Can I create a profit and loss report on 1 bank account?

@Danewell 

Presumably you're asking because you have multiple bank accounts.  If you're on accrual basis then, no, you can't.  There is no direct correlation between your bank account and your P&L because items of income and expense post to accounts other than your bank account. 

If you're on cash basis with multiple bank accounts, there's no report or filter in QBO that I'm aware of that would allow you to do this and, if there was, I'd be leery of it's accuracy.  You need a way to filter by a bank account and only include entries that hit income and expense accounts.  You could try running a 'Transaction Detail by Account' report, click 'Switch to classic view', click 'Customize', and then try filter by bank account and use 'Transaction Type' to include transactions that hit income and expense accounts but, again, I wouldn't have a lot of confidence that it's accurate.      

Hello there, Danewell. 

Let me share details on how we can pull up the report you require in your QuickBooks Online (QBO) account.

First, know that QBO doesn't have a way to filter the Profit and Loss reports by bank account directly. That report is driven by income and expense accounts, not by Balance sheet accounts (which bank accounts fall under).

Next, we can create a P&L report in a specific bank account by turning on the location tracking feature. It provides essentially the same information that you need. Once enabled, you can set up a location for each bank account and assign one of the locations or bank accounts to each transaction you enter.

Know that, turning on the location account is only available on QuickBooks Online Advanced and QuickBooks Online Plus subscription. If you're subscribed to either of them, here's how you can turn on the location tracking feature:

1. Go to the Gear icon, then select Account and Settings.
2. Choose Advanced, then click on Categories to edit.
3. Toggle the button beside Track Location to turn it on.
4. Use the options in the Location label dropdown list to specify a name for the field in which you select a location.
5. Once done, select Save.

Once you've set up your bank, you can choose which location to allocate the transaction each time you open an Income or Expense transaction. However, payment transactions are automatically assigned to the location provided in the invoice and can't be manually assigned a location.

After setting up your bank accounts as locations and assigning your transactions to one, you can run a Profit and Loss by Location report. It'll provide a summary of the income and expenses for the specific bank you want to see. 

For further guidance regarding generating the report you need, kindly read this article: Run a Profit and Loss Report by bank account in QuickBooks Online.

In addition, you can read this article if you want to know more about personalizing your reports in QBO: Customize reports in QuickBooks Online.

I'll be here if you have other concerns with more inquiries in generating a report in QBO. Just leave a comment below, and I'll be sure to answer them any time! Have a great day ahead!

@Irene R @Danewell 

"You can create a P&L report and filter it out from the Distribution Account to the specific bank account you want."

That doesn't work.  Try it.   

This could be easily done in the desktop version

 How? The old desktop version or the app desktop?

I'd be happy to clarify the reporting process in QuickBooks Desktop, Whip.

The person who mentioned that this can be "easily done in the desktop version" is referring to the QuickBooks Desktop application (such as Pro, Premier, or Enterprise) installed on your computer, not the QuickBooks Online app for your desktop.

Since a bank account is a Balance Sheet account (not a Profit and Loss account), you cannot filter the standard P&L report directly by it. However, the workaround in QuickBooks Desktop provides a similar view of transactions.

Here is the replicable method for creating a transaction-level report filtered by a single bank account in QuickBooks Desktop:

1. Go to your Chart of Accounts by navigating to the main Lists menu and selecting Chart of Accounts.
2. Next, find and highlight the specific bank account you want to report on.
3. Then, right-click on the account and select QuickReport (or click the Reports button at the bottom and choose QuickReport).
4. This action opens the Transaction Report for that specific account.
5. Afterward, click the Customize Report button at the top.
6. In the Display tab, verify that your desired Report Date Range is selected.
7. Furthermore, navigate to the Filters tab. While viewing the report by bank account, you can add a filter by selecting Transaction Type and choosing relevant types, such as Check, Deposit, Bill Payment, and Sales Receipt, to narrow down income and expense-related activity.
8. Finally, click OK to run the customized report.

Let us know if there's anything you need. Just leave a comment below.

All of my currrent bank info is in the Online version.  Since the desktop version is no longer supported, I was forced to buy the online version and migrate my accounts.  In the desktop version I could do exactly what I need for my accountant.  Now I have to copy and paste and create my own reports in Xcel.  I need to know income for each property and each business from their perspective bank accounts.

Thanks for your assistance.

Thanks for sharing your experience. We recognize that moving from the familiar Desktop reports to the Online version can be a difficult adjustment, especially when you need a specific type of report, whip51k.

As you may have been informed, there's no option to run a Profit and Loss report for a specific bank account in QuickBooks Online (QBO). This is because the P&L report pulls data from income and expense accounts, whereas bank accounts are recorded on the Balance Sheet.

However, we want to find the most efficient solution for you. Can you describe the exact report and steps you used in the Desktop version? This will help us identify the closest workaround in QBO.

In the meantime, you can set up the bank accounts as classes or locations as a workaround. Using these features, you can assign a class or location to each transaction.

Then, you can run a Profit and Loss by Class or Profit and Loss by Location report, which displays a separate column detailing the performance of each property. Here's an article as a guide: Run a Profit and Loss report by bank account.

The Community is always here if you need anything else.

Thank you @jenop2. However in order to do classes, I would need a more expensive version of the current subscriptions I have.  I am using Quickbooks Simple Start.  I was using Quickbooks Enterprise Solutions. When I would run the Profit and Loss on there I did it by class... Prior to Enterprise Solutions I was using the property manager software.  Each property has its own banking/business name.  We also use Quickbooks Online Essentials plus payroll.  While the online version allows us to access the quickbooks from anywhere, it is extremely unuser friendly and more expensive than the desktop annual software price.  Especially, the new updated "version" is even worse.  When I called to ask for help with the online version they told me I had to pay for help. 

With that being said, I would absolutely LOVE for you to help me figure this out.  I have had to resort to using excel spreadsheets and not even using my quickbooks, considering cancelling.