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How do I get my invoiced income to show under type headings rather than just 'services' in my P&L report?

We are a not for profit organisation and have income from sponsorship and event fees and I would like to see this broken down in my P&L, how do I do this?
1 Comment 1
SheandL
QuickBooks Team

How do I get my invoiced income to show under type headings rather than just 'services' in my P&L report?

I'm here to help you categorize your invoiced income, ksbevan82. Let’s work together to make your financial reporting as detailed as possible.

 

Before we get started, make sure to create a specific category for your items. This will help organize your revenue sources and provide clearer insights into your financial performance. Additionally, ensure that each category is associated to its item for accurate data in your Profit and Loss report.

 

If you haven’t created an income account, you can follow the steps below:

 

  1. Go to the Gear icon, then select Chart of Accounts. 
  2. Click New, then add the necessary details from the New account window.
  3. Head to the Save dropdown and select Save and new to create another account.

 

Once you've set up everything, update the income accounts of your products and services to ensure accurate financial statements. To do so, here's how: 

 

  1. Head to the Gear icon, then select Products and services.
  2. Locate all the items that is needs to be updated.
  3. Click the Edit button under the Action column. 
  4. Once you're on the Product/Service information window, scroll down to find the Income account dropdown.
  5. Select the appropriate account and click Save and close.

 

For further details, please check out this article: Change the account for a product or service item in QuickBooks Online.

 

Moreover, selecting the appropriate reporting period and accounting method is crucial for effective analysis of your reports. I am here to assist you in customizing your Profit and Loss report, allowing you to easily access the information you need.

 

  1. Go to Reports. 
  2. Enter Profit and Loss from the search field provided. 
  3. Select the correct Report period and Accounting method.
  4. Go to Customize button, then Filter dropdown. 
  5. Tick the Distribution Account and select All from its corresponding dropdown.
  6. Click the checkbox of the Product/Service, then select All. 
  7. Head to the Run report.

 

Additionally, you can read this article to learn more about saving your preferred report customization settings in QuickBooks: Memorise reports in QuickBooks Online.

 

You can get back to this post if you need further help in personalizing your reports in QuickBooks. I'll be around to help you as soon as possible.