Profit & Loss Report

Charles Collins
Charles Collins Member ✭✭
edited May 2023 in Feature Requests

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.

12 votes

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Comments

  • JimColl999
    JimColl999 Member
    edited September 2023

    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
    RobWilk Superuser ✭✭✭✭✭
    edited September 2023

    @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.


    Rob Wilkens

  • 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
    George M Member

    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.

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

  • Chris0475
    Chris0475 Member
    edited February 10

    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
    Bread01 Member ✭✭
    edited February 11

    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.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

  • Bread01
    Bread01 Member ✭✭
    edited February 12

    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.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

  • RobWilk
    RobWilk Superuser ✭✭✭✭✭

    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.


    Rob Wilkens

  • Bread01
    Bread01 Member ✭✭

    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.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭
    edited February 13

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

    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?

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • Bread01
    Bread01 Member ✭✭

    @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.

    Simplifi User Since February 2024

    Mint User Since 2011

    User Type: Monitor Net Income and Grow Net Worth

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