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ksjogren
Level 1

Can I create an Inc Stmnt that displays what each class contributes to a line item? (e.g., shows rev or salaries by class and total.)

 
2 Comments 2
Anonymous
Not applicable

Can I create an Inc Stmnt that displays what each class contributes to a line item? (e.g., shows rev or salaries by class and total.)

I can help you with pulling income statement reports in QuickBooks Online (QBO), @ksjogren.

 

Running these types of reports can give us a snapshot of your business's financial health. In this, we can pull up a Profit and Loss by Class Report and customize this to see the following data. Before that, please make sure to turn on the class tracking feature in your QBO company file. 

 

Just a heads up, the following report won’t specifically show each line item on a transaction. Rather, it will display them according to their account. If you want to see the transactions from that account, you can tap this directly from the report to be routed accordingly.

 

Let’s start turning on your class tracking by following the steps below:

 

  1. Click the Gear icon and select Account and Settings.
  2. Tap the Advanced tab and click anywhere in the Categories section.
  3. Toggle on the Track classes. Then, mark checks the Warn Me when a transaction isn’t assigned a class.
  4. Press Save and Done.

 

To pull up your Profit and Loss by Class Report, follow the steps below:

 

  1. Go to the Reports menu and locate Profit and Loss by Class report.
  2. Tap the Customize button to customize the data showing on your report.
  3. Drill down the Filter and mark check the Class and other filters you may need in the report.
  4. Once done, click the Run Report button.

 

Additionally, I've added an article that'll help you customize, also save the current customized setting of the report:

 

 

Feel free to leave a comment if you need further guidelines in managing reports or any QuickBooks-related matters. Have a good one!

RishBR
Level 2

Can I create an Inc Stmnt that displays what each class contributes to a line item? (e.g., shows rev or salaries by class and total.)

Hi @ksjogren ,

 

Rishika here from Better Reports.

 

I think our app Better Reports can show this easily. I have attached a screenshot below of a sample report showing the total expense by class. Similarly, we can also show total revenue by class.

 

Also, there are other built-in reports available like "Balance sheet", "Profit and Loss by Class", "Profit & Loss by Product", "Profit & Loss by Customer", etc. We can create custom reports as well, based on your business requirements.

 

It is also possible to schedule the reports to be sent automatically to your email or google drive at a regular cadence or on the selected date and time.

 

What do you think?

Total expense by class.png

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