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Super Contributor **

Profit and loss reports

Hello,

 

I trying to print a Profit and Loss report for last year 2018 but fro some reason I'm seeing the description of each account ,which I do not want to see. I only trying to view the account names -ORDINARY INCOME/EXPENSE. 

Also, when I'm trying to file my yearly tax for my business/personal is this the only report I will need - Profit and Loss report?

I know the last day is April 15,2019 so I'm trying to gather everything together asasp.

 

Thank you so much! 

1 Comment
Moderator

Re: Profit and loss reports

Thanks for reaching out to the Community, Eve2019.

 

I can share some insights about the Profit and Loss report in QuickBooks Desktop.

 

From the information you provided it sounds like you want to remove the account's description on this report. If so, you can minimize the unneeded accounts. Once done, print the report.

 

Here's how to customize the report:

  1. Select Reports at the top.
  2. Under Company & Financial, choose Profit and Loss.
  3. Click the drop-down arrow beside the account you want to remove.
  4. Click the arrow beside Print and select Report.
  5. Select Preview.

The screenshot below shows these steps.

 

image.png

 

Here's an article that may come handy: Customize reports in QuickBooks Desktop.
 

Aside from Profit and Loss, here are the common reports that are useful for audit:

  • Income by Customer Detail - This report provides complete information on the customer making a payment and, ideally, an invoice number and date to support the claim.
  • Expenses by Vendor Detail - The totals shown in the Balance column are the net expenses for each vendor during the time covered by the report. The totals reflect credits received. The grand total in bold at the bottom of the report is your company's net expenses for all vendors.
  • General Ledger -This report shows the activity in your accounts over a specific period of time.
  • Previous Reconciliations - This report can help you track down discrepancies with your bank statement.
  • Audit Trail - Each event is stored as a record and displayed within the audit trail report in QuickBooks.

These reports can be accessed by clicking Reports at the top, and choosing the appropriate title.

 

I'm glad to provide further assistance should you have any questions. I'm wishing you and your business continued success.