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I understand that it's crucial for your business to have a copy of your Profit and Loss (P&L) report and to handle tax copies effectively in QuickBooks Online (QBO). I know how to achieve your goal. I'll help you with this.
To save your Profit and Loss statement, export it to a PDF format. Once the export is complete, you can forward the PDF copy to your accountant for review and analysis. I'll show you:
- From the left panel, click Reports.
- Search Profit and Loss in the Find report by name box.
- Once the report is shown, select the arrow in the right corner and choose Export to PDF.
- Pick Save as PDF.
- After that, you can now send it to your accountant.
In regards with managing your taxes, QuickBooks has a few reports that can help you with this. You can run a (1) Taxable Sales Summary: which provides a summary of your taxable and non-taxable sales, along with the total sales tax collected. (2) Taxable Sales Details: shows whether transactions are taxable or not taxable. (3) Sales Tax Liability: summarizes taxable and non-taxable sales and total sales tax from customers. (4) Payroll Tax Liability: displays all payroll taxes withheld, paid, and owed for employees. (5) Payroll Tax Payments: lists taxes due under Action Needed. (6) Payroll Tax and Wage Summary: shows total and taxable wages subject to federal and state withholding.
After you have selected the specific tax report you want to generate, you can proceed to print it to have a hard copy for your records.
On the other hand, QBO allows you to memorize a report, which enables you to save the customization settings you've applied for future use. This saves you the time and effort of customizing the report each time you need it.
Tell us once you have more queries about managing reports for your business using QBO. We're here to assist. Keep safe.
