Get the free daycare income statement example form

Hello this is Randy with Excel for freelancers and welcome in this week's ready we're going to be building a dynamic profit and loss statement from scratch in front of your eyes we're gonna be able to change those dates and print that report if all starting with just a list of transactions it's gonna be a great training so let's get started alright thank you for joining you today a dynamic profit and loss statement can be very powerful using any type of organization Freight type and purpose suppose you have uh some expenses or transactions or a list or a general ledger we can create a profit and loss from Matt and today I'm going to show you how to do that creating a dynamic profit and loss in fact we're gonna do that from scratch oh we're starting out with was if the list of income and expenses in our profit and loss sheet is completely blank so we're gonna build that from scratch while you watch every macro everything and basically what we're starting out with is a list of income and expenses based on a transaction date we have an account name we have a description which is generally we have an amount and then if we also have an account type now in our type of accounting we pretty much have three or four types of accounts in this case we have three we have income which is the money coming in we have cost of goods sold also known as CE o GS cost of goods sold are generally direct expenses from either the material there are products that you are creating or the labor that you perform for the service those are direct expenses generally caused and they go right under the income and then of course income minus cost of goods sold is your gross profit then of course we have other expenses other expenses could be utilities or red that are not directly related to your product or service and they can be like office labor office rent utilities things that are not specific to your product or service those would be called expenses office lease uniform things like that tax those are generally considered expense and then of course once you have your gross profit minus your expenses you get your net profit and so we're going to build a profit and loss that details all of those and we're gonna do it from our from scratch so we're gonna just start out in fact I have a completed version so we can look to see what we're trying to create so we can show exactly how that let's go ahead and pull that up I've got that under sample and basically this is what we're going to end up with the profit or loss so we're going to have our income we're gonna list all of our income and of course we're gonna get our total income we are going to then list all of our cost of goods sold Co GS for short we're gonna list all those we're gonna get our total then of course our income minus our cost of goods sold is going to be our gross profit gross profit and of course then we're gonna list out our expenses all the expenses based on a specific from and to date now it's gonna get us our...