The Profit & Loss report compares your income against your expenses to show your net profit over any date range. You can view it on a cash basis (income recognised when payment is received) or an accrual basis (income recognised when an invoice is issued), so it works however your accountant prefers.
Opening the report
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Go to Reports
Click Reports in the left sidebar, then click "Profit & Loss".
Choosing a basis
Use the Basis dropdown in the filters to choose how income is recognised:
- Cash: income is counted when a payment is actually received. This is the most common method for small businesses because it reflects the money that has landed in your account.
- Accrual: income is counted when an invoice is issued, regardless of whether it has been paid. This is standard for larger businesses or when matching income to the period the work was done.
The income card subtitle tells you which method is currently active. Expenses are always recognised on the date they were recorded, for both methods.
Reading the report
Three summary cards appear at the top:
- Total Income: all income in the selected period (payments received or invoices issued, depending on basis)
- Total Expenses: all expenses logged in the selected period
- Net Profit: income minus expenses, shown in green if profitable, red if not
The Period Breakdown table below shows income, expenses, and net for each period (month, quarter, or year). A totals row at the bottom matches the summary cards.
If your account has invoices in more than one currency, an Income by Currency table appears below the breakdown to show the split.
Exporting to CSV
Click "Export CSV" at the top right to download the period breakdown as a spreadsheet. Each row contains income, expenses, and net profit for that period, useful for sharing with your accountant.Which basis should I use?
If you are a sole trader or small business in South Africa, cash basis is the most practical. It matches what you actually have in the bank. Use accrual if your accountant or bookkeeper specifically requests it, or if you need to match income to the period the work was done rather than when you were paid.