Generating a Profit & Loss account

At the end of your financial year you will need to produce a Profit & Loss account for your accountant. This shows the profit of the business by subtracting the cost of goods sold (COGS) and business expenses from the total net revenue.

A Profit & Loss account is also useful for reviewing the performance of the business throughout the year; ProEPOS allows you to view an account for any given period of time.

To view a Profit & Loss account, select the "Profit & Loss" option from the financialAccounts window's "View" menu:

Select the start and end dates using the calendar selectors and click the RUN button to run the report:

In order to keep this report as accurate as possible you should:

• Minimise mistakes at the point-of-sale, correcting them where necessary.
• Receive on deliveries on the day that they are received.
• Ensure that all purchase invoices are added onto the system, including any receipts for "small" (sundry) expenses, promptly.
• Ensure that stock invoices are added onto the system using the "Stock purchases" cost category.