The profit and loss statement is the heart of Salon Suite Accounting's book keeping. It is comprised of three parts: your revenue, net income or profit, and expenses.
Profit and Loss
Your revenue is made of up your services, tips, and mercandise sold. This is simply how much money you are receiving from customers.
Expenses includes items like taxes, utlities, education, rent, etc. Salon Suite Accounting will tally up all the expenses and taxes and combine them into Expenses.
Net Income (Profit)
The net income is the net of your Revenue minus your Expenses. As soon as you make changes in Salon Suite Accounting books, your revenues, expenses and profits are automatically recalculated!
Profit and loss statements should be prepared often to find any discrepencies in income or expenses!