QuickBooks Online has a built in Reports function that allows a user to create and customize a variety of financial reports. One of those is the Profit and Loss Statement. It is a very straightforward process to create and customize your own Profit and Loss Statement.


Creating A Profit and Loss Statement in Quickbooks;


1. Click ‘Reports’ in the left menu to go to the Report Center.


2. Choose the ‘Business Overview’ heading and choose Profit and Loss from the list of Reports.


3. Scroll to the top of the page and check the available menu options for customization, the reporting period, whether using cash or accrual method, how columns display information (i.e. Totals Only, Detail), and the ability to name and save a customized version of the report.


4. After setting the parameters and options for the report you click on the ‘Run Report” button to generate the Profit and Loss Report.


Customization options are as follows;


General section: Change options like the accounting method, reporting period, and number format.


Rows/Columns section: Choose which rows and columns appear on the report.


Filter section: Select which customers, distribution account, suppliers, accounts, and products appear on the report.


Header/Footer section: Decide what appears in the header and footer.

It is a great feature of QuickBooks Online and one that QBO users should be familiar with. You can really make a great impression on clients and employers by presenting the reports they need in an organized and meaningful way.


Thank You!