Can the profit and loss report template be adjusted?

Hello there, Richard. We'll provide details to help you modify the template of your Profit and Loss report inside QuickBooks Online (QBO).

In QBO, you can modify the report and add columns for the previous period, filter to show specific data or edit the header or footer of the report. However, the option to create adjustments to the template and rearrange the data is unavailable.

To get through this, you can export the Profit and Loss reports and then edit them manually outside the program to achieve the desired result. We'll write down the steps to get you going:

1. Access your QuickBooks Online company.
2. On the left navigational bar, click the Reports tab.
3. Search for and select the report you want to export.
4. At the top of the report, select the Export icon and click Export to Excel.
5. Save the file somewhere you can easily find, like your Downloads folder or your desktop.

Refer to this page for more details: Export your reports to Excel from QuickBooks Online.

Furthermore, here are some articles to help you personalize a report, and keep the current setting for future use:

• Customize reports in QuickBooks Online
• Memorize reports in QuickBooks Online

The Community team encourages you to comment below if you require further assistance handling financial reports or other tasks inside QuickBooks. Feel free to visit us anytime so we can respond right away. Stay safe.

Hello there, thanks for your reply, but I still have some questions.

The Profit and Loss statement of Durbl was provided by another salesperson before, and it was also exported from QBO. Is the current Profit and Loss statement rearranged?

Since the Profit and Loss statement template cannot be adjusted and rearranged, except for editing them manually outside the program, I want to know if I can modify the type of Amazon fee and Shopify fee or other methods, so that I can achieve the results I need?

Thank you, looking forward to receiving your reply as soon as possible. Best regards.

Hello there, thanks for your reply, but I still have some questions.

The Profit and Loss statement of Durbl was provided by another salesperson before, and it was also exported from QBO. Is the current Profit and Loss statement rearranged?

Since the Profit and Loss statement template cannot be adjusted and rearranged, except for editing them manually outside the program, I want to know if I can modify the type of Amazon fee and Shopify fee or other methods, so that I can achieve the results I need?

Thank you. Best regards.

@Richardzheng  Gross Profit is, simply, Income less Cost of Goods Sold.

With that in mind, if your prior P&L showed the Amazon and Shopify fees being deducted along with Cost of Goods Sold, that almost certainly means that Amazon and Shopify's fees were classed as Cost of Goods Sold accounts.

@Richardzheng  Sorry, I did not realize that you included an image with your post.

Anyway, having looked at your P&L attachment, that's absolutely what happened. I don't see Shopify on the second P&L, but Amazon Fees were reclassed as Advertising expense instead of a Cost of Goods Sold account.

If you want it to go back to the way it was originally, just reclass Amazon and Shopify as Cost of Goods Sold accounts. I assume those are some variety of merchant fee for you, as opposed to ad space you are buying.

If they actually are ad space, they probably do belong as advertising expense, but that's really a question for you or your accountant.

Hello, @Richard.

I'm here to offer some clarity on adjusting the profit and loss in QuickBooks Online (QBO).

In QuickBooks Online, it is not possible to directly rearrange the ordering of the accounts within the Profit and Loss report. It's important to note that the sorting of the categories is based on your Chart of Accounts.

As suggested by FishingForAnswers, you can change the account type and detail type of the fee categories, such as those from Amazon and Shopify, within QuickBooks Online. This will enable you to match the Profit and Loss report of Durbl.

However, before making any changes, we highly recommend consulting with an accountant to ensure that you receive accurate advice and avoid any potential conflicts in your financial records. Here's how: 

1. Navigate to the Gear icon.
2. Select Chart of accounts.
3. In the search tab, locate the Amazon fee and Shopify fee.
4. Once you find the fees, click the dropdown next to Run report.
5. Choose Edit and make the necessary changes to your Account type and Detail type.
6. Finally, click Save.

Moreover, I'll include this article that can help you create and customize reports to have an overview of how your financial business is running in QBO:

• Run reports in QuickBooks Online
• Customize reports in QuickBooks Online

Let us know if you have further concerns about handling financial reports. I'll be right here to help you every step of the way.

Hello there, thank you for your reply.

According to the adjustment of the Account type and Detail type of Amazon fees and Shopify fees, the P&L report was classed as Cost of Goods Sold accounts as we need.

Now, I have another question. I clicked on the value corresponding to Cost of goods sold, which is the details of Cost of goods sold. Clicking on the details is the specific sale receipt, and there is no Cost of goods sold.

In addition, I confirmed that this product in product&service has not been set for Cost of goods sold. So I want to know what the data of Cost of goods sold for each product/order is composed of, where is it set or based on what calculation?

Thank you, looking forward to receiving your reply as soon as possible. Best regards.

Let me shed some light on how the Cost of Goods Sold (COGS) is calculated in QuickBooks Online (QBO), Richard.

In QBO, inventory COGS is only impacted when you sell inventory items through invoices or sales receipts. However, the COGS account itself won't appear on these transactions. Instead, you'll see the inventory items used for the sale. For further guidance on managing COGS, I suggest consulting with your accountant. If you're not associated with one, consider visiting our ProAdvisor page to find a nearby accounting professional.

Furthermore, calculating COGS involves understanding your business' inventory value, including three key components: the beginning inventory, purchases, and ending inventory. For your convenience, you can use our Cost of Goods Sold Calculator on this website: Cost of Goods Sold Calculator.

To deepen your understanding of COGS and its impact on your financial reports, you can read these articles:

• Understand inventory assets and cost of goods sold tracking
• Impacts of inventory tracking on the Balance Sheet and Profit & Loss reports in QuickBooks Online

Additionally, you might need to adjust your inventory levels in QBO to accurately reflect your actual stock. For a detailed step-by-step guide, I'll share this reference: Adjust inventory quantity on hand in QuickBooks Online.

We're only a few clicks away if you need further clarification about COGS. The Community team is always on the go to offer additional assistance. Wishing you a productive day!