Profit and Loss shows the key performance of the business by showing Net Sales, Less the Cost of Goods Sold (COGS), to give a Gross Profit, then Less the Expenses to show the Net Profit
There are two Profit and Loss reports in Accounts / Quick Reports:
Profit and Loss by Nominal
This produces the Profit and Loss directly from the Nominal (General Ledger), so it quick but you can only do for a Month, Quarter, or Year
Profit and Loss by date
This is produced from the individual transactions so you can do for any period. You do have to manually enter the opening and closing parts stock each time.