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Intuit

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. The Profit and Loss report is driven by income and expense accounts, not by Balance Sheet accounts, which bank accounts fall under.

However, you can use the Location tracking feature to provide essentially the same information. To do so, you must have Location tracking turned on.

With Location tracking enabled, you can set up a location for each bank account, and assign one of the location/bank accounts to each transaction you enter, then filter your Profit and Loss report by the location assigned to each bank account.

 

 

 

 

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 Search.
  4. In the Categories section, select the pencil (edit) icon to open the fields for editing.
  5. Select the Track Locations checkbox.
  6. Select Save.
  7. Select Done.

Once Location tracking is turned on, you can set up a location for each of your bank accounts.

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.

To set up locations:

  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.

The location is saved with the bank account name. Repeat these steps for each of the bank accounts you want to track.

Assign bank accounts when entering transactions

Once your banks are set up as locations, each time you open an Income or Expense transaction, the Location field appears on the screen, and you can select the appropriate bank account from the field's drop-down 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.

In addition, you should edit any existing transactions to assign a bank account in the Location field so that your Profit and Loss by Location report is accurate.

Note: You can't specify locations for transfers.

Run a 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.

To run a Profit and Loss by Location report:

  1. Go to Reports.
  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 drop-down list, select Locations.
  6. Select Run report.

Your Profit and Loss report is now separated by the bank accounts identified with each location.

Tip: You can save the customised Profit and Loss report for future reference. In the open, customised Profit and Loss report, select the Save Customisation button. You can then access the report from the Custom Reports tab on the Reports page.

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