When it comes to preparing management reports, a 12-month Profit & Loss statement is a crucial requirement for demonstrating how your company has performed over the fiscal year. With BP Formula, preparing this report is a simple task.
To get started, download the Profit & Loss report from the BP Formula Ribbon and connect it to your Xero account. The report will automatically populate with all related accounts and current month data.
Next, copy and paste the current month column and duplicate it 12 times, renaming each column for the corresponding month of the year. For example, if your fiscal year starts in January, you would rename the columns from January to December.
After creating the 12-month columns, add a full year column after the last month in your spreadsheet and create a summation for each account. Once you’ve completed these steps, you can format your report in Excel to achieve your desired result.
One of the benefits of using BP Formula is that if there are any updates to your financial data in Xero, you can simply click on the Refresh button and the data will be automatically updated in your report. This ensures that you always have accurate and up-to-date information for making informed decisions.
For a step-by-step guide to creating a 12-month Profit & Loss statement using BP Formula, check out our full video tutorial. We’re committed to providing user-friendly tools that help streamline financial reporting and analysis, and we hope our tool can make a difference for your business.
