Last minute tax prep: Pull your Profit & Loss report

Sent out as an email to FreshBooks users yesterday.

Spring is here! Unfortunately that means taxes are due in the next few weeks – but since you’ve been using FreshBooks this year, you can pull your sales and expense information in seconds and quickly flip it to your accountant.

Step 1: Pull your Profit & Loss report

First, pull your “Profit & Loss” report in your “Reports” tab under “Bookkeeping” reports. Then adjust it to the following:

  1. Period to “Yearly”
  2. Ending to “December” “2010” or your tax year-end
  3. Revenue to: “Collected (Cash Based)” (or for accrual: “Billed (Accrual)”)
  4. Expenses to: “Exclude Sales Taxes” or “Include Sales Taxes” depending on your filings*
  5. Then click update.

Profit and Loss Report

*For details on how to do your expenses and sales tax filings, talk to your accountant. The “Expense Report” has more detail.


Step 2: Email your accountant

Send your Profit & Loss to your accountant using “Export to: Excel” on the right. Just attach the file to an email and fire away!

Profit and Loss - Export

Done! Now it’s time for to take some time off.

Bonus: Are you using Cost of Goods Sold (COGS) in FreshBooks or have questions about them? Learn what COGS are and how to use them.

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FreshBooks is the #1 accounting software in the cloud designed to make billing painless for small businesses and their teams. Today, over 10 million small businesses use FreshBooks to effortlessly send professional looking invoices, organize expenses and track their billable time.