in order to calculate your business' net income.
Running the Profit & Loss Report
To access the Profit & Loss Report, click on the Reports tab at the top of your MyCase account. Then, in the left-hand menu of the page, select Profit and Loss. You will be taken to a blank version of the report (pictured below).
In order to run the report, enter a timeframe in the Report Period section, decide if you would like to run the report based on a cash or accrual basis, and select Run Report. If you are unsure whether you want to choose cash basis or accrual basis accounting for the report, please click here to learn more about the difference between the two.
Profit & Loss Report Breakdown
To best utilize the Profit & Loss Report, it is important to understand the different components of the report and how they work together to get a full picture of your firm's net income.
The top of the report displays income broken down by Revenue, Sales, and Other Income. This will all be added to calculate your company's Total Profit.
The next portion of the report will display the Total Cost of Goods Sold, which are the goods and/or services sold by your company.
Lastly, your expenses will be shown along with all depreciation, direct costs, and company overhead. These will be totaled to calculate your company's Total Loss.
The end result of the Profit and Loss Statement is your company's Net Total. This total equals the Total Profit minus the Total Loss and will be displayed on your company's Balance Sheet.
Exporting the Profit & Loss Report
To export a completed Profit & Loss Report, select the document download icon in the upper right hand corner of the page after running the report. Once clicked, a drop-down menu will appear where you may then choose to export the report as a .pdf or .csv.