QBO Profit & Loss Report with Year-to-Date Comparison

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The Profit and Loss Report is one of the most used reports, and it has a new feature, that allows you to compare your current financial data to financial data from another period. 

Profit and Loss Overview 

One of the most effective ways to view a business summary of revenues, costs, and expenses during a specific period is to create a Profit and Loss report. By running a Profit and Loss year-end report, you can evaluate how the business has performed over the last year. And by adding the Compare another period, the column you can see both complete years of data for the company. This side by side view is handy for finding variables and discovering opportunities for improvements. 

What’s Handy about Year-to-Date Comparison

Knowing your Profit and Loss is one of the most influential and useful reports, it ran more than just at year-end. And a comparison report for performance is helpful throughout the year, which is why the Year-to-Date comparison feature is so useful at creating dynamic reports. 

First, create a Profit and Loss report Year-to-Date. This report will include the first day of the year through the day you are running the report. Next, add the Compare another period column, Previous Year-to-Date. As the year progresses, this report will help you to stay on top of various revenue, cost, and expense opportunities. 

  1. Start with Profit and Loss report
  2. Choose either Year-to-Date report date range or custom
  3. Add Compare another period, choose Previous year-to-Date
  4. Run report

Pro Tip: If you would like to change the preferred date range report default for all reports you can do that within the Accountant toolbox.

  1. Accountant Tools
  2. Report options
  3. Change report and tool defaults

To learn more about this and other new rolled out features join Murph and Liz during the next QBTalks.