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hi this is Sarah and lets get right to it Im in QuickBooks right here and today Im going to teach you everything you need to know about profit and loss a profit and loss report is also called an income statement or a PL it summarizes your income and expenses for each income or expense account on your chart of accounts so you can tell if youre operating at a profit or a loss there are four goals a business owner should have goal number one is to make sales number two is to sell the product at a price that will pay for the cost to produce it three is sell enough of the product to cover the cost of running a business and lastly earn a profit so you can take some money home so Im going to show you how to do this step by step youre gonna go over here to the reports youre gonna click that youre gonna find yourself in standard which is right here youre gonna go down to business overview and then youre going to find profit and loss which is right here once you click that you can do