Welcome to the Community, Jacob. I've got some information for you about the Profit and Loss report in QuickBooks Online and the data it offers.
In QuickBooks Online, we can customize the Profit and Loss report to show specific Customer, Vendor, Employee, Location, Class, Product/Service, and Distribution Account. Though we can choose specific products/services to show, the option to be able to segregate which are subscription products and which are not is unavailable.
However, I have a workaround you can consider utilizing and I'd be glad to include the process for your reference:
Note: Please be reminded to consult your accountant before doing so for your books to be properly handled as they can provide expert advice from technical accounting perspectives.
To differentiate the income from one-off products and subscription products in QuickBooks and have it reflected on your Profit and Loss (P&L) statement, you can follow these steps:
- Set up separate income accounts: Create two separate income accounts in QuickBooks, one for one-off products and another for subscription products. This will allow you to track the revenue from each category separately.
- Assign income accounts to products: Assign the appropriate income account to each product in your e-commerce site. For one-off products, select the income account you created for one-off products, and for subscription products, select the income account you created for subscription products.
- Record sales transactions: When recording sales transactions in QuickBooks, make sure to select the correct income account based on the type of product being sold. This will ensure that the revenue is allocated to the appropriate income account.
- Generate P&L statement: Once you have recorded all your sales transactions, you can generate a P&L statement in QuickBooks. Customise the report to include the income accounts you created for one-off products and subscription products. This will allow you to see the revenue from each category separately on the P&L statement.
By following these steps, you will be able to easily differentiate the income from one-off products and subscription products in QuickBooks and have it reflected on your P&L statement.
Additionally, I've included an article that you may find helpful in memorizing your customized report so you won't have to report the customization process over again every time you run the same report: Customise reports in QuickBooks Online.
I'm still ready to back you up if you need more help with keeping track of your products and services in QuickBooks Online. I'm just a reply away. Take care.
