Profit & Loss by Month & Class - Google Sheets & Excel

Profit & Loss by Month & Class - Google Sheets & Excel Template 101

Introduction

Thank you very much for showing interest in further learning the Profit & Loss by Month & Class Template. In this article, you will learn the Profit & Loss by Month & Class Template, why you are recommended to use it, and what components the template contains.

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What is the Profit & Loss by Month & Class Template

In this template, you can view monthly income statements by class from different angles. For example, you can see comparisons of two sets of monthly figures for different segments and periods (e,g, Jan 2022 data for Segment A v.s. Feb 2022 data for Segment B), comparisons of two pieces of monthly data for different months for a specific class, and so on. The back data comes from your QuickBooks Online account via LiveFlow and is automatically updated and refreshed as you set up. So, once you bake in your work on top of what exists in the template, you can quickly and effortlessly update the data in the future.

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Why do you analyze monthly financial data by class?

Analyzing financial data by class involves examining information based on different categories or classifications within a company's accounting system, such as product lines, regions, customer types, or cost categories. This analysis is essential because it can provide insights into profitability, cost allocation, performance evaluation, budgeting and forecasting, and decision-making, as described below.

1. Profitability Analysis: By examining the financial performance of different classes, a company can identify more profitable categories and areas that may require improvement.
2. Cost Allocation: Analyzing financial data by class helps accurately allocate costs, especially in cases where a company has multiple product lines or business units, aiding in resource allocation and pricing strategies.
3. Performance Evaluation: Comparing financial results of different classes allows for performance evaluation at a granular level, identifying the strengths and weaknesses of each category.
4. Budgeting and Forecasting: Historical financial data analysis by class enables more accurate projections for future periods, aiding in realistic budgeting and forecasting aligned with business goals.
5. Decision-making: Analyzing financial data by class provides valuable information for decision-making, such as assessing the financial feasibility and potential profitability of new initiatives or identifying areas that require additional investment or resources.

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What's inside the Profit & Loss by Month & Class - Google Sheets & Excel Template?

P&L by Class and MoM Comparison Dashboard

On this sheet, you can see the comparison of two classes selected for the specified month. You can choose one of the classes available in Column C with a particular month and another in Column D. You can select different periods for the chosen classes. The % changes are shown in Column E. They are automatically computed once you choose the categories and months for the accounting items. In summary, you can compare two monthly financials flexibly.

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MoM Comparison by Class Dashboard

In this tab, you can compare different monthly financials by class (e.g., monthly data for Dec 2021 vs. Jan 2022 for a specific category). You can easily switch the data shown by selecting a different period option in a drop-down menu in Row 11. By default, you have a monthly data comparison for each of the three classes, Los Angeles, New York, and San Francisco.

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P&L by Month Dashboard

In this worksheet, you can look at monthly financial data for a selected class for the last two years. This sheet shows similar information to what you have in one of the back-data sheets, Los Angeles, New York, or San Francisco, but without items that have had no value over the last two years.

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Profit & Loss Dashboard

On this worksheet, you can see monthly financial data for all classes for the last two years. The numbers are categorized by period. For example, you will easily compare monthly financial data for January 2021 for all groups at a glance (on an absolute number basis). 

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Los Angeles, New York, and San Francisco

By default, these sheets contain monthly financial data by class for the last two fiscal years. You can connect your account(s) and show refresh the financial data shown on the tabs quickly. The numbers on these worksheets are referred to on other sheets discussed