diff --git a/app/Http/Controllers/Reports/IncomeExpenseSummary.php b/app/Http/Controllers/Reports/IncomeExpenseSummary.php
index 8aae900ee..c29899be2 100644
--- a/app/Http/Controllers/Reports/IncomeExpenseSummary.php
+++ b/app/Http/Controllers/Reports/IncomeExpenseSummary.php
@@ -80,7 +80,7 @@ class IncomeExpenseSummary extends Controller
 
             $compares['expense'][0][$dates[$j]] = array(
                 'category_id' => 0,
-                'name' => trans_choice('general.invoices', 1),
+                'name' => trans_choice('general.bills', 1),
                 'amount' => 0,
                 'currency_code' => setting('general.default_currency'),
                 'currency_rate' => 1
diff --git a/app/Http/Controllers/Reports/ProfitLoss.php b/app/Http/Controllers/Reports/ProfitLoss.php
new file mode 100644
index 000000000..e6b0a10ff
--- /dev/null
+++ b/app/Http/Controllers/Reports/ProfitLoss.php
@@ -0,0 +1,232 @@
+<?php
+
+namespace App\Http\Controllers\Reports;
+
+use App\Http\Controllers\Controller;
+use App\Models\Income\Invoice;
+use App\Models\Income\InvoicePayment;
+use App\Models\Income\Revenue;
+use App\Models\Expense\Bill;
+use App\Models\Expense\BillPayment;
+use App\Models\Expense\Payment;
+use App\Models\Setting\Category;
+use Charts;
+use Date;
+
+class ProfitLoss extends Controller
+{
+    /**
+     * Display a listing of the resource.
+     *
+     * @return Response
+     */
+    public function index()
+    {
+        $dates = $totals = $compares = $categories = [];
+
+        $status = request('status');
+
+        $income_categories = Category::enabled()->type('income')->pluck('name', 'id')->toArray();
+
+        // Add invoice to income categories
+        $income_categories[0] = trans_choice('general.invoices', 2);
+
+        $expense_categories = Category::enabled()->type('expense')->pluck('name', 'id')->toArray();
+
+        // Add bill to expense categories
+        $expense_categories[0] = trans_choice('general.bills', 2);
+
+        // Get year
+        $year = request('year');
+        if (empty($year)) {
+            $year = Date::now()->year;
+        }
+
+        // Dates
+        for ($j = 1; $j <= 12; $j++) {
+            $dates[$j] = Date::parse($year . '-' . $j)->quarter;
+
+            // Totals
+            $totals[$dates[$j]] = array(
+                'amount' => 0,
+                'currency_code' => setting('general.default_currency'),
+                'currency_rate' => 1
+            );
+
+            // Compares
+            $compares['income'][0][$dates[$j]] = [
+                'category_id' => 0,
+                'name' => trans_choice('general.invoices', 1),
+                'amount' => 0,
+                'currency_code' => setting('general.default_currency'),
+                'currency_rate' => 1
+            ];
+
+            foreach ($income_categories as $category_id => $category_name) {
+                $compares['income'][$category_id][$dates[$j]] = [
+                    'category_id' => $category_id,
+                    'name' => $category_name,
+                    'amount' => 0,
+                    'currency_code' => setting('general.default_currency'),
+                    'currency_rate' => 1
+                ];
+            }
+
+            $compares['expense'][0][$dates[$j]] = [
+                'category_id' => 0,
+                'name' => trans_choice('general.bills', 1),
+                'amount' => 0,
+                'currency_code' => setting('general.default_currency'),
+                'currency_rate' => 1
+            ];
+
+            foreach ($expense_categories as $category_id => $category_name) {
+                $compares['expense'][$category_id][$dates[$j]] = [
+                    'category_id' => $category_id,
