When we set up a new Xero Organisation for a Client we set a number of both Business Performance and Audit Custom Reports. These reports are used for us to process important audit checks when we process End of Period, End of Payroll Year or End of Financial Year reconciliations.

Performance reports are provided to Clients as part of our EOFY or Peace Of Mind packages. However, these reports can also be used directly by the Client to check their ongoing Business Performance.

This SOP covers how to correctly run the custom Profit & Loss reports in our Clients' Xero Organisations. 

Custom Profit & Loss Reports

Our Clients Xero Organisation will now include two standard versions of the custom Profit & Loss Report:

• Profit and Loss - Summary > Displays the Profit & Loss in a Summarised format by providing totals by account groups
• Profit and Loss - Detailed > Displays the Profit & Loss in a Detailed format by proving subtotals for individual accounts and account group totals

To find the Custom Profit and Loss Reports in Xero

1. Go to Accounting > Reports
2. Select the [Custom] Tab
3. Sort the Report list by Title
4. Find the Profit and Loss Reports
   
   è  The Custom Reports screen in Xero
   
   

Customise the Reports by Period & Method

When you first open the Profit and Loss report you the report default settings have been set up as follows:

• Reporting Method > Accruals
• Reporting Period > YTD

Customise the Reporting Period and Reporting Method - Quarterly (for BAS)

1. Select the following options:
   • Date Range > Change it to the last month of the quarter (i.e. for Jul-Sep change the date range to 1.09 to 30.09)
   • Compare with > Select: 2 periods
   • More > Select: Accounting Basis, select either Cash or Accruals and select show Accounting Basis
   • More > Select: Show Total and Year To date
2. Click on [Update]
   
   è  The custom Profit and Loss report updates in Xero
   
   

Customise the Reporting Period and Reporting Method - Yearly (for Client's Training and EOFY Rec)

1. Select the following options:
   • Date Range > Change it to the last month of the Client's Financial Year (i.e. 1.06 to 30.06)
   • Compare with > Select: Other > 11 periods
   • More > Select: Accounting Basis, select either Cash or Accruals and select show Accounting Basis
   • More > Select: Show Total
   • More > Remove the option: Show Decimals
2. Click on [Update]
   
   è  The custom Profit and Loss report updates in Xero