Gross Profit: Gross Profit is calculated by deducting the Cost of Goods Sold with your Revenue.The expenses that will go into your COGS are things like the materials for your t-shirts and delivery fees. You are an eCommerce business, and you sell t-shirts. The expenses that will go into your COGS are the coffee beans, milk, coffee cups, and sugar. Here are a few examples: You are a coffee shop, and you sell lattes. Cost of Goods Sold (COGS): Cost of Goods Sold are the expenses associated with selling your products.Note, revenue is also referred to as Income or turnover in certain countries. Revenue: As the word entails, revenue is the income that your business generates.The P&L statement has three core sections. What goes into a Profit and Loss/Income Statement? Understanding how the Profit and Loss statement works is a major advantage for business owners, startup founders, and finance teams. We also highly recommend that you monitor how your gross margin is performing on a month-by-month basis, as this has a huge impact on your bottom line.Ī Profit and Loss/Income statement is one of the core financial statements used worldwide to track the performance of a company. You should monitor how your revenue is growing, how your cost of goods sold is growing, and how your operating expenses are growing.

Month-on-month growth in your Profit & Loss is a vital metric to track to understand how your business is growing (or declining) every month. Having problems? Get personal help -> Talk to us here

If done correctly, all of the values in the Dashboard should now update automatically.

Replace the value in cell B1 with the name of the Google Sheets tab that's storing your Profit & Loss report.

Replace all of the Chart of Accounts in Column A in this sheet with your own.

Import a Profit & Loss report with the date range 'This Year' and choose Display Columns By 'Month'.

Connect QuickBooks to LiveFlow to import live data into Google Sheets.

If you're already a user, skip this step.

Click on ' Extensions' -> ' Add-Ons' -> ' Get add-ons' -> Search for LiveFlow and install the app.

Once you're in, connect your Profit and Loss report to Google Sheets with LiveFlow.Click on 'File' -> 'Make a copy' -> This will generate a copy to your own Google Drive.Templates in Google Docs/Google Sheets often need a little bit of guidance to use, so we've outlined the most vital steps below: ‍ How do I use this P&L/Income Statement Template?

Google docs income and expense template