+                    'name' => $category_name,
+                    'amount' => 0,
+                    'currency_code' => setting('general.default_currency'),
+                    'currency_rate' => 1
+                ];
+            }
+
+            $j += 2;
+        }
+
+        $totals['total'] = [
+            'amount' => 0,
+            'currency_code' => setting('general.default_currency'),
+            'currency_rate' => 1
+        ];
+
+        $compares['income'][0]['total'] = [
+            'category_id' => 0,
+            'name' => trans_choice('general.totals', 1),
+            'amount' => 0,
+            'currency_code' => setting('general.default_currency'),
+            'currency_rate' => 1
+        ];
+
+        foreach ($income_categories as $category_id => $category_name) {
+            $compares['income'][$category_id]['total'] = [
+                'category_id' => $category_id,
+                'name' => trans_choice('general.totals', 1),
+                'amount' => 0,
+                'currency_code' => setting('general.default_currency'),
+                'currency_rate' => 1
+            ];
+        }
+
+        $compares['expense'][0]['total'] = [
+            'category_id' => 0,
+            'name' => trans_choice('general.totals', 1),
+            'amount' => 0,
+            'currency_code' => setting('general.default_currency'),
+            'currency_rate' => 1
+        ];
+
+        foreach ($expense_categories as $category_id => $category_name) {
+            $compares['expense'][$category_id]['total'] = [
+                'category_id' => $category_id,
+                'name' => trans_choice('general.totals', 1),
+                'amount' => 0,
+                'currency_code' => setting('general.default_currency'),
+                'currency_rate' => 1
+            ];
+        }
+
+        // Invoices
+        switch ($status) {
+            case 'paid':
+                $invoices = InvoicePayment::monthsOfYear('paid_at')->get();
+                $this->setAmount($totals, $compares, $invoices, 'invoice', 'paid_at');
+                break;
+            case 'upcoming':
+                $invoices = Invoice::accrued()->monthsOfYear('due_at')->get();
+                $this->setAmount($totals, $compares, $invoices, 'invoice', 'due_at');
+                break;
+            default:
+                $invoices = Invoice::accrued()->monthsOfYear('invoiced_at')->get();
+                $this->setAmount($totals, $compares, $invoices, 'invoice', 'invoiced_at');
+                break;
+        }
+
+        // Revenues
+        if ($status != 'upcoming') {
+            $revenues = Revenue::monthsOfYear('paid_at')->isNotTransfer()->get();
+            $this->setAmount($totals, $compares, $revenues, 'revenue', 'paid_at');
+        }
+
+        // Bills
+        switch ($status) {
+            case 'paid':
+                $bills = BillPayment::monthsOfYear('paid_at')->get();
+                $this->setAmount($totals, $compares, $bills, 'bill', 'paid_at');
+                break;
+            case 'upcoming':
+                $bills = Bill::accrued()->monthsOfYear('due_at')->get();
+                $this->setAmount($totals, $compares, $bills, 'bill', 'due_at');
+                break;
+            default:
+                $bills = Bill::accrued()->monthsOfYear('billed_at')->get();
+                $this->setAmount($totals, $compares, $bills, 'bill', 'billed_at');
+                break;
+        }
+        
+        // Payments
+        if ($status != 'upcoming') {
+            $payments = Payment::monthsOfYear('paid_at')->isNotTransfer()->get();
+            $this->setAmount($totals, $compares, $payments, 'payment', 'paid_at');
+        }
+
+        // Check if it's a print or normal request
+        if (request('print')) {
