Xero Helpful Tip – Reporting

Published by dimensionsadmin on

We are near the end of the Financial Year so now is a great time to reflect on how the current 2017/2018 year is going and what we want from 2018/2019 for our finances.

If the current basic Xero reports are not giving you the information you need then Xero offers a number of NEW reports that you can customise to what fits your business and gives you informative results/KPI’s (Key Performance Indicators) to make good management decisions. You just need to know what financial information you require that helps you improve your business financially and help you grow or stay on track. If you are not sure what KPI’s you should be monitoring ask your accountant or do a bit of research, see the quiz for some ideas.

What you can do with the NEW reporting.

Some of our clients are not-for-profits so what there Accountant/Auditor requires for End of Year is very different to what the Committee needs each month so we tailor the reports to suit each party.  Most business owners/management have an idea of the reports they need to make good management decisions, these can be quite different to the reporting an Accountant needs for compliance decisions.

To customise your own Profit and Loss report go to:

-> Reports

-> All Reports  – Profit and Loss (NEW) – if you intend to use this report frequently click on the star to make it blue, this will then appear on the drop down list under the reports tab.

-> Edit Layout – at the bottom of the Profit and Loss (see Xero help on how to make the changes)   

-> Remember to Save when done.


Property Investors/Managers –  If you want to group Rents, Opex Recovered and Opex Expense in there separate groups, you can do this by setting up a heading and moving each code to where they are needed.  We put Rents under a heading in Revenue and Opex recovered and expenses under there own heading under Cost of Sales. Overheads and Non recovered costs (eg Non recoverable R&M) can go under Operating Expenses.  Remember this report is for you/management to gather the figures you need to make informative decisions.

Association/non for profits – can have many income streams so they like to see how each income stream is tracking (P&L). With the new reports you can move the income and costs for each income stream under the one heading. If you set up a heading under Revenue and move the sales and cost codes associated to that Income Stream and add a total formula.

IMPORTANT – when changing codes around you may need to add some formula’s, also always check your new report Profit/Loss total against an old report balance to ensure your formulas are capturing all the codes correctly.

If you would like a customised report setup for your business can we do this for your or if you would like a simple Excel spreadsheet to load your current Actual/Budget figures and the next couple of years we can help with this.

Categories: Tips & Tricks

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