Profit and loss is a financial statement that summarizes a company’s revenues and expenses over a given period of time, typically a quarter or a year.
By generating a report based on your company’s profit and loss in ServiceWorks, you can gauge your financial performance to make decisions about investments, expenses, and revenue growth.
Before Running This Report…
– It is HIGHLY recommended that you use smaller date ranges when generating this report and increasing that range once you are comfortable with its functions.
– The Profit and Loss report is based on payments received, not payments expected to be received. Unless payment has been taken for an invoice, the amount will not be calculated into the sum totals when generating this report.
– Sales Tax is not included in the Profit and Loss report.
When opening the report, you’ll have the option to set a date range to generate results. When finished, click Run Report to continue.
When generated, a table will appear with the following. You can also change the views to see a list of your profits and losses by month or annual view.
- POS – This line will display the information for Point of Sales transactions during the designated time frame. These amounts can be verified in the Payments screen*
- Job – This line will display the information for created jobs and estimates during the designated time frame. These amounts can be verified in the Payments screen*
- Commission – This line will display the information for commission rates allocated to technicians on the job during the designated time frame. These amounts can be verified via the Employee Earnings Report.
Note: Since commission rates can be paid out to the employees at your discretion, the commission amounts generated are based on commissions that have been paid to employees by the filter date and not when a job has been marked as completed
- Expense – This column will display the total sum of the cost of items and services, excluding the tax rates. These amounts can be verified by navigating to the All Jobs page and setting the filter date for the same as this report.
Note: This amount will only include items that have been marked as installed / delivered and have the Billable To field set to “Customer”. Items with the billing status of “Apply Later” or “Warranty” will be excluded from this calculation
- Income – This column will display the total price paid for items and services, excluding the tax rate. These amounts can be verified by visiting the Payments page and setting the filter date for the same as this report, then subtracting the sales tax amounts.
- Profit or Loss – This column will display the total sum of profit or loss. This is calculated by subtracting the amount in the expense column from the amount in the income column.
At the bottom of the table, you will see a section showing the sum total of all expenses and income during the designated time frame, as well as the calculated profit or loss amount
*If you do not have the Payments module active in your subscription, please reach out to our support team for assistance on how to verify your Job and POS payments