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smeek
Level 1

Is there a way to create a custom P&L to group differently than my COA?

Over the years, we have customized our P&L to support ease of processing and our industries normalized account structure. However, we joined a peer group that wants certain information grouped together for reporting purposes. Is there a way to create a custom report that takes P&L rows and groups/organizes differently than our COA? 

For example, we are a professional services firm. We normally records engineer labor in COGS and then have SGA and Owners comp, grouped below the line. The peer group wants us to report back Owners comp as 1 number and engineer and sales (employees) as a total number. I currently export each month to a spreadsheet that has columns with a "calculator" column in between months. However, anytime a month has a blank field or other aberration, I end up manually adjusting my calculators, or go back and export 2 yrs by month and just grab 1 column.

Would like to automate better where I just select the ten pieces of data I need by organizing from P&L automatically. Thanks in advance?


1 Comment 1
MaryLandT
Moderator

Is there a way to create a custom P&L to group differently than my COA?

I can share some insights on how customizing the Profit and Loss works while managing your bank accounts, smeek.

 

QuickBooks Online doesn't have a way to filter your Profit and Loss report by bank account directly. However, you can use Location tracking feature to get essentially the same information.

 

Before getting started, please know that the Location tracking feature is available only in QuickBooks Online Plus and Advanced.

 

To proceed, you'll need to turn on the location tracking. Here's how:

 

  1. Go to Settings ⚙, then Account and settings.
  2. Proceed to the Advanced tab.
  3. From the Categories section, select Edit ✎ to open the fields.
  4. Turn on Track locations.
  5. Select Save, then Done.

 

Once done, set up locations for bank accounts, assign transactions to locations, and run your Profit and Loss by Location report. Here's an article as your guide through the process: Run a Profit and Loss report by bank account in QuickBooks Online.

 

You can do more with custom reports by checking out this article: Learn specific ways to customize your reports to get awesome insights.

 

Stay in touch with me if you have additional questions about the Profit and Loss report. I'll be right here to guide you.

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