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Run a Profit and Loss report by bank account

Learn how to filter the Profit and Loss report by bank account.

QuickBooks Online does not have a way to filter your Profit and Loss report by bank account directly.

 

However, you can use the Location tracking feature to provide essentially the same information. To do so, you must have Location tracking turned on.

Bank accounts are classified as Balance Sheet accounts. The Profit and Loss report is driven by income and expense accounts, so Balance Sheet accounts don't affect it.

With Location tracking enabled you can set up a location for each bank account. Assign each transaction you enter to one of those location/bank accounts. And filter the Profit and Loss report by location to see each bank account's P&L. We show you how to do each of these steps.

Step 1: Turn on Location tracking

Before you can set up locations for your bank accounts, you must turn on the Location tracking feature.

Note The Location tracking feature is available only in QuickBooks Online Plus.

To turn on Location tracking:

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, select Account and Settings (or Company Settings).

  3. From the left menu, select Advanced.

  4. In the Categories section, select the pencil (edit) Icon to open the fields for editing.

  5. Select the Track Locations checkbox.

  6. (Optional) Use the options in the Location label drop-down list to specify a name for the field in which you select a location. If you do not select an option, the name of the field defaults to Location.
  7. Select Save.

  8. Select Done.

Step 2: Set up locations for bank accounts

Once Location tracking is turned on, you can assign a location to each of your bank accounts for tracking purposes.

  1. Select the Gear icon on the Toolbar.

  2. Under Lists, choose All Lists.

  3. On the Lists screen, select Locations.

  4. Select New.

  5. In the Location Information dialog, enter the bank account name in the Name field.

  6. Select Save.

Step 3: Assign transactions to locations

Now that your banks are set up, you'll see a Location field drop-down list each time you open an Income or Expense transaction. Choose the location you want from the list. 

While you can assign most transactions to locations, you can’t for payments. Payments are automatically assigned to the location you entered on the invoice when you created it.

 

You cannot specify locations for transfers.

Step 4: Run your Profit and Loss by Location report

When you have set up your bank accounts as locations, and assigned a bank account to each of your transactions, you can add a Location column to your Profit and Loss report to create a report that lists each bank account separately.

  1. From the left menu, select Reports.

  2. Locate and select the Profit and Loss report.

  3. In the open Profit and Loss report, select Customise.

  4. In the Customise report panel, select the Rows/Columns item to open the section.

  5. From the Columns drop-down list, select Locations.


    If you applied a different label to the field, select that label.
  6. Select Run report.

Do you want to save this report?

You can save the customised Profit and Loss report for future reference.

 

In the open, customised Profit and Loss report, select the Save Customisation button.

You can then access the report from the Custom Reports tab on the Reports page.