Many use Excel to track their income and manage expenses. It is one of the best tools for self-employed people and small business owners to calculate profits and boost revenue. Thanks to a multitude of built-in tools and functions.
Managing a business can be challenging without the right tools.
Excel is an excellent tool to organize transactions and summarize monthly or yearly profits and losses.
If you are looking to create a P&L template to keep an eye on business gross income, net income, losses, and expenses, then Excel is the best choice.
In this article, we will have a look at the top 9 FREE Profit and Loss template Excel. We will also learn how to create a P&L statement in Excel from scratch, so make sure to read the article till the end.
What is P&L (Profit and Loss Statement)?
A Profit and Loss (P&L) Statement, also referred to as an income statement, is essential for monitoring your company’s financial health.
It is a document outlining your company’s income against its expenses. The main goal is to enable users to calculate profit and loss over a specific period. Such documents are typically prepared annually.
P&L statements are essential for assessing whether a company has managed its expenses effectively and generated revenue. They also provide insights into losses compared to the previous financial year.
In simple words, a P&L statement reflects your business’s ability to generate sales, control expenses, and produce profits.
Why is a Profit and Loss Template created using Excel a must-try?
Excel is a beautiful spreadsheet application for tracking profits, and losses.
It is proven to be one of the most valuable tools to boost revenue and manage expenses. Almost every business, whether small or huge, uses Excel to manage day-to-day activities.
Here are a few of the benefits of using Excel for tracking the company’s transactions:
- Ease of Use: Excel templates are easy to use and come pre-formatted. If you are new to Excel, then don’t worry because it is really easy to navigate and customize the templates as per your needs. Users can directly start entering their financial data.
- Budget-friendly: When compared to other expensive accounting software, Excel is a cost-effective solution. With a basic Excel subscription, users will have access to all the powerful tools and features needed for managing a P&L statement.
- Accessibility: Excel files can be accessed from anywhere. You can use templates built-in Excel from any device, including computers, tablets, and even smartphones. Whether you are in your office or on the go, it is easy to view and update your transactions in the Excel template.
- Extensive Customization: P&L statements created in Excel can be customized as per your requirements without any limitations. You can easily add or remove income and expense categories when necessary. This flexibility ensures that the statement reflects your unique financial structure, helping you capture all relevant data and gain meaningful insights.
- Robust Reporting: Excel features hundreds of mathematical and statistical formulas to calculate revenue, expenses, profits, and losses. It ensures accurate calculations and keeps your data up to date—the formulas update automatically whenever you add rows or columns to the table. You can create professional-looking dashboards to have a quick look at your annual financial performance.
These are just a few of the benefits. Excel comes with a short learning curve, making it easy for beginners to use it without any hesitation.
Overall, the templates created in Excel are worth giving a try.
Top 9 FREE Excel Profit and Loss Template of 2024
There are many Profit and Loss (P&L) Statement templates available online. It won’t be feasible for you to try each of them and figure out the best fit.
So, our team has compiled a list of the best Profit & Loss templates to make your life easier. Make sure to explore all the templates, as each of them is unique in some regard.
1. Profit and Loss Statement by SoftwareAccoutant

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Our top pick is designed by the experts at SoftwareAccountant. It comes with an attractive design and easy-to-use format.
You need to start by adding your company details like name or logo, address, email, and phone at the top. Then, make sure to select the current financial year and the previous year to compare the sales and cost of expenses.
This template automatically calculates the gross and net profit, total revenue, COGS, and expenses using Excel’s built-in functions. Avoid editing the cells that hold the formulas; otherwise, the template won’t work as expected.
You can download the above template for free and customize it as per your choice. You can add more rows and columns to include more expenses in the template.
It is a printable template that you can carry anywhere.
2. Profit And Loss Statement Template by Wise

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This is a simple Profit and Loss statement template to review your business performance.
It can be a very effective tool to monitor the cash flow and predict future profit or loss.
Download this template now and start by entering the company name, date, current year, different types of revenue, different expenses, and income tax expenses. Note that the total revenue, expenses, and net profit are automatically calculated using the built-in formulas.
This template is totally customizable, and you can add more rows to meet your business requirements.
3. Profit and Loss Template by Spreadsheet123

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This Excel template is designed to help users track their business’s income and expenses. It features a clear layout where you can quickly enter sales, costs, and other financial details.
The template automatically calculates total income, expenses, and profit or loss, saving time and reducing errors. It’s customizable, allowing you to add categories specific to your business needs.
It is an ideal tool for small businesses and freelancers looking for an easy way to manage their finances.
4. Profit and Loss Statement by Hubspot

