Free profit and loss template for Excel

What is inside

• Income lines Sales, services and other income, with a total.
• Cost of goods sold and gross profit What the things you sold cost you, and what is left.
• Ten expense lines Rename them to match your books.
• Net profit and margin For each month and the whole year.

How to use it

1. Set the year and replace the two example months with your own numbers.
2. Rename the expense lines to the categories you use.
3. At each month end, type the month's totals from your books or bank statements.
4. Read net profit and margin across the months to see which ones carry the year.

Using it in Google Sheets

1. Open Google Sheets and choose File, then Import, then Upload, and pick the downloaded file.
2. Choose "Replace spreadsheet" or "Insert new sheet(s)".
3. Check the formulas and the dropdown lists after the import. Most carry over, but Google Sheets handles a few functions and formats differently.

Things to watch

• It is a summary, not the books. The numbers have to come from somewhere: your bookkeeping, or a tracker of every transaction. This page adds them up.
• Cost of goods sold is only for what you sell. Service businesses often leave it at zero. Ask your CPA what belongs there.
• Before income tax. Net profit here is before income tax. It is a management report, not a tax return.
• Owner draws are not expenses. Money you take out of the business is not on the profit and loss. Keep it out of the expense lines.

Questions

Want more than a template? See Monthly KPI Dashboard Workbook.

Want every toolkit? The toolkit membership includes all of them, with a lower rate if you pay yearly.

Related: Free income and expense tracker, Free small business budget template, Profit margin and markup calculator, Break-even calculator, or all free templates.

These templates track your own numbers. They are not tax, legal or accounting advice, and MCC Solutions is not a CPA firm. Ask your CPA how rules apply to you.