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Best answer March 13, 2023
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I'm here to clear things out for you, Ruth_Arize.
When setting up your company, the system automatically enters default accounts depending on your business entity. Others are created when specific actions are taken or features are turned on in the settings.
I understand that there are certain expenses, such as rent and utilities, that are necessary but not directly tied to the product/services you offer. Usually, they'll fall under Selling, General, and Administrative (SG&A) costs and are reported on the profit and loss statement. For this one, you'll have to set it up manually. Here's how to do it:
- Go to the Accounting menu.
- Select Chart of Accounts, then click the + New button.
- Set Expenses or Other Expenses as the account type.
- Select the appropriate detail from the Tax form section. If you're unsure what to choose, please consult your accountant.
- Enter the name and hit Save and Close.
After that, use this category when entering your expense transactions. Finally, I recommend reading these articles to ensure that you'll get the most out of QuickBooks Online's reporting capabilities:
Keep me posted on how things turn out or if you have any other product concerns, Ruth_Arize. I'll make sure you're all set. Have a good one!
I can think of several reasons why you're unable to see the Selling, General, and Administrative (SG&A) expense line on your Profit and Loss report, Ruth.
I'll share it with you along with some tips so you can keep the account in order.
SG&A expense appears in the expenses section of the company's income statement. Please make sure the mapping is correct when adding the account so it will show on your P&L report.
Ensure to select Expenses as the detail type of the SG&A account and that there are transactions associated with it. See the screenshots below for reference:
If the setup is correct but you're still getting the same result, I suggest reviewing the report filters. Here's how:
- Go to the Reports menu and open the Profit and Loss report.
- Go to each filter and select the right one.
- More importantly, select the correct Report period and Accounting method.
- Click on Run report once done.
Here's an extra guide you can read in case you want to make additional edits to the report content: Customize reports in QuickBooks Online.
You can also memorize the report so QBO will save the current personalization settings.
There you go! Feel free to keep in touch so we can assist you further regarding reports, banking, or QuickBNooks in general. Have a good one and take care!
I'm here to clear things out for you, Ruth_Arize.
When setting up your company, the system automatically enters default accounts depending on your business entity. Others are created when specific actions are taken or features are turned on in the settings.
I understand that there are certain expenses, such as rent and utilities, that are necessary but not directly tied to the product/services you offer. Usually, they'll fall under Selling, General, and Administrative (SG&A) costs and are reported on the profit and loss statement. For this one, you'll have to set it up manually. Here's how to do it:
- Go to the Accounting menu.
- Select Chart of Accounts, then click the + New button.
- Set Expenses or Other Expenses as the account type.
- Select the appropriate detail from the Tax form section. If you're unsure what to choose, please consult your accountant.
- Enter the name and hit Save and Close.
After that, use this category when entering your expense transactions. Finally, I recommend reading these articles to ensure that you'll get the most out of QuickBooks Online's reporting capabilities:
Keep me posted on how things turn out or if you have any other product concerns, Ruth_Arize. I'll make sure you're all set. Have a good one!