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This Hubspot template is similar to our top pick discussed earlier. But there are a few things that make it different.
For example, the ability to incorporate tax deductions and calculate the net profits.
You can add your company details (name, address, and email) at the top of the template. Also, do not forget to enter the date on which the document is prepared.
This template features two main tables that summarize your yearly revenue and expenses.
You can add more rows if you wish to add expenses that are not predefined in the template.
Note that the template doesn’t use any formulas, but you can use the SUM function in Excel to calculate the total revenue, expenses, and net profit if required.
It is a printable template. You can take a print of it and carry the hard copy to present it to your stakeholders.
5. Self-employed Profit and Loss Template by Smartsheets

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Are you self-employed and looking for a way to summarize your yearly or monthly income and expenses?
Here’s a profit and loss template designed just for you.
The template features three tables:
- Recording your clients and the revenue generated from them
- Calculating total expenses
- Including tax deductions to determine your exact profit
Simply enter the clients’ names, revenue, expenses, and tax deductions. The template automatically calculates your net income at the top.
This template uses built-in formulas for all calculations, so be careful and avoid editing any cells containing formulas to ensure they function correctly.
6. Monthly Profit And Loss Template by Smartsheet

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If you are looking for a template to prepare a monthly profit and loss statement, this one’s for you.
This attractive template helps you create a 12-month profit and loss statement that can be used to track monthly and year-to-date income and expenses.
Once you enter all the details, then the template calculates totals and generates graphs that display gross profit, total expenses, and profit or loss over time. For added convenience, the spreadsheet sorts expenses into groups like salaries, bank charges, office expenses, vehicle costs, and taxes.
Avoid changing the formulas in the template to prevent errors.
7. Profit and Loss Statement by TheGooDocs

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This template by GooDocs comes with an attractive design. With its easy-to-use interface, the template seems to be an ideal choice for beginners. It allows them to create a profit and loss statement that covers months and quarters throughout the year.
Users can track their income and expenses by mentioning taxes. Everything else will be taken care of by the predefined formulas for monthly, quarterly, and yearly net income. Make sure you avoid editing any cells that contain formulas.
You can customize this template with your company name and logo, making it simple to share with colleagues and friends.
8. Profit and Loss Budget Template by Template.net

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This template features an attractive design with a graph that provides a quick overview of gross profit and net expenses over time. It is available for free download and can be customized to suit your unique needs without any limitations.
In the header, you will find a quick summary of gross profit and net expenses. It also has a large table that includes standard expenses associated with small businesses. You can add or remove cost types as needed.
The template aims to record the total sales, returns, discounts, cost of goods sold, net sales, etc., and automatically calculate the gross profit for you.
The formulas in the template are adjusted automatically when you add a new row to the summary, revenue, and expenses table.
9. eCommerce Profit and Loss Statement by Flippa

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This is our final pick on this list. It is best suitable for small business owners who are running an e-commerce store.
This template is quite straightforward and organized by month. You can record e-commerce sales, cost of goods sold, operating expenses, and other overheads such as the owner’s salary, office expenses, accounting and legal fees, and insurance charges.
You’ll find a graph illustrating the trends in revenue and profit at the end of each year’s P&L statement.
This template is user-friendly, making it suitable for anyone, including beginners. However, be careful and do not edit the cells that contain formulas.
Also, avoid editing the graphs at the end of the table, as they are pre-configured to work with specific columns in the template.
How to Create a Profit and Loss Excel Template
If you are not satisfied with the above-discussed P&L statement templates, you can easily create one from scratch to track revenue and expenses.
In this section, let us learn the steps to design a profit and loss template. Refer to the template given below.

STEP #1 – Creating Header
A header is a crucial part of any template as it allows users to input details such as company name, logo, address, and contact information.
It is optional, though. If you don’t want a header, then skip this step.
Let’s begin,
- Open a new Excel sheet
- Select the entire first row
- Increase the height as shown below
- Select all the cells from “A1” to “C1”
- Merge the selected cells by clicking on the “Merge & Center” in the “Home” tab
- Type “P&L Statement”
- Increase the font size to 20
- Make the font bold
- Change the font alignment to the middle
- Change the cell background to green (Hex Code – #00ac46)
- Change the font color to white
Our header will look like below,

STEP #2 – A dding Current and Prior Year Tables
Our template compares the current year’s profit and loss with the previous year’s figures.
So, let us create a section where we can input two years.
Here are the steps,
- Select the cell “B3”
- Type “Current Year“
- Select the cell “C3” and type “Prior Year“
- Now, select the cells “B4” and “C4”
- Go to the main menu and click on the “Home” tab
- Click on the “General” dropdown in the “Number” group
- Click on the dropdown and select “More Number Formats”
- A new Format Cells dialog box will appear, as shown below
- In the “Number” tab, click on the “Date” option
- Select your desired date format from the available formats
You should see the results as shown below,

STEP #3 – Creating a Table to Summarize Revenue
Let us increase the width of the first column so that the tables summarizing the revenue, cost of goods sold, and expenses can fit neatly. Refer to the following image.

