The Profit and Loss report, also called the Income Statement or P&L report, summarizes your income and expenses for the year to know whether you're operating at a profit or loss.
The report shows subtotals for each income or expense account in your Chart of Accounts, with the last line showing your net income (or loss) for the year.
The Profit and Loss Details report is available in QuickBooks Online Essentials, QuickBooks Online Plus, and QuickBooks Advanced only. If you use Simple Start you can select the dollar amounts on your Profit and Loss report to view transaction details.
You can customize your Profit and Loss report to fit your business needs. Customizing the report allows you to:
|Tip: You can't change the order of accounts or columns in the Profit and Loss report but you can export the report to a Microsoft Excel spreadsheet and make your changes there.|
You can add columns for other time periods to the Profit and Loss report to easily compare different time periods.
To add data from different time periods to your Profit and Loss report:
You can easily compare income and expenses by all customers or vendors, or by those you specify.
|Note: The available filters include All and Select All. While similar in name, they are very different.
To compare income and expenses for all customers or vendors:
To compare income and expenses for specific customers or vendors:
If you have class or location tracking turned on, you can add different classes or locations to your Profit and Loss report.
To learn how to turn on class or location tracking, see turn on class tracking. Class tracking is only available in QuickBooks Online Plus and Advanced.
You can customize the title, header, or footer for your Profit and Loss report.
By default, all income and expense accounts are included in the Profit and Loss report, but you can filter the report to display only specific accounts.
After customizing your Profit and Loss and it looks the way you want it to, you can save the customized report for future viewing or to share with others
You can now open the report from the Custom Reports tab.
You can easily share your customized Profit and Loss report with all other users you’ve invited to your account.
The best way to share your customized Profit and Loss report with specific people without inviting them to your account is to email it to them.