The Profit and Loss report is a really really useful report which should be reviewed on a regular basis to understand how your organisation is doing in terms of income, outgoings and overall profit and loss on a month by month basis. It is a review of the performance of your business, charity or organisation.
I stepped in to do some on site training yesterday with one of our Clear Books customers. This particular organisation had done a pretty good job entering all their financial data into Clear Books using the bank import tool. However, they weren’t familiar with any of the reporting features.
They didn’t know that the Profit and Loss report existed. Neither did they know that you could easily create a PDF version to print off for management meetings.
So if the Profit and Loss is a foreign report to you then go and take a look at it today by navigating to Reports > Financials.