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HIGHLIGHTS
DOCUMENT DESCRIPTION
Yes, using Google Sheets to track your profit and loss can be a good idea. Google Sheets is a free and easy-to-use tool that allows you to create and manage spreadsheets online. It can be a useful way to track your income, expenses, and overall profit and loss.
Additionally, Google Sheets allows you to share your spreadsheets with others, which can be helpful if you want to collaborate with others on your financial planning. You can also use it to create graphs and charts to visualize your financial data and make it easier to understand. Overall, using Google Sheets to track your profit and loss can be a convenient and effective way to manage your finances.
This is a way to automate your business transactions to flow into a standard profit / loss format. The data entry is
• Date
• Transaction Description (based on a dropdown menu that sources from your definitions for revenue and expense items)
• Amount
All values are positive inherently, so if you enter a negative expense value, it would lower expenses.
An additional 5 items are there for 'other' cash in and out items so an actual cash flow per period can be displayed.
The reporting format shows a profit / loss statement on a weekly, monthly, and annual basis. The weekly and monthly reports show up to 2 years at a time and the annual shows up to 5 years at once.
There are visualizations for all time frames as well.
USE: Define line item names in the ‘weekly' tab, the start year on the ‘control' tab, and start entering transactions on the ‘data' tab. Note: This is a Google Sheet template. The file link is in the download document. A free Gmail account is required to use.
Got a question about the product? Email us at [email protected] or ask the author directly by using the "Ask the Author a Question" form. If you cannot view the preview above this document description, go here to view the large preview instead.
Source: Best Practices in Profit and Loss Word: Profit & Loss Tracker: Weekly, Monthly, Annual Word (DOCX) Document, Jason Varner | SmartHelping
ABOUT THE AUTHOR: JASON VARNER | SMARTHELPING
I graduated in 2011 with a Bachelors degree in Accounting. From there, I worked at a few small businesses doing financial reporting and some bookkeeping. After a few years of that, I started doing freelance financial consulting work on Elance and Upwork.
After over 400 jobs completed with a 100% success rate, I now run my own modeling/consulting practice and continue to build new financial models every few weeks.
[read more]
I occasionally take on custom financial modeling work.
Jason Varner | SmartHelping has published 120 additional documents on Flevy.
DETAILS
File Size: 13.2 KB
Number of Pages: 1
Related Topic(s): Profit and Loss
This business document is categorized under the function(s): Corporate Finance
It applies to All Industries
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Dec 14, 2022
Most recent version published: Dec 14, 2022
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