What is a Profit & Loss report?
The Profit & Loss (P&L) report shows your rental income and expenses for a date range you choose, so you can see whether your properties are profitable.
It includes transactions booked to Revenue and Expense accounts in Accounting. It does not include loan principal, owner draws, security deposits, or asset purchases. Those live on other account types and appear on different reports, like the Owner Statement or Balance Sheet.
Net Income is calculated as:
Total Revenue − Total Expenses
How and why to use this report
The P&L answers the question every landlord should be asking: which properties are helping me hit my goals, and which ones are holding me back?
It turns a pile of transactions into a clear read on performance, so you can stop guessing and act on what the numbers actually show. Used regularly, it does three things for you.
Find your movers. Properties running a healthy profit are the ones building wealth, compounding returns, and freeing up cash to fund your next deal. Knowing exactly how much each one clears tells you where your money is working hardest.
Catch the drag. A property that keeps losing money is dead weight on the portfolio: weak ROI, climbing expenses, softening rent, and capital tied up that could be earning somewhere else. The P&L surfaces that before it quietly eats a year of returns.
Spot the gaps. Side by side, the numbers expose what's easy to miss: deductions or income you never booked, a maintenance vendor whose invoices keep creeping up, seasonal expense spikes, or costs slowly outpacing rent and shrinking your margin.
Run correctly, the P&L checks your assumptions and gives you the true picture of performance, not the rough one you carry in your head.
Who can access it
Any landlord can run the P&L from Accounting → Insights → Reports, even without a full Accounting subscription. Assistant users can't access Reports. The full Accounting experience requires an Accounting subscription (included with Pro), which adds automatic bank import, rules, Schedule E, and the other reports.
How to open the P&L report
Direct link (for logged-in users): Open the P&L report
Or navigate to it manually:
Configure your report
Report view
Option | Best for |
By property | Comparing income and expenses across properties, sub-portfolios, or units side by side |
By time period | Tracking trends over time (monthly, quarterly, or annual) |
Date range
Choose one of:
This year to date (default)
Last year
This month to date
Last month
Custom range: enter a start and end date
Portfolio / property scope
Use Portfolio/property to choose what the report covers:
Full portfolio: one combined column for everything
All sub-portfolios: a column per sub-portfolio (if you use sub-portfolios)
All properties: a column per property
A specific sub-portfolio or property from the dropdown
If the selected property has multiple units, a Unit field appears. Choose All units or a specific unit.
Time period (By time period view only)
Choose how to break up the date range:
Monthly
Quarterly
Annual
Divide portfolio expenses evenly (By property view only)
When you select All sub-portfolios, All properties, or All units, you may see an optional checkbox:
Divide portfolio expenses evenly across sub-portfolios / properties / units
Check this if you have portfolio-level transactions (expenses or revenue not assigned to a specific property) and want them split evenly across columns.
If you leave it unchecked, those amounts appear as separate Shared Revenues and Shared Expenses rows instead.
Reading the report
The report has three sections:
Revenues. Income from rental and other revenue accounts. Parent accounts appear first, with sub-accounts indented underneath.
Expenses. Operating and other expense accounts, also grouped by parent and sub-account.
Net Income. The difference between total revenue and total expenses for each column.
Tips:
When multiple columns are shown, a Total column appears on the left.
Inactive properties with zero revenue and zero expenses in the selected period are hidden.
Hover the info icons next to section headers for quick definitions.
Download your report
On the report page, click Download.
TurboTenant generates an Excel file (.xlsx):
profit-loss-report-by-property-[timestamp].xlsxfor By property viewsprofit-loss-report-by-period-[timestamp].xlsxfor By time period views
The download includes the same data shown on screen, formatted for spreadsheets or for sharing with your CPA.
What data feeds the P&L?
The report pulls from booked journal entries in Accounting, meaning the transactions you've categorized to Revenue or Expense accounts.
For accurate results:
Import or enter transactions under Accounting → Transactions.
Book and categorize them to the correct accounts.
Assign a property (and unit, if applicable) when booking.
Unassigned portfolio-level transactions show up in the Shared Revenues / Expenses column (By property view) unless you choose to divide them evenly.
P&L vs. other Accounting reports
Report | What it shows |
Profit & Loss | All revenue and expense account activity |
Owner Statement | All cash in and out, including loans, capital costs, and draws |
Operating Cash Flow | Cash from rent minus operating costs; excludes certain non-operating items |
Net Operating Income (NOI) | Operating revenue and expenses only; excludes depreciation and interest |
Use P&L for a standard income-vs-expense view. Use the Owner Statement or Operating Cash Flow when you need cash movement or loan-related detail.
Troubleshooting
My report is empty or the numbers look wrong
Confirm transactions are booked, not still sitting in the import feed.
Check that transactions are categorized to Revenue or Expense accounts.
Verify the date range and property scope match what you expect.
Make sure each transaction is assigned to the correct property or unit.
I don't see a property I expected
Inactive properties with no activity in the date range are hidden from By property reports.
Shared expenses look too high on one property
Portfolio-level expenses may be sitting in the Shared column. Enable Divide portfolio expenses evenly, or assign those transactions to specific properties when booking.
I can't access Reports
Assistant accounts can't view Reports. Ask the account owner to run the report or adjust permissions.
Download failed
Refresh the page and try again. If the problem persists, contact TurboTenant Support.