The names of my reports changed from "Profit and Loss" to "Statement of Activity" and "Balance Sheet became" "Statement of Financial Position" - How do I change back?

Hello there.

I understand some terms in your QuickBooks Online has changed.

It seems that your account become a non-profit. Don't worry, I'll show you how to change your company settings.

Here's how:

1. Go to the Gear icon.
2. Choose Account and Settings.
3. Click the pencil icon for the Company type.
4. From the Tax form dropdown arrow, choose the correct type of business you have.
5. Hit Save.

If you want to make changes with your company information, you can refer to this article for the detailed steps: Change your business name, contact info, or EIN in QuickBooks Online.

Feel free to click the Reply button below if you have questions about changing company settings in QuickBooks Online. I'm always here to help. Have a great day.

Thanks Ethel_A:

Our account is a non-profit.  That is correct, and until recently we had reports titled “Balance Sheet”, etc.  Was the change in report names part of a recent change at Quickbooks?

Thank you for your prompt reply on the thread.

Yes, since your account is non-profit there will be changes on your QuickBooks Online. After you change your tax form, "Invoice" should now say "Pledge". You should also see the common reports for nonprofits like Statement of Activity instead of "Profit and Loss" and Statement of Financial Position instead of "Balance Sheet".

For more information about reports, you can refer to this article:

Configure an account for a nonprofit organization.

I'll be sharing this article also to assist you with your transactions:

•Track funds you receive from donors in QuickBooks Online
•Customize invoices, estimates, and sales receipts in QuickBooks

If you still have concerns, you can always reply on the thread or create a new post. Have a lovely day!

I have a similar issue as the original poster. We are a non profit organization. Our report names are as mentioned, but I would like the names to be the traditional names / balances sheet, Invoice etc.

Is there a way to keep the account set up as a Non Profit and use the traditional names.

Hi there, @troy6450.

We can change your company type to set your accounting terms based on your preference. Let me discuss this further and provide guidelines.

QuickBooks supports different business structures specific to your business goals and circumstances, which also aligns their terms based on the company type.

Since you have set this as a non-profit organization, the name of your reports and other transaction terms are changed accordingly. To alter this, we'll need to change your company type from your account settings. 

However, changing this will also affect how you report your company taxes and what forms you are required to comply with. Before you proceed, I suggest consulting your accountant about what's best for your concern.

Once you decide, you can follow these steps to change this from your account settings:

1. Go to the Gear icon and select Account and Settings.
2. Click the Advanced tab and navigate to the Company type section.
3. Hit the pencil icon to edit and choose a company type from the Tax form dropdown.
4. Click Save and Done.

Feel free to drop a comment if you have additional questions or need assistance with managing your account. The Community always has your back. Take care!

Thank you for your response. The entity is a church, so although it is tax exempt it is not required to file any income tax forms. We have selected non profit because I believe it is the only setting that allows exemption of social security under the payroll module. Screenshot provided below. Do any of the other company types allow SS and Medicare exemptions?

Thank you!

Thanks for providing more context about your organization, Troy. It's great to see that you’re proactive in ensuring the right setup while keeping everything in compliance.

To address your question, QuickBooks customizes many of its features based on the type of organization you select during the setup process. For non-profits and churches, selecting the non-profit designation is indeed the best fit because it includes payroll settings that can accommodate the specific exemptions for Social Security and Medicare taxes.

Other company types (such as corporations, partnerships, or sole proprietorships) in QuickBooks do not offer the same level of flexibility regarding these payroll tax exemptions. These settings are tailored to align with how entities of these types generally report taxes and manage payroll, thus not supporting the exemptions that non-profits enjoy. You can check out more about company types through this link: 9 Types of business structures: How to pick the right one for you.

To ensure everything is configured correctly and meets your specific needs, it’s always a good idea to consult with your accountant. They can provide additional insights tailored to your situation and ensure you’re fully compliant with all necessary regulations. If you don't have an accountant, you can find one in your area in QuickBooks by accessing the ProAdvisor site.

Furthermore, I'd like to share this helpful article about how to exempt clergy (or ministers) from payroll taxes: Set up clergy on payroll.

Should you have any further questions or need more guidance, please don't hesitate to drop a word in the comments and I'll swiftly dive in to help. We’re always here to support you in making sure everything runs smoothly.

Thank you,

My suggestion for QBO is to allow users to rename the Reports in the menu. Also to rename Pledge to Invoice. Doing so would not effect the end of year tax reporting.