Review Profit and Loss reports

Review Income, Expenses, Operating Profit, and the resulting Net Profit or Net Loss for a selected period, then compare periods or inspect supporting transactions.

Profit and Loss

1. Open Reports > Profit & Loss.
2. Choose a Report Period. Its From and To dates remain visible and

read-only, or choose Custom Range to edit both dates. Custom dates do not reload the report while you type; select Apply after both dates are complete.

1. Review account sections, totals, Operating Profit, and Net Profit or Net Loss.
2. Select an eligible account row to open transaction detail.

The separate Summary below the statement matches the Dashboard grouping for the same period. It lists Income and Other Income before Total Income, Including Other Income, then lists Expenses and Other Expenses before Total Expenses, Including Other Expenses. Expenses includes Direct Costs / Cost of Sales so the total remains aligned with the Dashboard. Operating Profit is Gross Profit less operating Expenses. The final result is Net Profit when combined income exceeds combined expenses and Net Loss when combined expenses exceed combined income.

The report uses completed transactions and applicable posted Journal Entry lines. Split transactions contribute through their lines. Transaction income uses the received total less GST/HST, consistent with the formal ledger; any recorded provincial sales tax remains in the Income amount. Transaction expenses use the gross amount less the recoverable GST/HST (ITC) portion. PST and any non-recoverable GST/HST remain in the expense because they are part of the business cost. Bank, payment, Expense, and Income records may still show the total amount actually paid or received. Journal Entries use their explicit Debit and Credit lines because any tax separation in a Journal Entry is part of the entry itself.

A parent account aligns with other top-level accounts. Click its chevron, name, total amount, or row whitespace to expand or collapse its children. The total includes both the parent's own postings and its children; expanding the group does not change that total. The total amount has no drilldown underline.

If the parent has direct postings, a second line labelled Direct Postings appears beneath its total. Only the amount on that line opens the transactions posted directly to the parent; its underline appears on hover or keyboard focus. Negative amounts retain their minus sign. This detail stays in the parent's row and is not a separate subaccount. Select a child account amount to view that child's transactions.

Subaccounts use the same bent-arrow hierarchy icon as Chart of Accounts. In the report, the icon aligns with the parent's account number and sits before the child's number and name, making the child visibly indented. Profit & Loss Comparison uses the same marker. CSV and Excel exports retain indented child account text below the parent total.

Refunds, credits, and their GST/HST treatment follow the normal balance and tax basis of the account where they are posted. Money received against an Expense account reduces that Expense even if an older imported record carries an Income workflow label. Money paid out against an Income account similarly reduces Income. The statement, drilldown, complete-result total, and export use the same accounting sign.

Drilldown

Account drilldown shows the transactions supporting that report line. For an expense account, Amount with PST uses the same basis as the parent Profit and Loss row, Recoverable GST/HST shows the ITC portion separated from expense, and Total Amount shows the corresponding gross amount paid or received. Journal Entry lines do not infer tax: Tax displays a dash when no line-level tax amount applies. Use the drilldown to trace totals back to dates, transaction references, names, amounts, and available source information. Select a column heading to sort all supporting transactions before pagination. The drilldown shows 50 rows by default and offers 100, 200, or 500 rows per page. The displayed total continues to cover the complete drilldown result, not only the current page. Income transaction amounts use the received-money colour and expense transaction amounts use the spent-money colour. A reduction or refund reverses the colour with its accounting direction. Profit and Loss summary totals remain neutral so the formal statement stays restrained. Select an Expense transaction in the drilldown to open its Expense detail, where you can review its Category, payment account, Tax, Note, Tags, and attachments. Editing remains subject to the transaction's source, matching, reconciliation, and role protections. Select a Journal Entry line to open the corresponding posted Journal Entry in a detail dialog over the current Profit and Loss drilldown. Closing the dialog returns you to the same account, report period, sort, and page instead of navigating to Journal Entry History. The dialog uses the standard Journal Entry detail, attachment, and reversal controls. After a reversal, xBoox refreshes the current drilldown while preserving its report context. The Account column shows the payment account for ordinary transactions and the posting account for Journal Entry lines.

Export and print

Profit & Loss supports the available export menu:

• PDF;
• CSV;
• Excel.

The current report or drilldown determines the exported detail. Drilldown exports include Amount with PST, Recoverable GST/HST, and Total Amount for expense drilldowns. Print uses the browser print workflow.

Profit and Loss Comparison

Profit & Loss Comparison uses the same Report Period controls. Preset periods show their dates without allowing accidental edits; Custom Range unlocks From and To.

1. Open Reports > Profit & Loss Comparison.
2. Choose the comparison Period or custom dates.
3. Review Income, Expenses, Operating Profit, and Net Profit or Net Loss across the displayed periods.
4. Print when a printable comparison is required.

The comparison page currently provides Print but not the same export menu as the main Profit & Loss report. Preset comparisons use the complete immediately preceding calendar or fiscal period. A Custom Range compares with the immediately preceding range containing the same number of days.

Period language

Sole Proprietor reports use calendar-year wording. Corporation reports with valid fiscal settings may use fiscal-year wording. Always check the concrete From and To dates.

Important boundaries

• Profit and Loss does not show raw Pending bank rows.
• A Working Paper has no Profit and Loss effect until a required controlled Journal Entry is posted.
• Reversed entries appear with their reversal so the net accounting effect is zero.

Tax columns in transaction detail

When tax breakdown is visible, Profit & Loss transaction detail shows Before Tax and PST/QST beside the existing Amount with PST, Recoverable GST/HST and Total Amount. These columns display saved source amounts, including manual tax adjustments; they do not recalculate the posting or change the Profit & Loss total. PST/QST is combined into one column. Refunds retain the report’s signed amounts. Journal Entry lines without this transaction tax decomposition show a dash rather than an estimated tax amount. CSV, Excel and print use the same columns. The detail report and period controls use the available main-content width.

Detail columns start with Date, Type, Account (payment account), Bank Memo and Category (posting account number and name). Export and print follow this same order. Amount with PST and Recoverable GST/HST headings use two lines on screen; the underlying values and export labels are unchanged.

The Amount with PST heading appears as “Amount” above “with PST” on screen. This is a label change only; account amounts, tax treatment, and Journal Entry dash values are unchanged.

Refreshing an account drilldown reloads that account’s transactions for the selected period and keeps the detail view open. Use Back to Profit & Loss to return to the summary.

The account and period are retained in the report URL, so browser reload (including Ctrl+Shift+R) restores the same account drilldown.

Saved changes and report updates

A successful bookkeeping change reloads the currently open report. Other reports update when opened. Applied periods and filters remain selected; detail sorting and page size remain selected, with the page adjusted if fewer pages remain. If the report cannot reload after a successful save, refresh it without entering the transaction again. See Choose the right xBoox report for Category changes and split-transaction membership.

Identify reversal Journal Entries

In transaction detail rows, a generated reversal appears as Journal Entry (Reversal). The original entry remains Journal Entry, including after it has been reversed. The label uses the saved reversal relationship rather than words in a Description or Note. CSV exports and printed detail reports use the same label. Select either entry to view its own posted details and reversal relationship.

Receipts are classified by Category

A loan receipt or owner contribution affects the balance sheet rather than revenue. A vendor refund reduces its original cost. A receipt Split between revenue and a fee contributes each allocation once to its respective account. Bank document names such as Deposit and Credit Card Credit do not determine Profit & Loss classification.

Report Period offers month, year (and eligible fiscal-year) presets and Custom Range. This Quarter and Last Quarter are not preset choices; use Custom Range for those dates.