If you use product and service records, to track how much profit you make on each item, use the Profit Analysis report. When running the report, you can choose to run a summary of your profit or a detailed report.
The summary report shows you the net, cost and profit amount, and the percentage of the profit made for each transaction and the total. The detailed report also includes a breakdown of the profit for each item sold. This is useful if you sell different products or services on the same invoice, credit note or quote.
For the report to calculate the profit correctly, you must have a cost price and a sales price. As you don’t enter a cost price for service records, therefore, the profit always shows as 100%. If you want to enter a cost price, use product records instead.
The profit calculates as follows:
Profit (Amt) = Sales price – Cost price
Profit (%) = Profit value / Sales price x 100
The profit calculates based on the cost and sales price in use at the time of posting the invoice, credit note or quote. If you change the cost or sale price after posting the transaction, this doesn’t affect the profit calculation.
EXAMPLE:
You buy a product with a cost price of £4.50, which you then sell for £12.00. The profit calculates as follows:
£12.00 – £4.50 = £7.50
£7.50 / £12 × 100 = 0.625 × 100 = 62.5%
Cause
Resolution
To run the Profit Analysis report
Go to Reports, on the dropdown list select All reports.
From the Detailed Reports section, select Profit Analysis. The report shows all invoices, credit notes and quotes where you’ve used a product or service record, up to the current date. To view the report for a particular transaction, enter the transaction number in the Type to search box. To view a transaction, select the relevant line. To return to the report, select back on your browser menu bar.
Choose the Period you want to run the report for.
Morechoose the required options:
Include. Choose whether you want to run the report for all transactions or just invoices, credit notes or quotes
Show details. Choose whether you want to run the summary or detailed report
To save or print the report select Export and choose one of the following options:
CSV. Depending on your internet browser, the file automatically downloads to your Downloads folder. Or you’re prompted to save the file > browse to where you want to save the file and select Save
PDF. The PDF opens in a new window or tab. Open your browser File menu then choose to print or save the report
NOTE:
If the PDF document doesn’t open in a new window this is due to having pop-ups blocked. To change these check your browsers settings.