Prior to FinancialForce Accounting V13, you could run profit and loss reports for standard Salesforce objects such as Product and Account. From FinancialForce Accounting V13 onwards, you can also run profit and loss reports for custom objects or entities including FinancialForce Accounting objects, objects in other FinancialForce applications such as PSA, and objects in third party applications.
This is made possible using custom sub-analysis fields which are populated during document creation. Once a document is posted, the sub-analysis values are mapped across to the resulting transaction, and from there the data is available for profitability reporting.
For details of how sub-analysis mapping works see Managing Sub-Analysis Mappings. To set up your sub-analysis mappings see Setting up Sub-Analysis Mappings.
You can build your own profitability reports using the Salesforce Reports feature. Alternatively, if the Expansion Pack is installed on your organization you can access the standard FinancialForce reports which include profitability reports. Contact your administrator if you are not sure if the Expansion Pack is installed.