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ericat179
June 9, 2021
Question

Homebuilders - how to get asset expenses to show on P&L

  • June 9, 2021
  • 5 replies
  • 33 views

We enter our bills from vendors to an asset account to track our WIP rather than an expense account.  This is pretty common for builders.  I'd love to see a report that would show these similar to a P&L not just an asset register.  I thought of using classes and running a P&L by class bus it still doesn't reflect the transactions since they are more balance sheet than P&L.  

 

Anyone out there make sense of what I'm trying to do and figure out a way?

5 replies

Klent
Level 8
June 9, 2021

Thanks for visiting the Community, ericat179.

 

I'm here to share some information about how QuickBooks populates that data in your financial statements.

 

The Profit and Loss report summarizes the revenues, costs, and expenses incurred during a specific period of time. These records provide information about a company's ability to generate profit by increasing revenue, reducing costs, or both. 

 

On the other hand, the Balance Sheet reports the assets, liabilities, and shareholder equity at a specific point in time. This also tells how those assets are financed, whether through debt under liabilities or by issuing equity.

 

That being said, we're unable to show the asset account you used to track your bills in the Profit and Loss statement. To get the information that you need, you'll want to consider exporting both reports (P & L and Balance Sheet) to an excel file and then manipulate the data from there. Here's how:

 

  1. Select Reports from the sidebar menu.
  2. Open the Profit and Loss and Balance Sheet report.
  3. At the top of the report, click the Export icon. 
  4. Choose Export to Excel, then save the file.

To help speed up the reporting process in QuickBooks Online, I recommend reading this article: Customize reports.

 

I'd be glad to work with you again if you need more help in managing your other reports. Just post your questions below and I'll make sure to answer them.

ericat179Author
June 9, 2021

Is there a way to create a customized report tat did that rather than having to export every time?

JasroV
JasroV
Level 8
June 9, 2021

I appreciate your prompt reply, Ericat.

 

Yes, you can create a customized report to show the specific data you need. However, the option to personalize your Profit & Loss report to draw your asset expenses isn't possible. 

 

As an alternative, you can export the reports to MS Excel as suggested by my colleague KlentB. Moreover, here's how you can personalize your reports in QuickBooks Online (QBO).

 

  1. Go to the Reports menu.
  2. Open any reports you want to customize.
  3. Use the basic filters on reports by adjusting the date.
  4. Then click Customize.

 

It's also great to memorize your personalized report to save its current settings. This way, you won't have to go through the customizations process again.

 

If there's anything else I can help you in managing your reports, you can always tag me in reply. I'll be around ready to lend a helping hand. Stay safe!

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