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Level 1

profit and loss statement .....

....trying to run this statement but I cannot get my labor or travel time attached to it.  Is there a way to do this, I did figure out how to attach my fuel costs but cant seem to get the other two.  Any help will be greatly appreciated.

2 Comments 2

profit and loss statement .....

Thanks for reaching out to the Community, McBmech.


Let me share some details about the Profit and Loss report in QuickBooks Online.


If you have created accounts for labor or travel time, they will show in the Profit and Loss report once there is already a transaction under it. If they aren't showing after creating a transaction, we'll need to check the accounting method for the Profit and Loss report.


For cash method, your report counts income or expenses as though they happened when you got the payment or paid the bill. The accrual report counts income and expenses as if they happened when you sent the invoice or got the bill.


Here's how to change the accounting method:

  1. Click Reports on the left pane.
  2. Enter Profit and Loss in the Go to report search field.
  3. Select Accrual or Cash under the Accounting method section (see screenshot below).
  4. Click Run Report.



These articles will provide you more insights:

Please let me know how this turns out. I'm right here if you need more assistance. Have a lovely day.

Level 15

profit and loss statement .....

Labor and Travel Costs are incurred by Paying for them. This would be Payroll, Checks, Credit Card Charges, Cash for Airfare.


When you are running a business, the entity type determines if there is Payroll cost or not, for you. As a Sole Proprietorship, your time is not a cost to the business. As a partnership or Multi-Member LLC, you also do not have payroll costs. Only a Corporate structure would include payroll for you.


You might be charging customers for your travel and work time, which is why and how you get Gross Revenue. This is your Income. That is your Sales. There is not always an associated Cost, just because there are Sales.


And you should confirm with your own CPA if "gas" is a business expense for you. If that is a personal vehicle, or mixed use, you typically take Mileage, as an allowance, not Actual Gas costs.

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