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Run a Profit and Loss report by bank account in QuickBooks Online

SOLVEDby QuickBooksQuickBooks OnlineUpdated 1 month ago

Learn how to filter the Profit and Loss report by bank account.

QuickBooks Online does not have a way to filter your Profit and Loss report by bank account directly. However, you can use Location tracking to get essentially the same information.

Bank accounts are classified as Balance Sheet accounts. The Profit and Loss report is driven by income and expense accounts, so Balance Sheet accounts don't affect it.

With Location tracking enabled you can set up a location for each bank account. Assign each transaction you enter to one of those location/bank accounts. And filter the Profit and Loss report by location to see each bank account's PL. We show you how to do each of these steps.

Step 1: Turn on Location tracking

Before you can set up locations for your bank accounts, you must turn on the Location tracking feature.

Note: The Location tracking feature is available only in QuickBooks Online Plus.

To turn on Location tracking:

  1. Go to Settings ⚙.
  2. Select Account and settings.
  3. Select Advanced.
  4. In the Categories section, select Edit ✎ to open the fields.
  5. Turn on Track locations.
  6. Select Save, then select Done.

Step 2: Set up locations for bank accounts

Once Location tracking is turned on, you can assign a location to each of your bank accounts for tracking purposes.

  1. Go to Settings ⚙.
  2. Under Lists, choose All Lists.
  3. On the Lists screen, select Locations.
  4. Select New.
  5. In the Location Information dialog, enter the bank account name in the Name field.
  6. Select Save.

Step 3: Assign transactions to locations

Now that your banks are set up, you'll see a Location field dropdown list each time you open an Income or Expense transaction. Choose the location you want from the list.
While you can assign most transactions to locations, you can’t for payments. Payments are automatically assigned to the location you entered on the invoice when you created it. You can't specify locations for transfers.

Step 4: Run your Profit and Loss by Location report

When you have set up your bank accounts as locations, and assigned a bank account to each of your transactions, you can add a Location column to your Profit and Loss report to create a report that lists each bank account separately.

  1. Go to Business overview and select Reports (Take me there).
  2. Locate and select the Profit and Loss report.
  3. In the open Profit and Loss report, select Customise.
  4. In the Customise report panel, select the Rows/Columns item to open the section.
  5. From the Columns dropdown list, select Locations. If you applied a different label to the field, select that label.
  6. Select Run report.

Do you want to save this report?

You can save the customised Profit and Loss report for future reference. In the open customised Profit and Loss report, select Save customisation. You can then access the report from the Custom Reports tab on the Reports (Take me there) page.

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