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michael-schemmer
Level 1

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

 
Solved
Best answer August 26, 2020

Best Answers
Candice C
QuickBooks Team

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

Good Morning, @michael-schemmer

 

Congrats on making your first post here in the Community. You can find the Profit and Loss report by Class in the Reports tab within your QuickBooks Online account. No worries. It's an easy process. 

 

Here's how: 

 

  1. Go to the Reports tab in the left-hand menu bar. 
  2. Select the Reports section. 
  3. Locate the "Find report by name" search bar. 
  4. Type in Profit and Loss by Class and click on it.

 

 

That's all there is to it! You can learn more about running and customizing reports through these links provided. 

 

If you have any other questions, feel free to ask. Have a splendid day!

View solution in original post

3 Comments
Candice C
QuickBooks Team

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

Good Morning, @michael-schemmer

 

Congrats on making your first post here in the Community. You can find the Profit and Loss report by Class in the Reports tab within your QuickBooks Online account. No worries. It's an easy process. 

 

Here's how: 

 

  1. Go to the Reports tab in the left-hand menu bar. 
  2. Select the Reports section. 
  3. Locate the "Find report by name" search bar. 
  4. Type in Profit and Loss by Class and click on it.

 

 

That's all there is to it! You can learn more about running and customizing reports through these links provided. 

 

If you have any other questions, feel free to ask. Have a splendid day!

View solution in original post

jbantang
Level 1

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.

 

Catherine_B
QuickBooks Team

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

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!

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