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Get a live overview of your Profit & Loss and Balance Sheet by comparing with the previous year to see how you are growing and build the comparative financial model.
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The sheet displays monthly financial data for a specific month selected in cell B13 and year-to-date data from the beginning of the current calendar year. It also compares data from the same periods in the last fiscal year. Column A provides an overview of all Profit and Loss accounts. Columns D and H show the percentage changes for the aforementioned monthly and year-to-date comparisons. These numbers, including the percentage changes, are automatically updated whenever you switch from one month to another. This sheet contains the detailed income statement based on data in the "Profit & Loss by "Month" sheet.
This worksheet, similar to PL by YTD, presents a detailed balance sheet based on the data in the "Balance Sheet by Month" sheet. The dataset provides information on the monthly balance sheet as of the end of a specific month selected in cell B3, as well as the same month in the previous year. The change in the amount of each item is shown in Column D. On the right-hand side of the dataset; you can find the latest balance sheet compared to the same month in the last fiscal year, including the % change in each item.
These sheets contain the income statement and balance sheet pulled together from your QuickBooks account. By default, the template has monthly financial data over the last two years in each sheet. You don’t need to calculate the figures, as the two sheets mentioned above automatically calculate the variances between items and show percentage changes.
Thank you for your interest in learning more about the Comparative Monthly and Year-to-Date Profit and Loss & Balance Sheet Template. In this post, we will provide you with all the information you need to quickly compare your monthly financials, including what to look for and how to create your own. We will also share tips to help you increase your workflow efficiency tenfold.
With the Comparative Monthly and Year-to-Date Profit and Loss & Balance Sheet Template, you can easily compare recent monthly financial information with historical data from the same period of the previous year. The template not only shows the comparison of financial data but also automatically computes the percentage change for each item.
Monitoring monthly financial information and comparing it with the same period in the last fiscal year is essential for several reasons: