How to Create a Profit and Loss Statement

by | May 24, 2023

In this Reach Reporting tutorial, we will show you how to create a profit and loss statement for your business. Whether you use QuickBooks, Xero, Gusto, or import other data, Reach Reporting can help you generate professional and accurate financial statements.

What is a Profit and Loss Statement?

A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company’s revenues and expenses and the resulting net profit or loss incurred over a specific period of time. It is a critical financial document that helps business owners and stakeholders understand the financial health and performance of the company.

Creating a Profit and Loss Statement in Reach Reporting

Before you can create a P&L in Reach Reporting, you need to connect your accounting software. To do this, simply login to Reach Reporting, select “Integrations” from the left-hand menu, and follow the prompts to connect your software. Now that you have connected your accounting software, you can start creating your P&L. You can have your P&L statement custom-made as both a report and a dashboard. You can also just click and select from predefined statements that have built-in variance and other calculations from our templates library. Let’s walk you through all of your options.

Setting Up a Custom Profit & Loss Statement as a Report

To create a profit and loss statement, select “Reports” from the left-hand menu and then click on “Add Report” and select “Create Custom”.  Then, give your report a name and select the currency.

Selecting the Date Range

Choose “Profit and Loss” from the list of report templates. Choose the date range for the profit and loss statement. You can select a custom date range or choose from a variety of preset options, such as “Last Month” or “Year-to-Date.”

Choosing the Accounts

Select the accounts you want to include in the report. Reach Reporting automatically pulls in your chart of accounts from your accounting software, making it easy to select the relevant accounts for your report.

Customizing the Report

Customize the report by adding a logo, changing the font and color scheme, and selecting which sections of the report to include. Reach Reporting also allows you to add annotations and comments to the report.

Generating the Report

Once you have customized the report, simply click “Generate Report” to create the profit and loss statement.

Viewing and Sharing the Report

Once the report is generated, you can review it and make any necessary adjustments. Reach Reporting allows you to drill down into the details of each account, providing you with a comprehensive view of your financial data. When you are ready to share the report, simply click “Share Report” and choose how you want to share it. You can share the report via email, s clickable link, or download it as a PDF.

Useful Resources

Here are some additional resources that may be useful when creating a profit and loss statement in Reach Reporting:

 

Final Words

Creating a profit and loss statement in Reach Reporting is an essential task for business owners and accountants who want to stay on top of their finances. By following the steps outlined in this tutorial, QuickBooks, Xero, and Gusto users can easily generate accurate and comprehensive P&L reports that provide insights into their business performance. With Reach Reporting, users can take their P&L statements to the next level by customizing the design, adding interactive features, and even automating the reporting process. Additionally, Reach Reporting offers a wide range of financial reports that can help business owners make informed decisions, including balance sheets, cash flow statements, and more.   If you’re interested in exploring the full capabilities of Reach Reporting and have not started yet, sign up for a free trial today. Our platform is designed to simplify financial reporting and analysis, so you can focus on growing your business. And if you have any questions about using Reach Reporting to create P&L statements, our support team is here to help. Contact us today to learn more.

More articles

Actual vs Budget Report Template

Compare Financial Results to Budgeted Expectations Are you looking for an Actual vs Budget Report Template to help you track financial performance? This template allows you to compare actual financial results to budgeted expectations, providing valuable insights into...

Cash Flow Insights Template

Keep an Eye on Cash Flow with Clear Looking for a Cash Flow Insights Template? This template provides clear, real-time insights into your company’s cash flow, helping you manage liquidity and make informed financial decisions to ensure your business stays on a stable...

HR Analytics Template

Detailed Payroll Insights for Better Decision-Making Searching for a comprehensive HR Analytics Template? This template, designed to integrate seamlessly with accounting software and Gusto, provides actionable payroll insights to help you make informed decisions and...

Financial Planning & Analysis Template

Plan for a Profitable Future Looking for a Financial Planning & Analysis Template to help guide your business strategy? Our template provides a clear framework for tracking, analyzing, and forecasting financial performance, ensuring that your company stays on a...

Knowledge Center

Get Started With Reach Reporting