Profit and Loss report (older version)

Access the older version of the Profit and Loss (or Income Statement) report, with a range of preset formats.

Your user role determines what you can see and do with this report. If you have the Adviser user role, this report is also available as part of the management reports.

Access the report

To access the older version of the Profit and Loss (or Income Statement):

  1. In the Reports menu, select All Reports.
  2. Under Financial, click Profit and Loss.

The default format for the Profit and Loss report is Current and previous 3 months. This compares the current calendar month with three previous months, and shows a year to date figure.

Switch to different views

You can switch to a different view by selecting one of three tab options.

Common Formats

The Common Formats tab has a range of five preset formats for the Profit & Loss report:

  • Current and previous 3 months (default) shows you the current month, last three months and YTD.

  • Year to date progress - compare how you are tracking so far this financial year with the previous 2 years.

  • Month to date progress - shows the current calendar month up to today's date compared to the same period in previous months. (For example, if today is 16 August, it will also show 1 to 16 July, 1 to 16 June and 1 to 16 May.)

  • Current financial year - shows actual figures for past months, and budgeted figures for present and future months.

    If you're in the last month of your current financial year, all values will show as actuals. (It won't show any budgets as there are no periods in the future for that financial year.)

  • Actual vs Overall budget - shows actual figures with budgeted amounts for the current month and YTD, and the variance for each (value and percentage).

    The Actual vs Overall budget format presents the same information as the default format for the Budget Variance report report.

  • Compare [tracking category] - shows the YTD transactions for each option in the named category.

Compare Periods

The Compare Periods tab compares one calendar month with previous calendar months and has more options for sorting and filtering. If you're using multi-currency, you can also convert the report to a different currency.

  1. Select the month and year you want to use as a starting point.
  2. Select a period. Choose from 1, 2, 3, 6 or 12 months as the time blocks for each column on the report.
  3. Select a number of previous periods to compare with the current period. Choose up to 12 periods back from the report date.
  4. From the Budget drop-down, select a budget to compare actual and budgeted figures.
  5. Check the 'Show total' and 'YTD' boxes if you want these to display.
  6. Click More options to see options for sorting and filtering:
    • Sort by account name or code.
    • Filter by tracking category (if you use tracking).
    • Run the report in a different currency (if you're using multi-currency).
    • Narrow your selection to cash basis transactions using the Cash Basis box.
  7. Click Update to generate the report.

Show Date Range

The Show Date Range tab lets you run the report between two specific dates. You can also compare the current date range with previous periods. If you're using multi-currency, you can also convert the report to a different currency.

  1. Enter start and end dates into the From and To fields.
  2. From the Compare with drop-down, select the timeframe you want to compare that period with. For example, if you are comparing the period from 1 August to 14 August with 'Previous 1 period', you will also see the period from 1 July to 14 July.
  3. Click More options to:
    • Sort by account name or code.
    • Filter by tracking category (if you use tracking).
    • Run the report in a different currency (if you're using multi-currency).
    • Narrow your selection to cash basis transactions using the Cash Basis box.
  4. Click Update to run the report.

What displays on the report

The Profit and Loss report always has a section for income and a section for expenses, to show amounts used in calculating the final net profit figure.

The report only displays accounts with budgeted or actual income or expenses for the period.

If your organisation pays employee wages through Pay Run, wages information will be visible as a total figure for each relevant expense account. Only Payroll Admin users will be able to drill into a wage payable invoice or employee payment to see the full details.

Report layout options

If you have the Adviser user role you will also be able to Save as Draft, or Publish this report and change the default PDF preferences. If you’re using Partner Edition, your practice logo will display if your Principal has set it up. Use the Layout Options button to change the format of the report if you wish.

The Layout Options button will show one or more options depending on how the report is currently being displayed:

  • Create new layout - available at all times whether you're viewing the report using the Xero standard layout or one that's been created for the report.
  • Edit this layout - available if you're viewing the report using a layout created by you or someone else in your organisation. You can't edit Xero's standard layout.
  • Choose layout - switch to another layout (including Xero's standard layout) created by you or someone else in your organisation.
  • Save as favourite - make the layout available for the report in all the organisations you have access to in Xero.