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Profit & Loss Report

Charles Collins

I have asked this question in the Net Worth report discussion but want to be sure it is out in the general reports discussion and wherever it should be.

The net income report on Simplifi is effectively the base for a P&L report. Very difficult to download then sort and format and calculate formulas to provide total spend in a category vs income and net profit or loss.

You are within 2 inches of making that available on Simplifi so we can download properly formatted or print. After using Quicken for decades and depending on that P&L at tax time, this year was a total bear trying to get all income and expense categories to the accountants for filing. PLEASE DON'T MAKE ME HAVE TO GO BACK TO QUICKEN WHICH BROKE WAY TOO OFTEN . . . .

Your Spend Report consolidates transactions and rolls them up to category spend. That should be the sort function on the P&L Report including income categories which the Income report currently does not do graphically by category over time just shows a bar chart with the month.

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Reports

Feature Request

Status: Completed

Comments

JimColl999

You are totally right. In fact I'll go a step farther to see that SimpliFi is nearly worthless without a robust report generator.

What were you guys thinking. Even if most people don't need the level of Quicken or QuickBooks detail - EVERYONE needs this level of detail to do any kind of tax/investment/budgeting.

I went through a lot of effort to get all my accounts downloaded YTD only to find out you can't even generate a simple cash flow statement.

Good Greif!

Jim

[removed - privacy]

RobWilk

@JimColl999 If you think they're right, you may want to click the little up arrow near the vote count to register your support for this feature. Since May, this has otherwise gained 0 votes except for the originator. I personally don't have a need for these extra reports so I'm not yet voting for them, but i won't vote against them either.

Portland User

Flashy chart reports that don't work very well do not overcome the need for the basic 'blocking and tackling' of P&L and Balance Sheets. I have to manually glean amounts from charts and type into separate spreadsheet to create my own.

Add to that the net worth chart that comes close to being a balance sheet, however the historical periods don't work correctly!!?? I understand there's a dialogue in redit or somewhere showing this has been in the process of being fixed for more than two years.

George M

This product really needs a P&L or Cash Flow Report as provided in Quicken with the ability to select date ranges. The report should be available in both Summary Totals by Category format and Detailed showing all transactions by category. This is a must for annual tax reporting and records retention.

Corbin Dallas

Agreed. WIth out a decent P&L report then this tool seems more like a click-bait app than anything else. Sad.

Chris0475

We need a P&L report! The fact that this is not business software is meaningless. I would like to know the breakdown of my income and expenses, and be able to see them clearly and easily. When I subscribed to this product, and got everything connected, I honestly couldn't believe there wasn't a P&L statement similar to Quicken. [removed - profanity] Quicken is for personal finances and they have it, why don't we have it here. Should be super simple to add.

Bread01

At a minimum I need a P&L summary by monthy, broken down by Income, Expense, and Net Income categories. What the original poster is asking for here is a more detailed version of what I am asking for, so you have my vote. You are right that a P&L/Net Income report is basic functionality for managing finances. Any accountant of finance professional whether they look at a business or a household's finances rely on a P&L/Net Income Statement and a Balance Sheet/Net Worth statement at a minimum. The fact that a P&L report isn't provided here is head scratching and something that I consider a critical requirement. I hope something like this is implemented, otherwise I probably won't be keeping my subscription. Simplifi seems to focus more on people who micromanage budgets, and is fine, but is not something I do and Simplifi needs to do better to meet my needs if they want to keep me as a user. Mint met my needs very well for over 12 years and despite signing up for Simplifi for now, I still haven't decided on an alternative solution to Mint.

Bread01

I need a summary P&L/Net Income report so I will vote for this request for a detailed P&L report. This is such basic and critical functionality for financial reporting. The fact that it hasn’t been implemented yet is mind boggling. I have to think that the majority of users only use Simplifi for detailed budgeting or cash flow management. Without a good summary (or detailed) P&L report it makes it nearly useless to anyone like me who wants to use it for long-term planning and trying to grow net worth over time.

RobWilk

Profit and Loss is a business report, and this is not business software, it's personal finances. They had sent out some surveys about a possible business app for finances that was web based, but this is not it.

Bread01

Ok, replace the words “profit and loss report” from my statement above with “net income report”. There is already a net income report in Simplifi because it is also applicable to personal finance.

