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This is a very helpful report when it comes time to filing your income tax returns.  Here, you can see your income and all of your expenses by category for a custom period of time.  You can also show only data for certain job types when viewing your Profit & Loss statement.

You can find the Profit & Loss Report in the Reports sidebar menu of your account.  Note that in order to view the Reports section, you must be an administrator user.

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