In this article we will be answering the following questions:
- Where can I view profit and loss data for specific accounts and projects?
- What does the Profit & Loss dashboard show?
- How can I see the upcoming costs?
- How can I forecast upcoming revenue?
Plans: Free CRM, Sales CRM, Project Management, ERPPermissions: User & Admin Rights
Accessing Profit & Loss data
The Profit & Loss Insights dashboard summarizes the revenue, costs, and expenses incurred during a specified period, for a given account and project.
To access this data:
- Navigate to the blue sidebar
- Click on Insights
- Click on Profit & Loss
- Select the relevant Year, Account and Project
- Scroll down to the Profit & Loss table
Profit & Loss- The amount of income that remains after accounting for all the bills to be paid, expenses, additional income streams, and operating costs
Invoicing- The Invoicing tab is a sum total of all your pending, due and paid invoices (i.e. the income)
Bills & Purchase Orders- This is a sum total of all your approved and waiting bills that need to be paid
Expenses- These are all the pending and approved costs associated with the expenses made
Hours- This includes Invoiceable Hours and Internal Hours Costs. The invoiceable hours is counted as income, whereas the Internal Hours are the costs incurred for internal jobs
The text columns below the charts are clickable. This means you can strikethrough any text to display the data relevant for the remaining metrics and this change is reflected in the table below as well.
For example, to view all your Waiting, Scheduled and Automatic invoices, you need to strikethrough the rest of the fields under the Invoicing column.
Profit & Loss table
The table consists of fields showing data on Invoicing, Bills, Expenses and Hours for a specific period of time. Clicking on each field further shows data relevant to the metric displayed in the first column.
You can click on each figure to view the entire data associated with this metric. For example, clicking on the paid invoices figure for June gives a split-up of all the invoices that were paid for the month of June.
How to analyze the data in the Profit & Loss table
The Profit & Loss data follows a general form as seen in the picture below. It begins with an entry for revenue, i.e. all invoicing data and then subtracts the costs of doing business, including Bills & Purchase Orders, Expenses and Hours. The difference is referred to as Profit or Loss.
Revenue generated is displayed in green and the costs incurred are shown in red.