My husband and I are opening up a new business and I am setting up my Quickbooks online essentials account. I have put in all of our expenses so far, but many of the expenses are not coming up in the profit-and-loss report. For example: car and truck expense, advertising and marketing, uniforms. They're only a couple of transactions that show up in the profit-and-loss report including legal and professional fees.
Why are some expenses shown and others are not? I know that all of these expenses are deductible expenses so why are they not showing up in my profit-and-loss report?
When all of my information is uploaded to TurboTax at the end of the year, I want everything to show up correctly so we can receive these deductions. Hoping someone can help me thank you!
Allow me to share additional insights about running reports in QuickBooks Online. There are lots of possible reasons why expenses aren't showing up in the Profit and Loss report. That said, there are also a few things we can do to troubleshoot the issue.
First, let's review the report's accounting basis. The difference between cash and accrual basis reporting is how the date is determined for reporting the income or expense.
Next is the report's date. Make sure to set the correct date when opening the report to get the correct information.