Profit and Loss Report by class

Hi LollyNino-C,

I have followed your instructions to the letter and I'm unable to generate a Profit & Loss by Class report that actually has data in it based on the activity (income/expense) for that class. What am I doing wrong?

Hello there, @Lwcc. I'm here to ensure you can generate a Profit & Loss by Class report showing its data.

Before anything else, please know that the class tracking is only available in QuickBooks Online Plus and Advanced. Once you turn on the feature, you can assign classes to your transactions and pull up the Profit and Loss by Class report. 

I've attached a screenshot for visual reference. 

For the report to display accurate data, it's crucial that the transactions are assigned to a class and that the reporting period is selected accurately. 

Please note that the Profit and Loss report shows income and expenses only, so if the product and services are assigned to a liability account, the transaction will not appear in the report. You'll need to manually correct your product and services account. 

Additionally, you can pull up the Profit and Loss Detail report to see a detailed view of all your income and expenses transactions by class. 

See the attached screenshot for visual reference. 

Furthermore, you can print, email, and export the reports you've pulled up to save them for future reference.

Moreover, I'll add some articles that contain valuable insights and tips that can help you get the most out of the QuickBooks Online class tracking feature: 

• Manage classes in QuickBooks Online
• Track your transactions by class. 

Whenever you need my assistance regarding the profit and loss report and class tracking feature, I'm here to back you up.

Hi ShyMae,

Thank you for providing help in solving my problem.

I have double checked that all the class settings are correct, they are. I also double checked on their account designation, they are all linked to an equity account, not a liability account. I'm still unable to get the report to show any data.

As a backstory, I had recently switched from QB Desktop to QB online and migrated all the data. The classes were setup in the Desktop version and migrated over, not sure if that would make a difference.

Any assistance would be greatly appreciated.

Thank you for the additional information you've provided, @Lwcc.

I am here to provide you with further information about getting a report that shows transactions in your equity account in QuickBooks Online (QBO).

When migrating from QuickBooks Desktop (QBDT) to QBO, the designated classes from QBDT will be transferred as well.

Profit and Loss statement shows a company's income after deducting expenses from income. On the other hand, if you want to review all the transactions in your equity accounts that were assigned by class, you can run a Balance Sheet report.

Here's how:

1. In QuickBooks Online, go to Reports.
2. Enter Balance Sheet on the Find report by name field and click on it.
3. Click Customize to personalize your report.
4. Under the Rows/Columns, make sure to tick the Class.
5. Once done, click on Run report.

Moreover, here's an article to help you keep your current report settings for future use: Memorize reports in QuickBooks Online.

Return to this post if you have other concerns about running a report in QuickBooks Online. I'll be here to lend a hand.

This process only gives me expense data.  I need income.

Thanks for visiting this thread, pamela22. I'm here to assist you with generating a report that accurately displays your income data in QuickBooks Online (QBO).

First, could you please specify which report you attempted to run that only expense data? If you are trying to run a Balance Sheet report,  it's essential to understand that this report focuses solely on liabilities, assets, and equity, and does not include income data.

However, if you were trying to run a Profit and Loss (P&L) report by class tracking, please note that this feature is exclusive to QBO Advanced. Ensure your income transactions are displayed correctly in the P&L report by class. Here's How:

1. Go to the Report menu.
2. Search for Profit and Loss by Class.
   
   
3. Click the Customize tab, then expand the Filter dropdown.
   
   
4. Check the box next to Class, and in Distribution Account, choose All Income Accounts.
5. Finally, click Run report
   
   

Additionally, I recommend reviewing this helpful article on tracking transactions by class for more detailed guidance.

Furthermore, If you would like to save your current customization settings for future reports, consider memorizing your reports as described in this article.

Should you have any further questions regarding your income reports in QBO or need additional assistance, please feel free to ask. I'm here to help!