This explains how to run the new profit and loss and tells you: - How the new report is different to the current profit and loss
- How to customise the report to suit your business
- How to run the report for different analysis types
- Drill down to investigate balances
How the profit and loss calculatesThere's different ways a profit and loss can be organised and calculated. There's differences in the layout and labelling of each section as well as differences to how it calculates net and gross profit. You'll notice that sections are in a different order and the calculated values for your gross profit are different. There's no right or wrong answer here, just different ways to work it out. Current layout- Your Gross Profit is calculated from Sales plus Other Income minus Direct Expenses
- Net Profit = Gross Profit minus Overheads
For example, you have the following: £1800 of Sales, £200 of Other Income, £500 of Direct Expenses and £300 of Overheads. | Current Profit and Loss |
| Gross Profit = Sales plus Other Income minus Direct Expenses | 1800 +200 - 500 = 1500 | Net Profit = Gross Profit minus Overheads | 1500 - 300 = 1200 | How your new Profit and Loss is differentYour new profit and loss: - Has three pre-configured Default views, to give you 3 ways to view your Profit and Loss out the box
The new report combines the existing standard and comparative reports - Has the option to choose a new Date Range for each View, with handy visual date range descriptions so you always know exactly what date range you are going to report on
- Allows to use multiple date range types and choose to show totals for selected periods or as a single total
- Lets you to compare across periods or financial years and track the variance across periods
How to use the new profit and lossWe've created 3 default views for the report which cover the periods most businesses want to run the report for. Alternatively, use the Period filter to set your own date range. Use the Default Views at the top of the report- Year to date - shows your balances up to the end of the current month
- Prior year comparison - compare your balances with the same period last year
- Per month - shows your balances month by month for the current financial year with a column to show the balance bought forward from the previous year
Set your own date range, such as this quarter, last quarter or your own custom date range.- Select the Edit icon
  next to Period on the Customise report panel. - Select a period or set your own custom one.
- Select Run Report.
The Prior year Comparison view shows your balances for the current month and YTD for both the current and previous financial year, including a variance percentage. A negative variance indicates a drop compared to the previous year. Use the Filters to analyse multiple periods or years. This adds columns for a previous period or previous year, plus a column to show the variance. The variance can be shown as percentage, an amount or both, showing you at a glance where you business is performing better or worse. - From the Default views, select Prior year Comaprison.
- From the Customise report panel, select Columns.
- Select to add a column for the Previous Period or Year.
- Select how to show the variance.
- Select Run report.
Gross or net profit variance % is blankThe calculation for the variance in Gross or Net profit has not yet been included in the new report, so the value will currently show as blank. We are working to resolve this and will update the report a we continue to build out improvements. Sometimes it's useful to see your business performance over each month or quarter, including a year to date. This show the values for each month or quarter in your financial year plus a column for the year to date. Select This year to add column for the whole financial year or This year to date to see up the current period. - Select the Edit icon
 next to Period on the Customise report panel. - Select This year or This year to Date.
- Select to view periods by month or quarter.
- Select Apply.
- From Columns, select Year to date (YTD) closing balances.
Show values as a running total from the beginning of the year to the end of each period. - From the Customise report panel, select Columns.
- Select As cumulative over a period of time.
- Select Run Report.
To see your business in more detail, expand the report to show totals for individual ledger accounts. This helps you understand where the numbers come from. To just see rolled up totals, clear the relevance check boxes. For example, under Overheads, see how much you've spent your various types of expenses such as utility bills, rent office expense, wages etc. - From the Customise report panel, select Rows.
- Select or clear the Account check box.
- Select how you to display the nominal code.
- Select Run report.
Drill down balancesYou can drill down on the balances to see details you want to investigate. Select any underlined balance to see what makes it up. If you drill down on: To return to the original report, close the open report or select Back in your browser. Share your report with othersWhen you're happy with your report, you can save or export it. - From More actions, select Export.
- You can choose PDF, CSV, or Excel format. Select the format.
- You'll be prompted to your downloads folder on your device to select the file name and location. Select Save.
[BCB:299:UKI - Personal content block - Dane:ECB][BCB:300:UKI - Search override - Start UK:ECB] [BCB:276:UKI - hide back button:ECB] |
