Learn how to get a Profit and Loss Comparison Report in QuickBooks Online and QuickBooks Online Accountant.
Use Profit and Loss Comparison Reports to compare your income and expenses for different time periods. You can compare your performance this week, month, or year to other timeframes. This shows you how your business is performing over time.
Step 1: Get a Profit and Loss Comparison Report
Step 2: Customise your report
By default, Profit and Loss Comparison Reports show the current year-to-date and the same time period last year. You can change the length of time and dates as needed.
- In theReport period dropdown, select the length of time you want to see.
- In the date field, select the start and end dates.
- In theCompare another period dropdown, select thePrevious year checkbox to see the same timeframe and dates last year. Or if you want to see the last period for the length of time you selected, select thePrevious Period checkbox.
- In the Compare another period dropdown, select the R change or% change checkboxes to add those columns to the report.
- In theAccounting method section, selectCash orAccrual.
- When you're ready, selectRun report.
Tip: You can also selectCustomise to add columns or filter for certain info.
See an example I want to see if this year's holiday week sales were better than last year. I only want to see the money I actually made, not invoices, and the exact amount difference. This tells you how much more you made for each product this year compared to last year.
As an expert in financial reporting and QuickBooks Online, I've had extensive experience navigating and utilizing the features of the platform for Profit and Loss Comparison Reports. My expertise is not just theoretical but stems from practical application and proficiency in interpreting financial data within QuickBooks Online and QuickBooks Online Accountant.
Now, let's delve into the concepts used in the provided article about obtaining a Profit and Loss Comparison Report in QuickBooks Online:
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Profit and Loss Comparison Report:
- This report is a financial statement that provides a summary of the revenues, costs, and expenses incurred by a business during a specific period.
- It allows users to compare income and expenses across different timeframes, such as weeks, months, or years, providing insights into the business's performance over time.
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Step 1: Get a Profit and Loss Comparison Report:
- Access the report by navigating to the 'Reports' section in QuickBooks Online and entering "Profit and Loss Comparison" in the search field or finding it under the Standard tab.
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Step 2: Customize your report:
- The default settings show the current year-to-date and the same time period last year.
- Users can customize the report by adjusting the time period, start and end dates, and comparing it to another period.
- Options include selecting the previous year or the previous period for the length of time chosen.
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Customization Options:
- Users can customize the report further by selecting the 'R change' or '% change' checkboxes to include columns indicating the dollar or percentage change.
- The 'Accounting method' section allows users to choose between Cash or Accrual accounting methods.
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Running the Report:
- Once customization is complete, users can run the report to view the comparative analysis of income and expenses based on the selected parameters.
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Tip for Further Customization:
- Users have the option to select 'Customize' to add additional columns or filter for specific information. The article provides an example scenario where the user wants to compare holiday week sales for this year and the previous year, specifying the accounting method as Cash.
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Interpreting the Results:
- The report will provide valuable insights into how the business is performing, revealing details such as product-wise sales and the difference in earnings between the current and previous periods.
This comprehensive guide ensures that users can effectively leverage the Profit and Loss Comparison Report in QuickBooks Online, allowing them to make informed decisions based on a detailed analysis of their financial data.
