Monthly Comparisons of Profit & Loss in QuickBooks

QuickBooks will compile all of your financial data into easy-to-read reports.

QuickBooks is a software program used to track your company's financial data. The program offers many report options to enable you to monitor your company's finances. Quickbooks retail, accountant and enterprise solutions editions offers the option to create a monthly comparison profit and loss statements. This report will show your monthly income in comparison to previous months. The report also shows the change in dollar amount and percentage from month to month. A profit and loss statement is also called an "income statement."

Create the Report

Go to the report menu and select "Company & Financial." Click on "Profit & Loss Monthly Comparison." The exact location of the report may vary slightly depending on your edition of QuickBooks. This report will show subtotals for each income or expense account in your chart of accounts by the month. The last line shows your net income (or loss) for the month.

Customize the Report

You can customize the date ranges for the report to display information on specific months. You can also determine whether the report compares this information from the current month to the same month last year, or from the current month to the previous month. Click on "Modify Report" at the top of the report. Select the date range you would like to see data for from the drop-down menu. Check the previous period checkbox to compare this month to last or check the previous year checkbox to compare this month to the same month last year. You can select both options. Choose whether you would like your report to display the variance in dollar amounts or percentage. You may select both options. Click "OK" after you have customized your report.

Memorize the Report

QuickBooks offers the option to memorize reports frequently used. You can then use customized reports over again to display information for different date ranges or view again at any time. After you have completed any custom formatting on your monthly comparison profit and loss statement, click "Memorize" at the top of the report. Indicate whether you want to replace a current report or create a new report. Enter a title for the report. You can assign the report to a memorized report group. Choose "Save in Memorized Report Group" and select financial data from the drop-down list to store your new profit and loss statement with monthly comparisons. Click "OK."

Analysing the Data

A profit and loss statement with monthly comparison will allow you to see how your income varies from month to month. You will be able to see your net income and sales trends based on month-to-month activity. The report will also calculate the amount of variance per month by dollars and percentage.

References

• Intuit QuickBooks Support Profit & Loss Monthly Comparison
• Intuit QuickBooks Support Reports: Trial Balance, Profit and Loss, Balance Sheet and Cash Flow
• Intuit QuickBooks Support Reports: Comparing Financial Data From Previous Periods