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Profit & Loss Reconciliation Report Tutorial

The Profit & Loss Reconciliation Report is an essential tool to help you identify and explain discrepancies between the Volume & Profit Report and the Income Statement. While the Volume & Profit Report provides a snapshot of profit for a selected period, variations in freight charges or amendments on different dates can lead to inconsistencies. The Profit & Loss Reconciliation Report reconciles these differences effectively.

Who Can Access the Profit & Loss Reconciliation Report

This feature can be enabled upon request from your Admin or General Manager.

Location of the Report:

To access the report, navigate to your system's [Report] module and select [Profit & Loss Reconciliation Report] from the left-side navigation bar.

Report Settings:

  • Period: Specify the desired period for the report.
  • Office: If your company operates multiple offices, you can select a specific office or select "All" to include all offices in the report.

Once you’ve configured the settings, click Print to open a preview page that displays the report.

Report Breakdown:

The report consists of seven key balance items:

  1. Export Operation Income: This includes all ocean and air export revenue, including freight charges, handling fees, and document fees related to export operations.
  2. Import Operation Income: This calculates all ocean and air import revenue, covering handling fees and document fees related to import operations.
  3. Other Operation Income: This includes miscellaneous revenue such as truck revenue and warehouse revenue.
  4. Export Operation Cost: This covers all ocean and air export costs, including payments made to carriers, terminals, and other vendors involved in the export operation.
  5. Import Operation Cost: This calculates all ocean and air import costs, covering payments to carriers, terminals, and other vendors involved in import operations.
  6. Other Operation Cost: This includes miscellaneous costs, truck costs, and warehouse costs.
  7. Operation Profit / Loss: This item calculates the difference between total income and total costs listed above.

How to Use the Report:

  • Cross-reference: It is recommended to cross-reference the Profit & Loss Reconciliation Report, the Volume & Profit Report, and the Income Statement to identify any discrepancies.
  • Adjustments: The report may include adjustments to help balance the figures.

Downloading and Printing:

  • You can download the report as a PDF or export it as an Excel file.
  • Alternatively, you can choose to print a hard copy for your records.

By following these steps, you will be able to generate the Profit & Loss Reconciliation Report, which will assist you in tracking and explaining discrepancies between the Volume & Profit Report and the Income Statement.

For a visual guide on using this feature, please refer to the following video: