cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Senior Explorer *

Profit and Loss Class by Month Report

Not sure this is possible without jumping through hoops.

 

I understand filtering and sorting reports.  However what I need is a Profit and Loss report that will take classes and report them on the left hand side of the report (Rows), under their Parent Income/ Expense Account and the months at the top (Columns).

 

Not sure this is possible.  Perhaps I'm just missing a basic report or even if there is a way to do this in advanced reporting.  

 

What I do not want to do, but will if I have to, is create sub-accounts under my income account and instead of classifying my entries, I'll just record them to the sub-account.  It wouldn't be really good accounting as I'd be using accounts for classes.

 

As an example:  I have one income stream - so that's easy - so one account - let's call it 4000 Sales.  However, I have 6 different methods of accepting payment for that income.  Now one would argue, why is it important to track how the money came in.  In this client's case, it's very important as it dictates which method of payment they will continue to use, such as Square, PayPal, Beyond, Checks, Cash, etc...  Again, I could create 4000-01 for Cash, 4000-02 for Checks, 4000-03 for Square, etc...  One could also argue that each of these are a balance sheet account and therefore you would run a balance sheet report by month.  However, doing this gives me the account balance as of that month and not just the amount that transpired in that one month.  I know I'm making this difficult to understand and perhaps what I am asking for is way too advanced for a canned program.  I'm hoping I'm just missing something that is found perhaps in a "Pro" or "Enterprise" version of QB if not in all versions.

 

As always, Thank you in advance for your help in this mater.

2 Comments
Established Community Backer ***

Re: Profit and Loss Class by Month Report


@Budget Friendly Bookkeeping wrote:

Not sure this is possible without jumping through hoops.

 

I understand filtering and sorting reports.  However what I need is a Profit and Loss report that will take classes and report them on the left hand side of the report (Rows), under their Parent Income/ Expense Account and the months at the top (Columns).

 

No, this is not an option in QB, desktop or QBO.  You would have to export to excel and reformat the spreadsheet

 

 

As an example:  I have one income stream - so that's easy - so one account - let's call it 4000 Sales.  However, I have 6 different methods of accepting payment for that income.  Now one would argue, why is it important to track how the money came in.  

 

Menu Lists>Customer & Vendor Profile Lists>payment method list

highlight one payment method, use the reports button and create a quick report

click customize, click filters, highlight payment method and select all in the filter

run the report

memorize to use it again

Established Community Backer ***

Re: Profit and Loss Class by Month Report

I agree with @Rustler

 

You only have Income from Sales.

 

Your other concept is Payment Method, not Sales income. Don't confuse them. Payments come in a variety of types and not everything you are paid is Sales income; some would be sales taxes, if you have this, for example. That's why Money and Sales Income are not synonymous.

 

Sales by Payment Method is reportable.

 

You didn't mention what you use for Class. Accounts are Row Data in the P&L; columns would be Class, if you start from P&L by Class. Or, start from P&L Standard, Filter on One Class, set the P&L for 2018, and set Columns by Month. You can get a class Summary report of the P&L, as well; please see my attachment. Class is typically used for Departments or Divisions.

 

The best reference for the chart of accounts is the tax form this entity files. There is only one line for income, and one for returns/refund/allowances/write offs.