Profit and Loss Reports

Hi there, Reigel. I'm here to share with you some information about what type of transactions flow through the Profit and Loss (P&L) Standard report.

The P&L report summarizes the total income and expenses of your business at a specific time. This means that all of your income and expense transactions (invoices, sales receipts, bills, checks, credit memo/refund) recorded in QuickBooks Desktop (QBDT) will post to this report.

At this time, you can open the P&L Detail report to see the transactions posted to this report.

1. Open your QBDT file.
2. Go to the Reports tab, then click on Company & Financial.
3. Select Profit and Loss Detail.
4. Filter the dates of the report, then click Refresh.

From there, review each transaction posted to the report. You can then pull up the P&L Standard report to compare their balances. I've added these screenshots for your visual references.

For more tips about running and customizing your QBDT reports, you can open these articles:

• Understand reports
• Customize reports in QuickBooks Desktop

Aside from that, you can also get more resources while handling your customer and vendor transactions through these links:

• Get started with customer transaction workflows in QuickBooks Desktop
• Accounts Payable workflows in QuickBooks Desktop

Please let me know if you have any other questions about the P&L report by adding a comment below. I'm more than happy to provide additional assistance. Wishing you a good one!

@reigel07 

RE: What types of transactions flow through the profit and loss standard report?

All posting transactions that use Income Statement type accounts post to the P&L.

Any transaction that appears on your balance sheet will not appear on the P&L.  These would include loan payments, payments to credit cards and other liability accounts.  Receipts from customers that have been invoiced and are included in Accounts Receivable are not included since both A/R and A/P transaction are posted when the invoice or vendor bill is created.  You can change your default on the report from accrual to cash for timing differences.