Profit & Loss Statement

missmissySEI · ‎July 04, 2023

I am new and I printed my profit and loss statement. I am looking over each account to make sure things are in the right account. I am trying to understand Payroll Expenses. On my report it shows under payroll expense, Benefits 401K, and Payroll expenses - other. My 401K is correct. Do the payroll expenses, include the FICA and Medicare portion that the company pays? Also, under that is Payroll Taxes, it has SDI (which we don't pay) and SUI, which I do pay, but FUTA does not show up anywhere? I take it out and it shows up when I run payroll liabilities, but it does not show up on the profit and loss. I did not set up QB's, the past owner did. When I go under the COA's I have an account for FUTA but it does not show anything in it.

Ethel_A · ‎July 04, 2023

Hello there, @missmissySEI.

I'll help you check your payroll items. I have runa the same report, and the FUTA should show up.

Since your report doesn't show FUTA, I recommend checking the payroll items.

Here's how:

Go to the Lists tab and choose Payroll Item List.
Look for the Federal Unemployment item and double-click it.
From the pop-up box, check the Expense account. It should show the same as the screenshot below.
Continue with the pop-up until you complete the set up and click Finish.

You can then run a Profit and Loss report. The FUTA should now show up.

Additionally, here is an read article you can read to help you understand reports in QuickBooks Desktop: Understand reports.

Feel free to click the Reply button below if you have questions about understanding reports. I'm always here to help. Have a great day.

View solution in original post

Ethel_A · ‎July 04, 2023

Hello there, @missmissySEI.

I'll help you check your payroll items. I have runa the same report, and the FUTA should show up.

Since your report doesn't show FUTA, I recommend checking the payroll items.

Here's how:

Go to the Lists tab and choose Payroll Item List.
Look for the Federal Unemployment item and double-click it.
From the pop-up box, check the Expense account. It should show the same as the screenshot below.
Continue with the pop-up until you complete the set up and click Finish.

You can then run a Profit and Loss report. The FUTA should now show up.

Additionally, here is an read article you can read to help you understand reports in QuickBooks Desktop: Understand reports.

Feel free to click the Reply button below if you have questions about understanding reports. I'm always here to help. Have a great day.

missmissySEI · ‎July 07, 2023

I love this community ❤

Thank you. I followed your steps and it is showing up now.

ZackE · ‎July 07, 2023

Thanks for following up with the Community, missmissySEI.

I'm happy to hear Ethel_A was able to help you with getting your FUTA to show up on the Profit & Loss report.

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

Please feel welcome to send a reply here or create a new thread if there's ever any questions. The Community's always here to help. Have an awesome Friday!

Topics

Training

Community

Resources

Profit & Loss Statement