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sally25
Level 3

If I post self employed salary to Owner's Pay & Personal Expenses, how can I have those expenses appear on my P&L report?

 
Solved
Best answer June 18, 2020

Best Answers
JasroV
QuickBooks Team

If I post self employed salary to Owner's Pay & Personal Expenses, how can I have those expenses appear on my P&L report?

Thanks for sharing with me the details, @sally25.

 

We're unable to add the Owner's Pay and Personal Expenses in the Profit and Loss report since it's an equity account. It'll only show in your Balance Sheet report.

 

The Balance Sheet report show's your assets, liabilities, and equity. While the Profit and Loss report shows all transactions that affect your income and expenses account.

 

To learn more about reports in QuickBooks Online (QBO) account, I encourage checking our Reports and accounting page for reference. Here, you can read some of our useful articles that tackles more about understanding reports in QBO. 

 

On the other hand, you can run a quick report to your Owner's Pay and Personal Expense to see the rundown of the account. Let me show you how in your QBO account.

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Search for the "owner's pay" account. Then, click the drop-down beside the View register link.
  4. Select Run report.
  5. Repeat steps 1-4 for your other personal expense account.

You can also check these great resources to learn more about the type of accounts in your Chart of Accounts:

I'm also adding this article that you can use for future reference. This can guide you in generating a report that shows the information you need the most: Customize reports in QuickBooks Online

 

Got other questions in mind? You can always tag me in. I'll be around to help you anytime. Keep safe.

View solution in original post

1 Comment
JasroV
QuickBooks Team

If I post self employed salary to Owner's Pay & Personal Expenses, how can I have those expenses appear on my P&L report?

Thanks for sharing with me the details, @sally25.

 

We're unable to add the Owner's Pay and Personal Expenses in the Profit and Loss report since it's an equity account. It'll only show in your Balance Sheet report.

 

The Balance Sheet report show's your assets, liabilities, and equity. While the Profit and Loss report shows all transactions that affect your income and expenses account.

 

To learn more about reports in QuickBooks Online (QBO) account, I encourage checking our Reports and accounting page for reference. Here, you can read some of our useful articles that tackles more about understanding reports in QBO. 

 

On the other hand, you can run a quick report to your Owner's Pay and Personal Expense to see the rundown of the account. Let me show you how in your QBO account.

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Search for the "owner's pay" account. Then, click the drop-down beside the View register link.
  4. Select Run report.
  5. Repeat steps 1-4 for your other personal expense account.

You can also check these great resources to learn more about the type of accounts in your Chart of Accounts:

I'm also adding this article that you can use for future reference. This can guide you in generating a report that shows the information you need the most: Customize reports in QuickBooks Online

 

Got other questions in mind? You can always tag me in. I'll be around to help you anytime. Keep safe.

View solution in original post

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