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Detailed Profit and Loss Statement

The Detailed Profit & Loss Statement breaks down your firm's overall income and expenses over a period of time.

Updated over a week ago

Overview

Running the Detailed Profit and Loss Statement
​Profit & Loss Report Breakdown
​Exporting the Detailed Profit & Loss Report


Overview

The Standard Profit and Loss Statement Report takes all of your firm’s income and expenses received and paid out by your firm during a specified period to calculate your firm’s net income. To learn more about the standard Profit and Loss Statement, click here.
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The Detailed Profit and Loss Statement takes the standard Profit and Loss Statement even further by breaking down your firm’s income and expenses, helping you drill down into what transactions make up those balances. With the Detailed Profit and Loss Statement, you can see all the journal entries that make up those balances during that specified period of time.

Running the Detailed Profit and Loss Statement

To access the Detailed Profit and Loss Statement:

  1. Navigate to the Reports tab.

  2. Select Accounting Reports.

  3. Select the Detailed Profit and Loss Statement from the list.

  4. You will be taken to a blank version of the report.

  5. Begin by entering the timeframe for which you wish to run the report.

  6. Next, select whether your firm uses the Cash or Accrual accounting method. If you are unsure what accounting method you use, please click here to learn more about the difference between cash and accrual accounting methods.

  7. Select Run Report.

  8. You will then be able to collapse any sections that you do not wish to review by expanding or collapsing the drop-down arrow next to the item.

Profit & Loss Report Breakdown

To best utilize the Profit & Loss Report, it is important to understand its different components and how they work together to get a full picture of your firm's net income.

  1. The top of the report displays the total amount of revenue collected during that time period, along with a breakdown of all the revenue sources that make up that amount. This will be used to calculate your firm’s total profit.

  2. The next section of the report displays the Total Cost of Goods Sold, which is the goods and/or services sold by your firm, with a breakdown of that overall amount.

  3. Lastly, your expenses will be shown along with all Depreciation, Direct Costs, and Company Overhead balances, with each total broken down to include what makes up that total. These will be totaled to calculate your firm’s overall losses.

  4. The end result of the Detailed Profit and Loss Statement will be the calculated amount of your firm’s Net Total. This total equals the Total Profit minus the Total Loss and will be displayed on your firm’s balance sheet as Net Income.

Exporting the Detailed Profit & Loss Report

You can export this report as a CSV or PDF file by selecting the Export dropdown menu and choosing the version you wish to export. 

​To learn more about MyCase Accounting, take the MyCase Accounting 101 Online Course or Accounting 102 Online Course in the MyCase Learning Center.

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