Right now, running a Statement of Functional Expenses is currently unavailable. However, you can pull up and run the Statement of Cash Flows report in QuickBooks Online.
The report for a nonprofit organization is similar to that of a for-profit business. It reports the organization's change in its cash and cash equivalents during the accounting period. To access this report, see the steps below:
Click Reports in the left panel.
Search for Statement of Cash Flows report in the search box.
The statement of cash flows consists of three sections:
net cash fromoperatingactivities
net cash frominvestingactivities
net cash fromfinancingactivities
Theoperatingsection reports the changes in cash other than those reported in the investing and financing sections.
Theinvestingsection of the statement of cash flows reports the amounts spent to purchase long-term assets such as equipment, vehicles and long-term investments. The investing section also reports the amount received from the sale of long-term assets.
Thefinancingsection of the statement of cash flows reports the amounts received from borrowings and also any repayments.
For additional insight into the report, I'm adding an article that I recommend:
Is there a Statement of Functional Expenses available in Quickbooks Online?
I just found this thread when searching how to run this report for our annual audit. I am shocked. It is really unacceptable for there to be the option to set up your company as a nonprofit organization, and then not have the option to run a Statement of Functional Expenses report, especially when it it is offered in the desktop version of QB. Isn't the point of moving to QBO to increase efficiency and functionality? And yet, less reporting capabilities are offered in QBO than the outdated QB desktop products. I have been severely disappointed in QBO and this new revelation has me considering switching back to desktop.