+            $view_template = 'reports.profit_loss.print';
+        } else {
+            $view_template = 'reports.profit_loss.index';
+        }
+
+        return view($view_template, compact('dates', 'income_categories', 'expense_categories', 'compares', 'totals'));
+    }
+
+    private function setAmount(&$totals, &$compares, $items, $type, $date_field)
+    {
+        foreach ($items as $item) {
+            $date = Date::parse($item->$date_field)->quarter;
+
+            if (($type == 'invoice') ||  ($type == 'bill')) {
+                $category_id = 0;
+            } else {
+                $category_id = $item->category_id;
+            }
+
+            $group = (($type == 'invoice') || ($type == 'revenue')) ? 'income' : 'expense';
+
+            if (!isset($compares[$group][$category_id])) {
+                continue;
+            }
+
+            $amount = $item->getConvertedAmount();
+
+            // Forecasting
+            if ((($type == 'invoice') || ($type == 'bill')) && ($date_field == 'due_at')) {
+                foreach ($item->payments as $payment) {
+                    $amount -= $payment->getConvertedAmount();
+                }
+            }
+
+            $compares[$group][$category_id][$date]['amount'] += $amount;
+            $compares[$group][$category_id][$date]['currency_code'] = $item->currency_code;
+            $compares[$group][$category_id][$date]['currency_rate'] = $item->currency_rate;
+            $compares[$group][$category_id]['total']['amount'] += $amount;
+
+            if ($group == 'income') {
+                $totals[$date]['amount'] += $amount;
+                $totals['total']['amount'] += $amount;
+            } else {
+                $totals[$date]['amount'] -= $amount;
+                $totals['total']['amount'] -= $amount;
+            }
+        }
+    }
+}
diff --git a/app/Http/Middleware/AdminMenu.php b/app/Http/Middleware/AdminMenu.php
index cfd01f644..3d58d2516 100644
--- a/app/Http/Middleware/AdminMenu.php
+++ b/app/Http/Middleware/AdminMenu.php
@@ -111,7 +111,7 @@ class AdminMenu
             }
 
             // Reports
-            if ($user->can(['read-reports-income-summary', 'read-reports-expense-summary', 'read-reports-income-expense-summary'])) {
+            if ($user->can(['read-reports-income-summary', 'read-reports-expense-summary', 'read-reports-income-expense-summary', 'read-reports-profit-loss'])) {
                 $menu->dropdown(trans_choice('general.reports', 2), function ($sub) use($user, $attr) {
                     if ($user->can('read-reports-income-summary')) {
                         $sub->url('reports/income-summary', trans('reports.summary.income'), 1, $attr);
@@ -124,6 +124,10 @@ class AdminMenu
                     if ($user->can('read-reports-income-expense-summary')) {
                         $sub->url('reports/income-expense-summary', trans('reports.summary.income_expense'), 3, $attr);
                     }
+
+                    if ($user->can('read-reports-profit-loss')) {
+                        $sub->url('reports/profit-loss', trans('reports.profit_loss'), 4, $attr);
+                    }
                 }, 6, [
                     'title' => trans_choice('general.reports', 2),
                     'icon' => 'fa fa-bar-chart',
diff --git a/app/Listeners/Updates/Version120.php b/app/Listeners/Updates/Version120.php
new file mode 100644
index 000000000..0ef59c704
--- /dev/null
+++ b/app/Listeners/Updates/Version120.php
@@ -0,0 +1,48 @@
+<?php
+
+namespace App\Listeners\Updates;
+
+use App\Events\UpdateFinished;
+use App\Models\Auth\Role;
+use App\Models\Auth\Permission;
+
+class Version120 extends Listener
+{
+    const ALIAS = 'core';
+
+    const VERSION = '1.2.0';
+
+    /**
+     * Handle the event.
