Adam talks you through running a profit and loss account in Xero
To help you along, here is the transcript from the video, else press play:
0:01 Hi, this is Adam from Lyfe Accountants, and this is just a video just to show you how to run a profile scan in zero.
0:07 So if you’re going to report in, and profile And we’ll see here the default is by the Fanciou here, which is from 1st April 25th to the 1st of March 26th.
0:23 You can also change this by, say, quarter by month. Or by any other sort of, setting you want. So if you go to custom, you could perhaps look at the last six months, if you wanted.
0:40 So September to February. Just to give you an idea. What you can also do is compare this. So let’s go back to the corner.
0:49 We can compare it to the last three financial years. And you see how things are looking. So this, in this case, we’ve only got data for two years and zero.
0:57 We can compare the two to see where things are. I would say it’s always important to make sure the bank is fully reconciled before we do this.
1:04 Um. In this case, we’ve got to the Democratic Company 25 or 26 transactions still outstanding. So they could give out a massive difference to it.
1:12 So yeah, make sure the banks are always reconciled and always recommend running this probably every quarter at least. Have this helps.
1:19 Cheers.