Does anyone else notice that when you do a profit and loss report, the transaction fees aren't included in the expenses?

Hello, Candace. I'd be happy to walk you through on how to find the transaction fees in the Profit and Loss report in QuickBooks Self-Employed (QBSE). 

The transaction fees are included in the Profit and Loss as long as you categorized them as an expense. The Transaction/Processing fees category is used to categorize processing fees, and all transactions under it are accumulated in Other business expenses on your Profit and Loss report. You can click the amount for Other business expenses to see the transactions. Here's how: 

1. On the left menu, select Reports.
2. In the Profit and loss, select the date. Then, View.
3. Click the amount beside Other business expenses.
4. Look for the transaction from the list.

In addition, if you wish to export transactions in the future, check out this article: Export transactions and get reports in QuickBooks Self-Employed.

Please leave a comment below if you have further questions about the transaction in the Profit and Loss report or any other concerns within the program. We're always here to help. Have a good one.

Hi!  Yes, I see how to do that, but I don’t have a category on my P&L report for “transactions and processing fees”.  All such transactions have that category assigned to them, but the category itself isn’t showing up on the P&L.

Hello!

Yes, I see how to do that.  The problem is that the category for “transaction and processing fees” does not appear at all on the P&L report.  All such transactions have been assigned to that Schedule C category, but that category is missing from the list of categories on the P&L.  I believe this to be the cause of a discrepancy between the profit shown on the P&L and the profit shown from the transaction screen for the same timeframe.

I'll share details on how your Schedule C categories are reflected in your Profit and Loss report in QuickBooks Self-Employed (QBSE), Candace.

In QBSE, some categories appear under a general category. Therefore, the transaction and processing fees fall under Other business expenses.

Here's how to view them:

1. Go to Reports.
2. Set the date period in the Profit and Loss report, then View.
3. Click the amount in the Other Business Expenses section.

From there, you can view all the transactions under the Other Business Expenses category, including the transaction and processing fees.

It's also worth noting that the Profit and Loss report and Transactions page in QBSE display different amounts since they vary in data sources. The Transactions page is the manually entered and downloaded bank transactions, while the Profit and Loss report shows the actual entries tracked in the program.

For more details, refer to the Learn how Schedule C categories appear on the reports section in this article: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

Additionally, you'll want to read this guide to assist you in tracking and calculating your federal estimated quarterly taxes in QBSE: Get quarterly and annual tax info from QuickBooks Self-Employed.

Just know we can always chime in to this thread if you need additional guidance with running financial reports in QBSE. We'll be more than glad to assist you further. Stay safe and have a great day ahead.