Profit and Loss Statements | General Ledger Features

The Profit and Loss (P&L) Statement is also known as the Income Statement. It shows how well a company buys and sells inventory (or services) to make a profit. A firm must create a profit in order to survive and remain solvent. Careful analysis of the components of a P&L is important in determining the cash flow available to repay existing debt, finance additional debt (for business expansion), or to reinvest in the company.

The Income and Expense report, also known as the Profit and Loss Statement, will detail the amount of income and expense for each ledger number both for the current month and a year to date total. Using the Windward Ledger Report writer, you can build your own reports to compare this year to last and the year previous and other reports important for your business.