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How to Generate a Profit and Loss Report

    generate a profit and loss report

    You can take out monthly, quarterly, semi-annual and annual profit and loss report from QuickBooks. There are many things that you can do with your profit and loss statement or report to get the right information about your company’s finances. The P&L report gives you an overview of your Income Statement; it gives you a summary of all your income and expenses for a particular time period.

    Steps for Generate a Profit and Loss Report in QuickBooks

    Total Time:

    Run your Profit & Loss Report

    πŸ’  Go to the left menu and then click on Reports.
    πŸ’  Now, go to the Search field and type Profit and Loss.
    πŸ’  Now, click on either Profit & Loss or This will help you keep a check on the details of the transactions.

    The Profit & Loss Report or Detail is Available in Three Versions of QuickBooks

    πŸ’  QuickBooks Online Essentials
    πŸ’  QuickBooks Online Plus
    πŸ’  QuickBooks Advanced only.

    For a basic start, choose dollar for your P&L report to keep a check on your transaction details.

    Customize the Profit & Loss Report

    πŸ’  Every business has different requirements in the P&L report. Its customization feature helps you:
    πŸ’  Compare different P&L report with the current one.
    πŸ’  Compare Income and Expenses by vendors and customers by other vendors and customers.
    πŸ’  Add reports on the basis of different locations.
    πŸ’  Customize header and footer reports and titles.
    πŸ’  Display the report in the specific account.

    Comparison of Income and Expense by Vendor or Customer

    Follow the steps for comparing income and expenses by vendors and customers:

    πŸ’  Click on customize in the open P&L Report.
    πŸ’  Now, go to the customized report, click on drop-down (Row/Column)
    πŸ’  In the column drop-down, click on vendors or customers.
    πŸ’  Click on Run report.

    Customize the Header, Footer and Title of the Report

    πŸ’  Click on customize in the open P&L Report.
    πŸ’  Now, in the report panel, click on the drop-down (Header/Footer).
    πŸ’  Click on the header, click on the custom title and then click on the Report Title field.
    πŸ’  Now, clear the checkbox and do appropriately with other headers or footer.
    πŸ’  Now, go to the alignment section, click on the drop-down and keep a check on πŸ’  how header and footer information should be kept aligned.
    πŸ’  Click on Run report.

    Display Specific Accounts

    The profit and loss report, by default, covers income and expenses of all the accounts, but you can filter the report on the basis of account and it will display you those specific accounts only.

    πŸ’  Click on customize in the open P&L Report.
    πŸ’  Click on filter drop-down in the customized report panel.
    πŸ’  Click on the Checkbox – Distribution Account.
    πŸ’  From the drop-down – Distribution Account, click on the display account. This distribution will help you display all the specific accounts that you want to be displayed.
    πŸ’  Now, click on Run Report.

    QuickBooks Assistance:

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