The Profit and Loss (object) provides a structured analysis of financial performance over specific periods, giving businesses critical insights into profitability trends, expenditure patterns, and overall financial health.
Key Properties:
Account Name: The name representing the financial account in the report. e.g., "Operational Expenses"
Gross Profit and Loss Average 12 Months: The monthly average of gross profit or loss over the past year, indicating longer-term financial trends. e.g., "$100,000"
Gross Profit and Loss Average 3 Months: The monthly average of gross profit or loss for the last quarter, highlighting recent financial performance. e.g., "$120,000"
Variance Amount: The dollar amount representing the difference between expected and actual figures, identifying discrepancies. e.g., "$2,000 under expected"
Variance Percentage: The percentage that illustrates the relative difference between expected outcomes and actual figures. e.g., "5% over projections"
Account Unique ID: A unique identifier for the specific financial account, ensuring data accuracy. e.g., "a7b4c6d9-e8f0-46d2-a315-12b3c4d5e6f7"
Account Code: A numeric or alphanumeric code that categorizes the financial account. e.g., "502"
Standard Classification Name: The classification type of the account based on standard accounting practices. e.g., "Revenue"
Amount: The total amount factored into the profit and loss calculation. e.g., "$5,000"
Report Date: The specific date the report was compiled or to which the data pertains. e.g., "September 30, 2023"
The Profit and Loss object simplifies financial performance analysis, offering comprehensive insights into profit margins, expense tracking, and variances, enabling effective financial planning and decision-making.
Here are some examples -
Problem: I want to review expense accounts that have a 10% variance each month.
Detect expense accounts that have a 10% variance month on month