In one of my companies the P&L report doesn't show the line Gross Profit, Just Total income, how can I rectify this please?
Welcome to the Community page,
Can we ask where about's are you looking in the product for this?
Can you have a look at Reports>Company and finances>profit and loss Stander> this will then show you the total profit there.
If you have any more Q's please reach back out to us.
Hi Tracey1, could you attach a screenshot of what you are seeing on the p and l report, or if you would prefer to you can DM/PM on Twitter or FaceBook to QuickBooks UK with a screenshot so we can look into this further.Thanks
Thanks for that TraceyC1,
Could you instead try running the detailed PL report by going to reports> company and finances> P&L detail > customise report> add gross amounts to the report, and let us know if this works for you? 👩💻
Thank you for getting back to us here on the Community page, @TraceyC1.
At this time, you can open the Profit and Loss by the Class report to get the information you need. I'm here to guide you on how.
To learn more about managing the basic reports in QuickBooks Online, feel free to read the details from this article: Run reports in QuickBooks Online.
If you wish to memorise a report for future use, you can also follow the steps from this link as your guide: Memorise reports in QuickBooks Online.
Get back to me if you have any other questions. I'm always here to help. Have a great day!
The reason there is no Gross Profit line on the P&L is because there are no Cost of Sales (or Cost of Goods Sold on the desktop version) type of accounts in your Chart of Accounts.
It's perfectly normal for any fee-based services business such as consultants, agents, lawyers, bookkeepers etc not to have gross profit on the P&L (which is sometimes re-titled Income and Expenditure Account).
Some may have direct costs like sub-contractors and commissions payable which they would want to categorise under Cost of Sales, in which case, both Cost of Sales and Gross Profit will show up on P&L.