Third-party terms and additional fees may apply. Monitoring alerts, data downloads, and feature updates are available through the end of your membership term.This report option includes income for which you've invoiced, as well as income that you've received.) (If you run your business using accrual-basis bookkeeping, you want your income to show up when you issue invoices. Then click the Advanced tab and select Accrual as the report basis. To change this setting to accrual basis, click Customize. Quicken automatically sets to cash basis every business report that can be set to accrual or cash basis. In Quicken, you can create two profit and loss reports, a profit and loss statement and a profit and loss comparison report the latter compares profits and losses for two different time periods. You generally need to provide one to your loan officer when requesting a loan. It summarizes the revenue and expenses of your business by category (first income, then expenses). The profit and loss statement shows your income, expenses, and net profit or loss. Along with the balance sheet, the profit and loss statement helps gauge the profitability of your business. A profit and loss statement, also called an income statement, is a fundamental business report.