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Year To Date Profit and Loss & Balance Sheet Template

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Year To Date Profit and Loss & Balance Sheet Template
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Year To Date Profit and Loss & Balance Sheet Template

PL by YTD

This sheet contains MoM (Month-on-Month) comparisons of the results for the current and previous fiscal years, with % changes. Column A provides an overview of all Profit and Loss accounts. For monthly data, for example, (by default) Column B, Column C, and Column D show monthly figures for Jan 2023, those for Jan 2022, and MoM change, respectively. On the right-hand side, specifically, Columns AX to AZ show the YTD number for 2023, those for 2022, and the YTD change. Also, you have a full-year comparison right next to the YTD comparison. These figures are extracted from “Profit & Loss by Month” by formulas.

What the PL by YTD sheet looks like in Year To Date Profit and Loss & Balance Sheet Template

Balance Sheet by YTD

Similar to PL by YTD sheet, this sheet displays the monthly balance sheet comparisons with % change between the current and previous years. The two sections at the right end of the dataset present YTD and year-end comparisons. However, as the amounts of balance sheet items are snapshots, the YTD comparison is the same as the comparison for the month selected as the latest month, and the year-end one is the same as the comparison for December (if the final month in a fiscal year is December). 

What the Balance Sheet by YTD sheet looks like in Year To Date Profit and Loss & Balance Sheet Template

Profit & Loss by Month / Balance Sheet by Month

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.

Year To Date Profit and Loss & Balance Sheet Template 101

Introduction

Thank you for your interest in learning more about the 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.

What is the Year To Date Profit and Loss & Balance Sheet Template?

With the Year-to-Date Profit and Loss & Balance Sheet Template, you can easily compare recent monthly, YTD, and full-year financial information with historical data from the same period of the previous year. The template also displayed the % change of each item, which helps identify unusual items..

Why is the Year To Date Profit and Loss & Balance Sheet Template beneficial?

Year-to-date (YTD) comparison is important in accounting and finance as it provides a snapshot of a company's financial performance from the beginning of the calendar year to the current date. Here's why:

  1. Performance tracking: YTD comparison allows companies to track their financial performance over a specific period, usually a year, and compare it to previous periods. It helps evaluate whether the company is on track to meet its financial objectives, such as revenue targets, profit margins, or expense management. It also provides insights into trends and patterns in financial performance, aiding decision-making and strategic planning.
  2. Seasonal variations: Many businesses experience seasonal financial performance variations due to weather, holidays, or consumer behavior. YTD comparison helps normalize these seasonal variations by providing a consistent time frame for comparison. It allows companies to identify and understand the impact of seasonality on their financials and make informed decisions accordingly.
  3. Budgeting and forecasting: YTD comparison is also crucial for budgeting and forecasting purposes. Companies typically use YTD financial data to project future financial performance and set budget targets for the remaining part of the year. YTD comparison helps assess whether a company's financial performance is in line with budgeted expectations and allows for adjustments in future financial planning based on actual performance.

You can use the Profit and Loss & Balance Sheet Template to track performance, compare financial data for different periods without the seasonality effects, and build up landing financial data for the current fiscal year.

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