Steps
- Open the report. In the sidebar, open Reports and click Profit / Loss Report. You need the profit and loss report permission.
- Choose a location. Pick one business location, or all locations, in the location box at the top right.
- Set the period. Click Filter by date and choose a preset such as This Month or Last Year, or a custom range. The figures reload straight away.
- Read the left column. Opening Stock (by purchase price and by sale price), Total purchase (excluding tax and discount), Total Stock Adjustment, Total Expense, purchase and transfer shipping charges, Total Sell discount, Total customer reward and Total Sell Return.
- Read the right column. Closing stock (by purchase price and by sale price), Total Sales, Total sell shipping charge, Total Stock Recovered, Total Purchase Return, Total Purchase discount and Total sell round off.
- Check Gross and Net Profit. Gross Profit is total sell price minus total purchase price. Net Profit adds shipping charged, stock recovered, purchase discounts and round off, then takes away adjustments, expenses, shipping paid, sell discounts and rewards.
- Split it by tab. Below the totals, open Profit by products, categories, brands, locations, invoice, date, customer or day. Each tab has its own Filter by date and export buttons.
How the profit figures are worked out
Gross Profit is the difference between what you sold items for and what they cost you to buy, using the purchase price recorded on each sold line. Net Profit starts from Gross Profit, adds sell shipping charges, stock recovered, purchase discounts and sell round off, then subtracts stock adjustments, expenses, purchase and transfer shipping charges, sell discounts and customer rewards. The formula is printed under each figure.
The profit tabs for products, categories and brands only count discounts on the line. An invoice-level discount is not spread across the items, so those tabs can show slightly more profit than the total.
Getting accurate numbers
Profit depends on purchase prices. If items were sold without a purchase or opening stock behind them, their cost may be zero and profit will look too high. Record purchases and opening stock, and use stock adjustments for damage and loss, so cost and stock values are right.
Export and print
Every table on this report has the same toolbar: CSV, Excel, Print, Columns and, in most back-office languages, PDF. The exports take the columns that are visible, so hide anything you don't need with Columns first. The totals row at the bottom of the table is included in the export.
The summary block has a Print button that prints the totals with your business name. The tabs export through their own table toolbar.
Frequently asked questions
What is the difference between gross profit and net profit here?
Gross profit is sales at selling price minus the purchase cost of the items sold. Net profit goes further: it takes gross profit, adds income such as shipping you charged and stock recovered, and subtracts costs such as expenses, stock written off, shipping you paid, sell discounts and reward points redeemed.
Why is profit by product higher than net profit?
The product, category and brand tabs show gross profit per line and only count line discounts. Expenses, invoice discounts and adjustments are not shared out per product, so the tabs add up to more than the net profit at the top.
Can I see profit for a single day of the week?
Yes. Open the Profit by day tab to see gross profit for each day of the week across the period you chose, or Profit by date for each calendar date.