Hi asadansari,
It's great you're using QuickBooks Online to accurately manage your expenses. I know how important it is to be able to produce reports with all the necessary information for your business. I'll be happy to assist you with this.
The Profit and Loss Report in QuickBooks Online can either be ran using a Cash or Accrual method. These settings are found below Accounting method once you open up the report. In an accrual basis, the time when you enter a transaction and the time when you actually pay or receive cash can be two separate events. An accrual report shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills. So if you enter a Bill in May for example, and Pay bills in July, your accrual P&L report for May will display your bill made in May.
To learn more on how to enter and pay bills in QuickBooks Online, check out this article: Enter and pay bills
In case you need assistance with running a report, here's a useful article: Run reports in QuickBooks Online
I hope this helps clarifies things for you. You're always welcome to stop by if you have more questions.
