The old Xero Profit and Loss report is being retired from the platform from July 2023 and they have recently introduced a new Profit and Loss report, allowing the user much more flexibility to create the right report for their business.
Xero’s Profit and Loss report is a really useful tool to use as it highlights your income and expense accounts, which in turn shows you the net profit your company is making.
This report is located within your dashboard under the Accounting tab and you can either choose ‘Reports’ or go directly to the Profit & Loss report from here.
Once in the report, you can;
- Choose the date periods you wish to report on and even compare with previous periods.
- You can then delve into each of the accounts to see the details of the transactions in that period.
- You can show the expenses as a percentage of income.
- If you have tracking set up for projects or departments, you can run reports to display these.
- You can set up budget variances, set up custom reports and so much more!
If you would like further information or help on this or other Xero reports, please get in touch with the Plus Advisory Team.