Profit & Loss Reporting - Xero

In today's video I take you through running a profit and loss report (Income Statement).
Understanding the basics of a Profit and Loss report is essential for all business owners who want to take command of their finances.
Apologies about the slight cut off at the end of the video.
[e-mail]
www.tallbooks.com.au

[@killahills10304]

Cool video. Weirdly my wages and salaries are not showing in my p&l. Do you know how to fix this?

[@TallBooks]

They will show in the profit and loss based on the payment date on the payrun have a look at what it's showing and ensure the date range is correct on the report. If still not showing check where wages are linked to under payroll settings>Pay items.

[@adaada7411]

I'm really new in Xero. I wanna to konw that how to set up (under Cost of goods sold: opening stock+purchases-closing stock) show on Profit & Loss Account?

[@adaada7411]

1st month:
DR stock(current assets) $22979
CR Closing Stock(Direct costs) $22979
then Profit & loss Account show Closing Stock was loss ($22979)
T_T"

[@TallBooks]

@@adaada7411 You can set-up the pnl accounts using 'Direct costs' in the account type option. Then if you want custom grouping to show on the pnl click edit layout down the bottom right of the pnl report and group as desired.

[@adaada7411]

@@TallBooks Thanks. Do you have a video teach that?

[@adaada7411]

and I have set the account code in 'chart of account'
Stock(Current assets)
Opening Stock(Direct costs)
Closing Stock(Direct costs)
it's right?
However, I was edit layout to set it, that can't to show closing stock DR....
and I using 'Manual journals' to data entry all transactions.

[@carlodandrea394]

I have a client that has a GST Expense on the P&L - this isn't correct is it?

[@TallBooks]

Hi Carlo, that's definitely incorrect. GST is not part of the PnL, the PnL should show the expenses net of GST with the GST calculated and kept on the Balance Sheet GST account.

[@seenaumarudheen6965]

Can I calculate annual revenue of an organisation from this report?

[@TallBooks]

Yes, run it for the full year in the date section.

[@seenaumarudheen6965]

@@TallBooks Could you please tell me what field represents the annual revenue in yearly profit and loss report?

[@seenaumarudheen6965]

Also how can I find book on debt value from xero?