Use this template to create a simple profit and loss statement in Notion.
Use this template to create a simple profit and loss statement in Notion. Add your business income & expenses for each financial year. Formulas are used to calculate Gross Profit, Total Operating Expenses, Operating Profit, Income Before Taxes and Net Income.
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A Profit & Loss Statement (P&L) is an accounting tool that helps you see how much money you make, and how much money you spend on the products or services you sell. It also shows you where your profits come from, and what expenses are related to those profits. A P&L can help you understand if your business is making enough money to cover its costs, and if it’s losing money, it will show you why.
While both a balance sheet and a profit and loss statement provide information about your financial situation, there are some key differences between them. The most obvious difference is that a balance sheet provides a snapshot of your assets, liabilities, equity, and overall financial health at one point in time. A profit and loss statement, however, gives you a detailed look at your finances over multiple periods of time. The second major difference is that a balance sheet only includes your current assets, liabilities, and equity. A profit and loss statement takes into account not only your current assets, liabilities and equity but also your long-term assets, such as inventory and equipment. Finally, while a balance sheet shows you exactly how much money you owe, a profit and loss statement shows you how much money you made or lost during the period covered by the report.
When reading a profit and loss statement, keep these points in mind:
Profit and loss statements are typically prepared monthly, quarterly, or annually. Quarterly reports give you an idea of whether your business is profitable or losing money over a longer period of time. Monthly reports help you see if your business is making a profit or losing money on a daily basis. Annual reports can show you trends in your company’s performance over several years.