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Run a Profit and Loss report by bank account in QuickBooks Online

SOLVEDby QuickBooks7Updated 1 month ago

QuickBooks Online does not have a way to filter your Profit and Loss report by bank account directly. However, you can use Location tracking in QuickBooks Online Plus to get essentially the same information.

Bank accounts are classified as Balance Sheet accounts. The Profit and Loss report summarises the total income and expenses of your business, 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. Then, filter the Profit and Loss report by location to see each bank account's profit and loss.

Step 1: Turn on Location tracking

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

To turn on Location tracking:

  1. Go to Settings ⚙.
  2. Select Account and settings.
  3. Select Advanced.
  4. In the Categories section, select Edit ✎ to open the fields.
  5. Turn on Track locations.
  6. Select Save, then 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. Go to Settings ⚙.
  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. Repeat these steps for each bank.

Step 3: Assign transactions to locations

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

Note: Payment transactions can't be assigned a location. Payments are automatically assigned to the location you entered on the invoice when you created it. You can't 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. Go to Reports (Take me there).
  2. Locate and select the Profit and Loss report.
  3. Select Customise.
  4. Select Filter, then select Location.
  5. Select a Location from the dropdown, you wish to run your report for.
  6. Select Run report.
  7. (Optional) Select Save customisation to save this report. You can access the report later from the Custom Reports tab on the Reports page.

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