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Run a profit and loss report by bank account in QuickBooks Online

SOLVEDby QuickBooks251Updated 1 day ago
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QuickBooks Online won’t filter your profit and loss report by bank account directly. However, you can use location tracking in QuickBooks Online Plus and Advanced to get essentially the same information.

Bank accounts are classified as balance sheet accounts. The profit and loss report summarizes the total income and expenses of your business, so balance sheet accounts don't affect it.

When you enable location tracking, you can:

  1. Set up a location for each bank account
  2. Assign each transaction you enter to one of those locations/bank accounts
  3. Filter the profit and loss report by location for each bank account

Step 1: Turn on location tracking

Before you can set up locations for your bank accounts, you must turn on location tracking.

  1. Go to Settings Settings gear icon..
  2. Select Account and settings.
  3. Select Advanced.
  4. In the Categories section, select Edit ✎ to open the fields.
  5. Turn on Track locations.
  6. (Optional) Use the options in the Location label Dropdown arrow icon. dropdown list to specify a name for the field in which you select a location.
    Note: If you don't select an option, the name of the field defaults to Location.
  7. Select Save, then select Done.

Step 2: Set up locations for bank accounts

Assign a location to each of your bank accounts.

  1. Go to Settings Settings gear icon..
  2. Select All lists, then select Locations. If you applied a different label to the field, select that label.
  3. Select New.
  4. Enter the bank account name in the Name field.
  5. (Optional) Select from the list of location options as needed.
  6. Select Save. Repeat these steps for each bank.

Step 3: Assign transactions to locations

Now that your banks are set up, you can assign a location to your transactions for tracking purposes.

You'll see a Location dropdown list each time you open an Income or an Expense transaction. For each transaction, select the location you want from the list.

Note: Payment transactions can't be assigned a location. Payments are automatically assigned to the location you entered on the invoice when you created it. You can't specify locations for transfers.

Step 4: Run your profit and loss by location report

When you've set up your bank accounts as locations, and assigned a bank account to each of your transactions, the profit and loss by location report creates a report that lists each bank account separately

  1. Go to Reports (Take me there).
  2. Select Standard.
  3. Select the Find report by name Dropdown arrow icon. dropdown, then select Profit and Loss by Location. If you applied a different label to the field, select Profit and Loss by that label.
  4. Select the Report period Dropdown arrow icon. dropdown, then select your preferred date range.
  5. The Display columns by Dropdown arrow icon. dropdown shows the label you specified from Step 1. If you didn’t select an option, the name of the field defaults to Locations.
  6. Select Customize, then customize your report.
  7. Select Run report.
  8. (Optional) Select Save customization to save this report. You can access the report later from the Custom Reports tab on the Reports page.

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