Now, let’s begin.
- Select all the cells from “A6” to “C6”
- Go to the main menu and click on the “Merge & Center” in the “Home” tab
- Type “Revenue“
- Select the cell “B7” and type the formula “=B4”
(This ensures that the year you select at the top of the template will automatically update in the table) - In the same way, select cell “C7” and type “=C4” to make the selected previous year reflected in the table
- Now, click on the cell “A8”
- Type in “Sales Revenue“
- You need to complete the column as shown below
Our table is almost ready. But to ensure that it automatically calculates the sum of the revenue, we need to use the SUM function in Excel.
Here are the steps:
- Select the cell “B12”
- Type “=SUM”
- Choose the first option from the popup or press the “Tab” key
- Provide the cell reference as “B8:B11“
- Complete the bracket using “)“
- Press “Enter” on your keyboard
- Next, click on the cell “B12”
- You will see the Fill Handle icon
- Click on it and drag over the cell “C12”
You should see “0” in both cells B12 and C12. Refer to the following image.

Now, let’s ensure that when you input sales, service, and interest revenue into the table, a dollar ($) symbol automatically appears at the beginning of the entered values.
- Select all the cells of the table as shown below
- Hover to the main menu and click on the “Home” tab
- Choose the “General” dropdown in the “Number” group
- Next, click on the “Accounting” from the list
That’s it. Now, whenever we enter any values in the table, a dollar ($) symbol will automatically appear at the beginning.
Finally, let’s add some colors to the table.
- Click on the merged cells (A6:C6)
- Change the color of the background cell to light green (Hex Code – #d9ead3)
- Select the cell “B7” and “C7”
- Change the cell background color to light gray (Hex Code – #f3f3f3)
- Now, select the cells from “A8” to “A11”
- Change the cell background color to light gray (Hex Code – #f3f3f3)
- Select the cells from “A12” to “C12”
- Change the cell background color to light green (Hex Code – #d9ead3)
- Finally, let’s change the border color by selecting all the cells of the table, as shown below
- Hover to the main menu and go to “Home” tab
- Click on the “Borders” icon in the “Font” group
- Click on “All Borders”
- To change the color of the border, click on “More Borders”
- A new Format Cells dialog box will appear
- In the “Border” tab, click on the “Color” dropdown
- Choose light gray for the borders
Now, this is what our revenue table looks like,

STEP #4 – Create a Table to Summarize COGS and Expenses
In this step, we will create a table to record all the Cost of Goods Sold (COGS) and Expenses. Here’s how our Cost of Goods Sold and Expenses table should look.

Make sure to add rows and columns as per your needs, including expenses and revenues.
Note that we are using the same color code for the tables. But you can choose any color of your choice.
STEP #5 – Calculate Profits and Losses
This is the final step. In this step, we will calculate the gross and net revenue.
We will start by creating a table, as shown below.

You’ll also need to adjust the cell formatting to display the dollar symbol ($) before the gross and net profit amounts.
Gross profit is calculated by subtracting the cost of goods sold from total revenue. Our total revenue is in cell B12, and the total cost of goods sold is in cell B20. Therefore, the final formula for 2024 will be as follows.
=B12-B20
The net profit is calculated by subtracting total expenses from the gross profit. The total expenses are in cell B39, and the gross profit is in cell B43.
Here’s the formula for calculating the net profit.
=B43-B39
Directly copy and paste the above formulas into your table to avoid any errors.
Make sure to format it as per your preference.
That’s it. Your Profit and Loss Statement template using Excel is ready. This is the final look of the template,

You can download the Profit & Loss template we have created using the above steps. We have formatted the template based on our knowledge and expertise in Excel.
It is a free-to-use template that can be customized as per user preference.
To Summarize: Profit and Loss Template Excel
A profit and loss statement gives you a quick overview of the revenue generated over a given period.
It gives you an opportunity to gain insights into your business’s potential to generate sales, manage expenses, and create profits.
The templates discussed in this article are the best free tools for self-employed people and small business owners to keep track of expenses and profits.
I hope you understood all the bells and whistles of P&L templates created using Exel.
Feel free to comment below if you are stuck somewhere or having any particular issue while creating a P&L statement from scratch. Our team will guide you as soon as possible.
Also, make sure to explore our blog section for more tips and tricks to use Microsoft Excel and Google Sheets like a pro.