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PregentBooks
Jan 12, 2019 12:34 AM UTC
Question

P&L for attorney

How do I run a P&L for an attorney that only includes the operating account and NOT the Iolta activity? In other words - how can I run a P&L on just one bank account when a client has more than one? 

 

6 replies

BettyJaneB
BettyJaneB
Level 9
Jan 12, 2019 3:59 AM UTC

Hi there, @PregentBooks. 

 

Welcome to the Community family. Allow me to share some insight on how you can pull up a report that shows just one account when a client has more than one. 

 

In QuickBooks Desktop, the transactions that will show up on your Profit & Loss report are your income and expenses only. On the other hand, the Balance Sheet report gives you a financial snapshot of your company as of a specific date. It calculates how much your business is worth by subtracting all the money your company owes from everything it owns. The bank account will be found in this report.

 

Let me guide you on how to customize the report for one account only: 

  1. Click on Reports at the top menu bar.
  2. Click on Company and Financial.
  3. Select on Balance Sheet Standard. 
  4. Click on Customized Report.
  5. Select on Filters.
  6. Click on the drop-down arrow under the Account section.
  7. Select on Multiple Accounts.
  8. Select the account that you wanted to be included in the report.
  9. Click on OK.

I've attached some screenshots to outline the steps:

 

Also, you can check out this article about customizing reports in QuickBooks Desktop for your future reference: Customize reports in QuickBooks Desktop.

 

That should do it, @PregentBooks. Please let me know if you have any other questions about this concern. I'll be here to help you out. Happy Weekend!

 

PregentBooks01966
Jan 12, 2019 1:57 PM UTC

Thank you, @BettyJaneBBettyJaneB!

I can see where this would be helpful but I'm not sure it is what my client is looking for.

He would like a profit and loss report - including income and expense activity - for just the operating bank account; not including the separate Iolta bank balances and activity. Is this possible? 

 

 

qbteachmt
qbteachmt
Level 11
Jan 13, 2019 5:46 PM UTC

@qbteachmtTHANK YOU! 

This is very helpful and I think I've decided that bookkeeping for an attorney is above my current skill level - wow! I really appreciate your thorough response. Have a great rest of the weekend!


It's just data flow, as usual, and everything is done using Items, typical to any QB file with Customer Name-related tracking needs. If you want to expand into this market, it's a great method to learn. I even have a set of Memorized Reports as a Group that I have the client import into their QB file. And you know what? Attorneys mostly can afford to Pay, pay a reasonable rate for your services, and pay on time. It's easy to set up and easy to learn and understand these methods. I encourage you to explore it as a consultant to QB users.

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