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This tab consolidates your Profit and Loss numbers from all of your various entities.
This tab contains Profit and Loss numbers from our first legal entity, Acme US. When you download the template and connect live data from QuickBooks, you will replace our Acme US tab with your own Profit and Loss report.
The Profit & Loss numbers are, in this case, automatically connected to Google Sheets with LiveFlow - a tool that helps you to connect your financial reports from your QuickBooks to Google Sheets and automate your whole reporting process.
This tab represents our 2nd legal entity, Acme Inc, and the Google Sheet tab includes a Profit and Loss statement from that entity. Similarly to the above, when you connect your live Profit and Loss report, you will replace this sheet with your own P&L report.
The months listed here are the ones that you'll see in the dropdown menu on cell D13 on the Dashboard tab. If you add additional months, they'll automatically be included.
Inside the Consolidated P&L Dashboard, we use an Index/Match formula to pull the underlying values from your Profit and Loss accounts in your P&L reports.
You can find the formula in cell B17 and onwards and it looks like this:
Yes, that is a complex formula, but it's frankly really simple.
If you are not already familiar with the Index/Match formula for Google Sheets and Excel, then we highly recommend learning it. It will save you weeks of work in the long run. Here is an outstanding video that explains Index/Match step-by-step.
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Thanks for taking the first step to learning more about Consolidated Financial Statements and how they play into the core consolidation reports stack.
In this post, we’ll outline all the details you need to know about a Consolidated Income Statement, what to look out for, and how to create your own.
We’ll also give you a few uncovered tips that will make your workflows 10x more efficient.
A consolidated P&L Statement aggregates multiple Profit & Loss statements from different legal entities or subsidiaries of the same company.
Let’s say that you have the following entity structure of your company group:
Now, to comply with local financial reporting requirements, you need to report on your P&L separately in both the US, the UK, and Germany - and as a result of that, your Profit & Loss statements will be generated independently and in different currencies.
You also need a Consolidated P&L Statement pulling together all your financial data from all three entities. In fact, you also need a separate Balance Sheet and Cash Flow reports, and a Consolidated Balance Sheet and Cash Flow report as well.
These reports are vital pieces to determine your financial position and help you grow.
Creating a Consolidated P&L can be difficult, time-consuming, and manual - Especially when you’re consolidating numbers from different currencies.
Luckily, we’ve made it faster and easier for you with our Consolidated P&L Statement Template, which gives the core building blocks of a Consolidated Income Statement.
Companies with multiple legal entities should create Consolidated Statements and, therefore, a Consolidated P&L. It doesn’t matter whether your legal entities are all based in the same legal jurisdictions or not; you’ll need consolidated financial statements no matter what.
At FA/FFA level, it is assumed that control exists if the parent company has more than 50% of the ordinary (equity) shares – i.e., giving them more than 50% of the voting power.