Profit and loss report in QuickBooks

In QuickBooks you can have the only accounted that to be on the report is the best solution that firstly you should modify then filters it and for setting the account you should select that particular account which you want to show. Not only this you can also export the profit & loss report to excel and you can also delete any row which you want.

It is very much easy to make the profit and loss report in QuickBooks, you can also run a detailed profit and loss report by just following some steps:

  • Click reports tab and while clicking on it just click on all reports.
  • Click business overview then click on profit and loss details.
  • Change dates according to your convenience.
  • Click run report.
  • At last after clicking the run report you will get the details for the particular period that you needed.

All the above things should be perform very carefully as you might be knowing that reports are the most important aspect of your business as it helps you to track all the business details in an accurate way.

Customizing the Profit and Loss Reports

Profit and Loss report which is also known as P&L report or Income Statement records all your expenses and income on yearly basis. It helps you to know whether your business is operating in loss or in profit.

Subtotals are shown through this report for every expense and income in the account charts. Last line shown is the net loss or net income of the year.

In order to run Profit and Loss report, go to left menu and from there choose Reports and then move towards recommended tab and after that select the Profit and Loss.

Profit and Loss report could also be customized in order to meet the specific need of any business.

Some of the customization that you can do are:

1. Comparing the current report of Profit and Loss with another time period:

  • Open your P&L and select Customise
  • Select the columns and rows from the drop-down arrow
  • In the section of Period Comparison, click on the checkbox for the period that you are willing to compare. The selected ones will be seen as the column in your profit and loss report
  • Then select the Run report

2. Comparing income and expenses by the supplier, vendor or customer

For all the customers:

  • Open your profit and loss report and click on Customise
  • Now from the drop-down arrow choose the rows and columns
  • From the drop-down menu of the Columns, select Customers and then Run Report

For specific customers:

  • Select customize by keeping your profit and loss open
  • From drop-down arrow select Filter
  • Go to Customer box and tick on the check-mark and then from drop-down menu select the customers
  • Then select the Run report

3. Adding different stores or locations to the P&L

  • Turn the class tracking on, which is available only in QuickBooks Online Plus
  • While the profit and loss report is open, select the Customize
  • Then select the rows and columns from the drop-down arrow
  • From the drop-down menu, select Classes first and after that Run report

You can get the detailed knowledge of all the above mentioned steps, all you have to do is just get in touch with our QuickBooks Technical Support team. Tech savvy and highly knowledgeable professional from our QuickBooks tech support team will answer all your queries in no time. You can give a call to QuickBooks customer support team by dialing our ?smbaccountants.com.


Further Reading