UrsulaA

https://community.simplifimoney.com/discussion/comment/28859#Comment_28859

Your statement above makes your request here sound like the request you recently posted.

https://community.simplifimoney.com/discussion/7724/net-income-report-monthly-income-expense-and-net-income-totals-displayed-on-screen-simultaneously

However, this request calls for a profit and loss/net income report with more detail, something like the list below:

Income

Paycheck

Other

Total income

Spending

Groceries

Groceries sub categories

Dining

Dining sub categories

Shopping

Shopping sub categories, etc.

Total spending

Net income = Total Income - Total spending

The level of detail above is what I understand @RobWilk is referring to, which is closer to a business report.

Also, sounds like you want the summary version of net income in your other request and the detailed net income report. Is that correct?

Bread01

@UrsulaA You are pretty much correct, except characterizing a detailed P&L as being closer to a business report. A profit & loss (P&L) statement is also called a net income statement in a business and accounting context. A P&L is used by a business is essentially a statement of Revenues minus Expenses equals Profit/Loss for a given time period. That statement for a business/entity can be at a summary level or a detailed level. This type of statement is extremely useful for business accounting and reporting. There is a reason why every large publicly traded company in the U.S. is required to provide financial statements that include a net income statement. The net income statement for personal finance is equivalent to the P&L except "income" replaces "revenue" in the equation. Otherwise, it is the same basic concept. The net income report in Simplifi is similar to a summary P&L based on the information in the bar chart displayed on the report, but it is missing a reporting table to display the P&L values like a real business P&L report would. The request in this original post seems to be for a more detailed P&L report. I would settle for a monthly summary P&L report, but since there is no actual P&L report in Simplifi (and only the bar chart on the net income report being the closest thing), I am willing to support any type of P&L report feature request.

Annie Finch

agreed, would love to see this, you have my upvote

jtb36

It has been nearly 2 years since the last update on this request. Is this an item that is being considered, especially considering this type of report is likely available in the new business and personal side of Simplifi?

Thanks.

Charles Collins

Hello @jtb36 I saw your comment and switched over to see in the new Business & Personal edition has a P&L report. It does. Then you have to reassign expenses and income contained under 'personal' to the same or similar categories under a business entity you create when you do the new set up. I'm doing that today. m going to see about using shortcuts like filtering a category to show all entries on a table, then select all and reassign to the corresponding business category which should cut the time.

You can run quarterly and other time specific reports like any business. AND . . . Quicken is offering a discount coupon. Use the help CHAT system inside Simplifi after you log and live chat with an agent to request an upgrade.

Finally … A VERY BIG HOLE - I have been asking about print reports forever!! HEY QUICKEN!!! Add a PRINT option under the … 3 dot menu along with Exports. Then allow me to select the PRINTER I want including Print to PDF which allows me to save a nicely formatted PDF document (like I see on my screen) for sending to the accountant at tax time (real soon now).

Saving to CSV or Excel is useless for this type of situation. It's a mess.

Coach Kristina

Hello @Charles Collins,

Thank you for coming to the Community to share your feedback! Since you mentioned the ability to print reports is something you'd like to see added, I recommend that you take a look at this idea post (linked below) and add your vote if you haven't already done so:

https://community.simplifimoney.com/discussion/323/ability-to-download-or-print-reports-edited-1-merged-vote

Thank you!

Charles Collins

Yes thank you for putting my attention to vote over in the new location however that post is from 2022 and quicken Hasn't added this feature yet. Such an important feature and it seems as if it doesn't rate?

RobWilk

The idea may have existed since 2022, but the business product has existed less than a year, @Charles Collins , and I expect this would be a part of that product eventually (Not Quicken Simplifi, but the Business and Personal version), so if you're starting with existing votes it's better than starting with no votes.

jtb36

https://community.simplifimoney.com/discussion/comment/28861#Comment_28861

There was a gif from he reports help guide that was posted in this thread that shows what I assume is an unreleased enhancement to the net income statement:

This would solve the exact need I have been asking for by giving a report similar to a business P&L. It looks like the image was replaced and was never meant to be on the guide, but I would like to know if this is functionality we can expect to receive? This would solve the problem I have been evaluating other platforms to move to in search of.

Coach Natalie

Hey everyone!

In Early Access on the Web App, the Net Income Report has been replaced with an Income & Expense Report, which is basically a Profit & Loss Report.

https://community.simplifimoney.com/discussion/12444/new-feature-alert-income-expense-report

Please check the new Report out and let us know if it works for you all!

jtb36

This looks great. Excited to play with it.

Coach Natalie

Hey again, everyone!

I marked this Idea post as "completed" due to the new Income & Expense Report. If anyone disagrees, let us know why as soon as possible so we can keep this request alive.

Thank you!