Xero | Profit and Loss Tricks | Showing Statements Side-by-Side

Xero | Profit and Loss Tricks | Showing Statements Side-by-Side

hey it’s patti scharf CPA and co-founder of catching clouds the leader in e-commerce accounting and I’m going to show you how to get profit and loss statements side by side so you can use them for comparative purposes this suggestion for the video it came from my buddy Joe at quiet-like brokerage so this one’s for you so the first thing you’re going to do is go up to reports and you’re going to go to income statement if your income statement doesn’t look like the report I’m about to show you or you don’t see income seamen in that drop-down just go to all reports and then go down to these income statements here the ones that show up here as a suggestion are the ones that have the little blue star and you can toggle those on and off when you go to the income statement you have probably an option of looking at a new one or the old one I actually like the old one you can use the new one and the the good one the good thing about the new one is you can customize it you can add percentages and different things like that I’ll show you that on another video another time but for now just to throw something simple and quick together click on income statement and that will bring you to a standard report you’re then going to click on compare periods and you’ll pick the last period that you want to end with so if I’m gonna be comparing multiple years I’m going to start I’m going to choose the month of December 2018 and I’m gonna pick twelve months that’s gonna give me the whole year from January through December and then I want to compare that with the prior let’s say three years okay I’m gonna take off the year to date because I’m comparing year-to-year I don’t need this year’s year-to-date on there it’ll be on there anyway and just click update when you do that it will have one column for 2018 one column for 2017 16 15 and so on okay if you want to export this to an excel you can do that down here by clicking the Excel or Google sheets or PDF whatever you want now if you wanted just to compare month to month you could change this to just one month and I would usually pick I’ll compare that to eleven periods to get the whole year and you’ll see how that changes it I’m going to change that to wide you can see and it shows from December all the way back to January and in this case actually you would want to select show year to date or show total either one if you do show total it’ll have the total here so let’s say you want to do quarterly let’s do quarterly reports then you would pick every three months and then maybe just do this for the last three periods that should give you the last December September June March so this gives you the whole year gives you the total let’s say it is September right now so you you don’t want to have December on there because it’s just kind of bogus budget information if you hit update and you show total it’ll show you the total for that period so from October 1st of 2017 through September 30th and if you take a look at these numbers here and change out from total to your to date you’ll see the numbers change because this is just going to show the 2018 numbers okay if you are on the cash basis you want to go to the little more options and click cash basis so everything shows up on a cash basis instead of a curl basis if you want to compare just one particular region let’s say you’re using a tracking category to filter this stuff out you can just pick one region and it’ll give you just that information so it’s even just this basic report is pretty customizable it’s pretty good stuff so here’s one bonus tip for you you can kind of get to the same information by using date range so you can just pick whatever specific range because you’ll see with compare periods it only gives you the options of 1 month 2 months 6 months or 12 months so if you want 9 months you might need to go to show date range but when you’re comparing periods using the show date range function it can be a little bit tricky let’s say you pick a date range that ends on the 30th of the month and then you want to compare that to a prior month or something like that but the prior month has 31 days in it 0 is not going to catch that for you it’s going to ignore the 31st of the month in that prior period and when you look at the reports it’s going to be garbage and it really sucks so that’s why I always use compare periods when I can and if I need to use show date range for something else then I’ll just make sure that I’ve grabbed everything in all of the different date ranges and that’s all there is to it I hope you liked this video if you did please like comment and share if you haven’t already please subscribe and I’ll catch you later

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