Hi, where can I find Profit & Loss by Class or cost center?

Good morning.

I will be using an Enterprise 2021 version.  It will be on-premise, so I suppose this is a Desktop version.  My concerns are:  1.  How to set up subsidiary accounts in the chart of accounts?  2.  How to set up cost centers for P&L accounts?  3.  How many levels can accounts have (max. limit of sub-accounts)?

Will appreciate receiving an immediate reply.

I can walk you through creating and setting up accounts, jbantang.

To start with, I'd suggest reaching out to an accountant to help you identify the kind of subsidiary account you'll want to create. Then, you can follow these steps to create it.

1. Open your company file.
2. From the Lists menu, click Chart of Accounts. 
3. At the bottom, click the Account drop-down and click New.
4. Select the account type and select Continue.
5. Enter the details of the new account and then click Save & Close.

In setting up your cost centers for your Profit & Loss report, you'll want to turn on the Class tracking feature. I'll show you how:

1. From the Edit menu, click Preferences.
2. Go to Accounting and select Company Preferences. 
3. Under the CLASS section, check the Use class tracking for transactions option.
4. Click OK.

You can now assign classes to your transactions and accounts and you can run the Profit & Loss by Class report. Also, you can create as many sub-accounts as you want under a parent account. 

If you have other questions, you can always mention me in your reply. Take care!