How to include opening and closing stock in profit and loss quickbook online?
I have some information about the opening and closing stock in Profit and Loss, @bellebeier.
QuickBooks uses a perpetual inventory system. Manual or periodic inventory accounting has an opening and closing stock written as a description in the Profit & Loss report. This is to show the calculation to derive the Cost of Goods Sold for the period.
To get the opening inventory value, you can run the Balance Sheet report dated at the start of the period. Likewise, if we set the date of the report to the end of the period, that shows our closing stock value.
Go to the Reports menu.
Under Business Review, select the Balance Sheet report.
Set the date to the beginning period. Then, change it to the ending period.
You can check out this article to see the complete list of available reports for your QuickBooks Online version: Reports.
You can also export them to Excel to help give you the flexibility to use them. Simply click the Export icon and select Export to Excel.
If you have any further questions about running reports, I'm always here to help you. Have a great day.