When you highlight the type of reports in the left pane (Company & Financial in green), the right pane shows its available reports. Selecting different type of reports will change to different available reports.
And once you find the report you are looking for, just double click it to generate the report.
There are 3 other tabs available for your use: Memorized, Favourites, and Recent. All your memorized reports will show in the Memorized tab. By the same token, you can view all your favourites and recent displays when you click Favourites and Recent tabs, respectively.
Profit & Loss Standard
Profit & Loss report shows the profit or loss (hence, the name) of your business in a period of time – weekly, monthly, quarterly, or yearly. You can obtain this by double clicking the Profit & Loss Standard report in the above example or from the Main Menu > Reports > Company & Financials > Profit & Loss Standard. Choose the required Dates from the drop-down menu:
Ordinary Income/Expense. This is all revenues and expenses from your main/primary business.
Income. Income is simply the revenue of all your products and/or service from your main business.
Cost of Goods Sold. The cost of products or services that you sell.
Gross Profit. This is the profit you make after deducting Cost of goods Sold from Income.
Expense. All expense you spend to run your business.
Net Ordinary Income. Net profit from your main/primary business.
Other Income/Expense. Income and/or expense that does not relate to your main business. For example, if you are in a retail business, then interest income is your Other Income; exchange gain or losses is your Other Expense.
Net Income. This is the money left after you subtract all your expenses from all your revenues, both from your main/primary business (ordinary) and from other (not ordinary) business.