QuickBooks Online doesn't have the ability to break down a Profit & Loss report by the bank account. The reason is because Profit & Loss reports are driven by income and expense accounts not by balance sheet accounts, which a bank account falls under.
As a workaround, you can use the Location Tracking feature to setup a location for each bank account then assign a location (bank account) to each transaction you enter. The feature will then provide a Profit & Loss by Location (bank account) report.
To turn on Location tracking
Note: The Location tracking feature is available only in QBO Plus.
- Select the Gear icon at the top then Account and Settings (or Company Settings).
- Select Advanced from the left navigation menu.
- In the Categories area, select the pencil icon next to Track Locations.
- Check the box next to Location tracking.
- Choose Save.
To setup a Location for each bank account
- Select the Gear icon at the top.
- Select Location List.
- On the bottom right, choose New.
- In the Name: field enter the name of the bank account.
- Select Save.
Once the location tracking feature is turned on and the bank accounts are setup as locations, you will see the Location: field at the top right with a drop down menu that lists each bank account when you go to a transaction. Make sure to apply a location (bank account) to each transaction you create. Make sure to also edit any existing transactions then assign a location (bank account) so that the reporting is accurate.
Note: Payments are automatically assigned to the location that was given to the invoice when it was entered. Also, locations cannot be specified on transfers.
To run a Profit & Loss report by Location
- Select Reports from the left menu then Recommended Reports.
- Under the Profit and Loss report, select Customize.
- On the left, choose Rows/Columns then change the drop down to Locations.
- Select Run Report. You should now have a Profit & Loss report separated by the bank accounts.