How to View Profit & Loss Statement in Gridlex Sky?
Published | Aug. 23, 2023, 6:56 a.m.
Gridlex Sky allows users to view detailed Profit and Loss Statements that can be used to track the financial performance of a business over time. Businesses can use these reports to assess whether they are making a profit or loss and to track the total income and expenses. For example, all the business related transactions like invoices, bills, expenses, other income, etc will be recorded in the P&L statement. In addition, users can view P&L Statements in accordance with the Center, Division and Label-wise. Gridlex Sky offers Schedule - III format for the companies as per the requirement of the Companies Act, 2013.
| If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. |
How to View Profit & Loss Statements in Gridlex Sky?
Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “By Entity” tab.
Step 2: Users will be directed to the “P&L By Account” section. Here, users can view the Profit & Loss Statement for a certain period. Furthermore, users can utilize the filters to view custom time period i.e. From and To Date. In addition, users can view the entire report in Vertical view and Horizontal view.
Note: Users can download the Profit & Loss Statement in Excel and PDF format by clicking on the “Download” button.
Vertical View:
Horizontal view:
Step 3: Go to “Dashboard” to view the Graphical Representation of the Profit and Loss. Users can also customize the period they are willing to view. In addition, this allows users to gain a visual representation of the expenses, revenue, and P&L.
Step 4: Click on “Variance Analysis” to compare Period 1 with Period 2 i.e., users can compare actual financial results to a budget or forecast. With the help of variance analysis, users can identify any significant deviations from the budget or forecast.
Step 5: To view complete details by account, go to Reports >> Click on By Entity (Under P&L Statement) and Click on “P&L by Account''. Here, click on any property to view the entire details. For example, Click on “Supplies and Materials - DE” to view the transaction details, transaction type, reference, credit & debit amount, etc associated with that particular property.
How to View Schedule III in Gridlex Sky?
Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “Schedule III” tab.
Step 2: Here, users can view the P&L Statement in Schedule - III format as per the requirement of the Companies Act, 2013. Users can use filters like Time period, filter by center, division, labels, etc to narrow their view for a specific period. Furthermore, users can edit their account mapping by clicking on the “Edit Account Mapping” present in the top right corner of the screen.
Consolidated View:
Detailed View:
Step 3: Here, users can edit their account types, write notes and descriptions (if any). Once done, click on the “Save” button.
Quick Tip
Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to this page without having to scroll through other sections. Click on “Review your P&L” under Reports section to view the Profit and Loss Statement in a single click.
