4.50 - P&L - Income Statement

-Profit & Loss - a financial document

-Feeds the balance sheet

-2 calculations (Gross profit & net profit) & 3 main pieces (Revenue, COGS, Expenses) - (Revenue & COGS which then derive your gross profit, then after your expense you have your net profit)

-The P&L is fed by the line items from the invoices, deposits & expenses

-The P&L is 100% automated from the objects, so when you want to adjust something from the P&L you go back to the source and you can re-categorize or whatever you need to do with it so that it ends up in the right place

-Time range on it, can look at date ranges, by the end of year, it is your fiscal year