+     *
+     * @param  $event
+     * @return void
+     */
+    public function handle(UpdateFinished $event)
+    {
+        // Check if should listen
+        if (!$this->check($event)) {
+            return;
+        }
+
+        // Create permission
+        $permission = Permission::firstOrCreate([
+            'name' => 'read-reports-profit-loss',
+            'display_name' => 'Read Reports Profit Loss',
+            'description' => 'Read Reports Profit Loss',
+        ]);
+
+        // Attach permission to roles
+        $roles = Role::all();
+
+        foreach ($roles as $role) {
+            $allowed = ['admin', 'manager'];
+
+            if (!in_array($role->name, $allowed)) {
+                continue;
+            }
+
+            $role->attachPermission($permission);
+        }
+    }
+}
diff --git a/app/Providers/EventServiceProvider.php b/app/Providers/EventServiceProvider.php
index 002ecd50c..00ca6aaee 100644
--- a/app/Providers/EventServiceProvider.php
+++ b/app/Providers/EventServiceProvider.php
@@ -22,6 +22,7 @@ class EventServiceProvider extends ServiceProvider
             'App\Listeners\Updates\Version112',
             'App\Listeners\Updates\Version113',
             'App\Listeners\Updates\Version119',
+            'App\Listeners\Updates\Version120',
         ],
         'Illuminate\Auth\Events\Login' => [
             'App\Listeners\Auth\Login',
diff --git a/resources/lang/en-GB/reports.php b/resources/lang/en-GB/reports.php
index 8589c7b9f..8b95b822d 100644
--- a/resources/lang/en-GB/reports.php
+++ b/resources/lang/en-GB/reports.php
@@ -7,6 +7,9 @@ return [
     'this_quarter'          => 'This Quarter',
     'previous_quarter'      => 'Previous Quarter',
     'last_12_months'        => 'Last 12 Months',
+    'profit_loss'           => 'Profit & Loss',
+    'gross_profit'          => 'Gross Profit',
+    'net_profit'            => 'Net Profit',
 
     'summary' => [
         'income'            => 'Income Summary',
@@ -14,4 +17,11 @@ return [
         'income_expense'    => 'Income vs Expense',
     ],
 
+    'quarter' => [
+        '1'                 => 'Jan-Mar',
+        '2'                 => 'Apr-Jun',
+        '3'                 => 'Jul-Sep',
+        '4'                 => 'Oct-Dec',
+    ],
+
 ];
diff --git a/resources/views/reports/profit_loss/body.blade.php b/resources/views/reports/profit_loss/body.blade.php
new file mode 100644
index 000000000..2fbe6cb46
--- /dev/null
+++ b/resources/views/reports/profit_loss/body.blade.php
@@ -0,0 +1,67 @@
+<div class="box-body">
+    <div class="table table-responsive">
+        <table class="table" id="tbl-payments">
+            <thead>
+            <tr>
+                <th class="col-md-2">&nbsp;</th>
+                @foreach($dates as $date)
+                    <th class="col-md-2 text-right">{{ trans('reports.quarter.' . $date) }}</th>
+                @endforeach
+                <th class="col-md-2 text-right">{{ trans_choice('general.totals', 1) }}</th>
+            </tr>
+            </thead>
+            <tbody>
+            @if ($compares)
+                <table class="table">
+                    <thead>
+                        <th class="col-md-2" colspan="6">{{ trans_choice('general.incomes', 2) }}</th>
+                    </thead>
+                    <tbody>
+                        @foreach($compares['income'] as $category_id => $category)
+                            <tr>
+                                <td>{{ $income_categories[$category_id] }}</td>
+
+                                @foreach($category as $item)
+                                    <td class="col-md-2 text-right">@money($item['amount'], $item['currency_code'], true)</td>
+                                @endforeach
+                            </tr>
+                        @endforeach
+                    </tbody>
+                </table>
+                <table class="table">
+                    <thead>
+                        <th class="col-md-2" colspan="6">{{ trans_choice('general.expenses', 2) }}</th>
+                    </thead>
+                    <tbody>
+                        @foreach($compares['expense'] as $category_id => $category)
+                            <tr>
