diff --git a/README.md b/README.md
index 5c0f540..b9185a4 100644
--- a/README.md
+++ b/README.md
@@ -8,10 +8,10 @@ by the `hledger` command line tool:
 
 - Accounts and balances (a full account tree, each name capitalized)
 - Balance sheet (indented account tree under each section)
-- Income statement (indented account tree under each section)
+- Profit & loss / P&L (indented account tree under each section)
 - Equity distribution (account tree with per-commodity shares; contributed
   capital, not legal ownership)
-- Transactions (a detailed transaction log: date, description and postings)
+- Journal (a detailed transaction log: date, description and postings)
 
 ## Installation
 
diff --git a/config/locales/client.en.yml b/config/locales/client.en.yml
index b348f42..7b2823a 100644
--- a/config/locales/client.en.yml
+++ b/config/locales/client.en.yml
@@ -9,9 +9,9 @@ en:
       reports:
         accounts: "Accounts"
         balance_sheet: "Balance sheet"
-        income_statement: "Income statement"
+        income_statement: "P&L"
         equity: "Equity"
-        transactions: "Transactions"
+        transactions: "Journal"
       total: "Total"
       net: "Net"
       no_data: "No data"
diff --git a/test/javascripts/acceptance/hledger-test.js b/test/javascripts/acceptance/hledger-test.js
index 5d39ed6..f5ed398 100644
--- a/test/javascripts/acceptance/hledger-test.js
+++ b/test/javascripts/acceptance/hledger-test.js
@@ -259,13 +259,13 @@ acceptance("Hledger plugin", function (needs) {
       .hasText("Balance sheet");
     assert
       .dom(".hledger-dashboard__toolbar .btn:nth-of-type(3)")
-      .hasText("Income statement");
+      .hasText("P&L");
     assert
       .dom(".hledger-dashboard__toolbar .btn:nth-of-type(4)")
       .hasText("Equity");
     assert
       .dom(".hledger-dashboard__toolbar .btn:nth-of-type(5)")
-      .hasText("Transactions");
+      .hasText("Journal");
     assert
       .dom(
         ".hledger-dashboard__toolbar .btn:nth-of-type(2) .d-icon-scale-balanced"