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SGE-AAE
Level 1
posted
‎April 20, 2022 02:55 AM
last updated ‎April 20, 2022 2:55 AM

The best way to segregate the P&L

We are a service company in the events Management Industry.

 

The company was founded in 2019, and installed Quickbooks Essentials and Quickbooks Standard Payroll to meet its initial reporting and compliance requirements.

 

The company has gone from strength to strength, despite Brexit and the Covid pandemic and is now looking at upgrading its reporting requirements and has appointed a new CFO who wants to put in place the correct reporting requirements for the business going forward to ensure that management information regards the performance of the business is robust for the future, especially the exit strategy of the shareholders.

 

We want to set up the following reporting in Quickbooks. Normally I would set up cost centres or departments in the nominal ledger, and capture the data that way, however as i have never used quickbooks before i have discovered that cost centres and departments mean different things in quickbooks and only cover certain types of transactions, not all!

 

We want to report on the basis attached:

 

The advice received in initially from Quickbooks was to use Tag Groups and Tags, and upgrade to Advanced Payroll, however we have since been told that the initial advice from Quickbooks was incorrect & that Tag Groups and Tags are not available on advanced payroll, nor can journal postings accept tags during the postings.

 

As i have never used Quickbooks before, i am looking for advice as to how to utilise Quickbooks to be able to report on the business going forward. i attach a file which hopefully explains what i am looking to do.

 

Before i commit to upgrading to a different Quickbooks package, i just need someone, to point me in the right direction regards which "functions" are available on the different quickbook packages to allow me to capture the data in the required format to enable the above/attached to be generated, either through excel of via quickbooks reports. 

 

I believe the way forward might be to use the locations function but having already wasted valuable time on a dead end, getting input from my experienced peers seems the right way forward. 

 

Thanks 

Thanks  

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2 Comments 2
Fiat Lux - ASIA
Level 15
‎April 20, 2022 03:40 AM

The best way to segregate the P&L

Upgrade your QBO plan from Essentials to Plus and utilize the Class Tracking feature

https://quickbooks.intuit.com/learn-support/global/class-list/run-reports-by-class/01/381560

 

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Charies_M
Moderator
Moderator
‎April 20, 2022 05:35 AM

The best way to segregate the P&L

I'm glad you reach the Community for this inquiry, SGE-AAE

 

The report you're looking for can be achieved in the QuickBooks Online Plus and utilize the Class Tracking feature. This version of QuickBooks allows you to utilise the system to show the information you want to include in your Profit and Loss. As Fiat Lux - Asia suggested, you'll want to consider upgrading your QBO Plus.

Here's how you can upgrade your QBO subscription:

 

  1. Click the Gear icon on the top menu.
  2. Choose Account and Settings.
  3. Choose Billing & Subscription menu.
  4. In the QuickBooks Online section, click Upgrade. If you don't see it, you’re already using the plan with the most features.
  5. Choose the plan you want, and click Upgrade.
  6. Confirm your payment information and click Save.

For more details about understanding your subscription rate, you can check out this article: Understanding your subscription rate.

 

Learn more about these products with the following article: Compare QuickBooks Online Plans

 

This article is an extra reference if you want to see more details about your account: Manage Billing, Payment, and Subscription info in QuickBooks Online.

 

You might also want to visit our QuickBooks Online learning guides for tutorials and webinars about the product.

 

Don't hesitate to give us another visit in the Community if you have more questions about QuickBooks. 

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