+                                <td>{{ $expense_categories[$category_id] }}</td>
+
+                                @foreach($category as $item)
+                                    <td class="col-md-2 text-right">@money($item['amount'], $item['currency_code'], true)</td>
+                                @endforeach
+                            </tr>
+                        @endforeach
+                    </tbody>
+                </table>
+            @else
+                <tr>
+                    <td colspan="13">
+                        <h5 class="text-center">{{ trans('general.no_records') }}</h5>
+                    </td>
+                </tr>
+            @endif
+            </tbody>
+            <table class="table">
+                <tbody>
+                    <tr>
+                        <th class="col-md-2" colspan="6">{{ trans('reports.net_profit') }}</th>
+                        @foreach($totals as $total)
+                            <th class="col-md-2 text-right"><span>@money($total['amount'], $total['currency_code'], true)</span></th>
+                        @endforeach
+                    </tr>
+                </tbody>
+            </table>
+        </table>
+    </div>
+</div>
diff --git a/resources/views/reports/profit_loss/index.blade.php b/resources/views/reports/profit_loss/index.blade.php
new file mode 100644
index 000000000..0195b2cec
--- /dev/null
+++ b/resources/views/reports/profit_loss/index.blade.php
@@ -0,0 +1,28 @@
+@extends('layouts.admin')
+
+@section('title', trans('reports.profit_loss'))
+
+@section('new_button')
+<span class="new-button"><a href="{{ url('reports/profit-loss') }}?print=1&status={{ request('status') }}&year={{ request('year', $this_year) }}" target="_blank" class="btn btn-success btn-sm"><span class="fa fa-print"></span> &nbsp;{{ trans('general.print') }}</a></span>
+@endsection
+
+@section('content')
+<!-- Default box -->
+<div class="box box-success">
+    <div class="box-header">
+        <div class="pull-left" style="margin-left: 23px">
+            <a href="{{ url('reports/profit-loss') }}?year={{ request('year', $this_year) }}"><span class="badge @if (request('status') == '') bg-green @else bg-default @endif">{{ trans('general.all') }}</span></a>
+            <a href="{{ url('reports/profit-loss') }}?status=paid&year={{ request('year', $this_year) }}"><span class="badge @if (request('status') == 'paid') bg-green @else bg-default @endif">{{ trans('invoices.paid') }}</span></a>
+            <a href="{{ url('reports/profit-loss') }}?status=upcoming&year={{ request('year', $this_year) }}"><span class="badge @if (request('status') == 'upcoming') bg-green @else bg-default @endif">{{ trans('general.upcoming') }}</span></a>
+        </div>
+        {!! Form::open(['url' => 'reports/profit-loss', 'role' => 'form', 'method' => 'GET']) !!}
+        <div class="pull-right">
+            {!! Form::select('year', $years, request('year', $this_year), ['class' => 'form-control input-filter input-sm', 'onchange' => 'this.form.submit()']) !!}
+        </div>
+        {!! Form::close() !!}
+    </div>
+
+    @include('reports.profit_loss.body')
+</div>
+<!-- /.box -->
+@endsection
diff --git a/resources/views/reports/profit_loss/print.blade.php b/resources/views/reports/profit_loss/print.blade.php
new file mode 100644
index 000000000..9bc8a77ba
--- /dev/null
+++ b/resources/views/reports/profit_loss/print.blade.php
@@ -0,0 +1,7 @@
+@extends('layouts.print')
+
+@section('title', trans('reports.profit_loss'))
+
+@section('content')
+    @include('reports.profit_loss.body')
+@endsection
\ No newline at end of file
diff --git a/routes/web.php b/routes/web.php
index 570545e20..af481a340 100644
--- a/routes/web.php
+++ b/routes/web.php
@@ -96,6 +96,7 @@ Route::group(['middleware' => 'language'], function () {
                 Route::resource('income-summary', 'Reports\IncomeSummary');
                 Route::resource('expense-summary', 'Reports\ExpenseSummary');
                 Route::resource('income-expense-summary', 'Reports\IncomeExpenseSummary');
+                Route::resource('profit-loss', 'Reports\ProfitLoss');
             });
 
             Route::group(['prefix' => 'settings'], function () {