The Profit and Loss report (or Income / Expense Statement) shows your organization's net income or loss by deducting the expenses from the income for the report period selected on it.
The Profit and Loss account can be found in the menu Reports | Legal Statements under the Accounting application.
The comparison of the reports can be activated from the Comparison menu, the default companies option selected is No Comparison. There are three ways to make the comparison explained as follows:
The comparison is always in respect to Period (This Month, This Quarter, This Financial Year, etc...). The following screenshot shows a profit and loss account of the last five months for the same financial year, as This Month is selected in Period:
We can compare by the previous period of the same financial year. The same period of the last financial year or by custom dates. From this comparison, an accountant can get a clear indication of any unexpected income or loss.
