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How to Read Your Financial Statements

Written by the SellarPro team · Published 10 October 2026 · 1 min read

Short answer

Open Accounting → Profit & Loss, choose From and To and click Generate to see revenue, cost of goods sold, expenses and net income. The Balance Sheet, Cash Flow and Trial Balance work the same way, and each can be downloaded.

Your financial statements are built from the journal entries in your books. They are the documents banks, investors and the tax office ask for.

Profit & Loss

  1. Open Accounting → Profit & Loss.
  2. Choose From and To and click Generate.
  3. Click PDF to download it.
    A Profit and Loss statement for October showing revenue, cost of goods sold, gross profit, rent expense and net income
    Revenue less cost of goods sold gives gross profit; less expenses gives net income.

It shows REVENUE, COST OF GOODS SOLD, GROSS PROFIT, OPERATING EXPENSES and NET INCOME for the period.

The other statements

  • Balance Sheet: what the business owns (ASSETS), owes (LIABILITIES) and is worth (EQUITY) on a date. Choose the date and click Generate; it tells you if it does not balance.
  • Cash Flow: where cash came from and went in a period.
  • Trial Balance: every account's debits and credits for a period, with a check that they balance. Download it as CSV for your accountant.

More reports

Accounting → All Reports has the Account Ledger (every entry on one account), Aged Receivables and Aged Payables, Budget vs Actual, a Comparison Report of two periods, and an Executive Summary.

Common questions

Why does this profit differ from the profit report under Reports?
Accounting profit includes everything posted to your books, such as manual journal entries for rent or depreciation, and only what has synced. The Reports profit is worked out straight from sales, purchases and expenses.
My statements are empty.
Your transactions have not been posted yet. See How to Set Up Accounting to set the mapping and import them.

Related articles

How to Set Up Accounting

Open Accounting → Transaction Mapping and click Set All Defaults, so sales, purchases, expenses and payments know which accounts they post to. Then use the Import / Sync tab to bring in past transactions. From then on they post themselves every hour.

Accounting · Updated 11 Oct 2026 · 2 min read

How to Post a Journal Entry

Open Accounting → Journal Entries and click New Entry. Enter the date, reference and narration, then one line per account with its Debit or Credit. When the entry is balanced, click Post Entry, or Save as Draft to finish later.

Accounting · Updated 11 Oct 2026 · 1 min read

How to Set Up a Budget

Open Accounting → Budgets, fill in the Budget Name, Year and dates and click Create Budget. Then open Add Lines and set an amount for each account and month. Approve the budget when it is complete, and compare it with what really happened in Budget vs Actual.

Accounting · Updated 11 Oct 2026 · 1 min read

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