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marmanzan77
Level 1
posted
‎February 16, 2022 01:21 PM
last updated ‎February 16, 2022 1:21 PM

Does the Sales reported in Profit and Loss Statement include VAT?

I want to know if Sales Income in Profit and Loss include VAT?
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3 Comments 3
Kevin_C
QuickBooks Team
QuickBooks Team
‎February 16, 2022 03:07 PM

Does the Sales reported in Profit and Loss Statement include VAT?

Thank you for sharing your concern in the Community, @marmanzan77. I'll be sharing some information about the Profit and Loss statement in QuickBooks Online (QBO).

 

In QBO, you can run the Profit and Loss Detail Report to show the VAT amount in your sales income. Let me guide you on how:

 

  1. Go to the Reports menu.
  2. Locate and select the Profit and Loss Detail report.
  3. In the open Profit and Loss report, filter the Report Period.
  4. Select the Customise button, select the Rows/Columns item to open the section.
  5. From the Rows/Columns drop-down, select Change columns.
  6. Put a checkmark on the VAT Code and Tax Amount.
  7. Choose Run report.

 

See the screenshot below for a visual reference:

 

 

Additionally, I'm adding some links that you can check out to learn more about customising and memorising reports in QBO for future reference:

 

 

Please feel free to post again if you have any other QuickBooks questions. Don't hesitate to post a reply below. Have a great day!

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marmanzan77
Level 1
‎February 17, 2022 11:42 AM

Does the Sales reported in Profit and Loss Statement include VAT?

Thanks for your reply to my question. I followed your instructions, however there was no VAT Code and Tax Amount in the Select and Reorder Columns for me to check, only shows: Date, Transaction Type, No........... Balance. Kindly advise/clarify.

Thank you,

MRM

 

 

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Kevin_C
QuickBooks Team
QuickBooks Team
‎February 17, 2022 01:07 PM

Does the Sales reported in Profit and Loss Statement include VAT?

Thanks for getting back here, @marmanzan77. I'm here to clarify a few things for you about showing the VAT on your reports in QuickBooks Online (QBO).

 

The VAT Code and Tax Amount columns will be visible if you've turned on your Sales Tax or done setting up the VAT and if the tax codes are applied on your invoices.

 

I'm adding the screenshots for you to compare with your account:

 

 

Once done, you can now go to the Profit and Loss Detail Report and customise it.

 

 

I've also added this resource that can guide you on how to save your current customization: Memorise report in QuickBooks Online.

 

Additionally, you can use Profit and Loss Comparison Reports to compare your income and expenses for different periods. This shows you how your business is performing over time.

 

As always, I'm available for any help you may need with the reports. You can get back to me by posting your response down below. Have a great day ahead!

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