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.

  1. Select the Gear icon at the top then Account and Settings (or Company Settings).
  2. Select Advanced from the left navigation menu.
  3. In the Categories area, select the pencil icon next to Track Locations.
  4. Check the box next to Location tracking.
  5. Choose Save.

To setup a Location for each bank account

  1. Select the Gear icon at the top.
  2. Select Location List.
  3. On the bottom right, choose New.
  4. In the Name: field enter the name of the bank account.
  5. 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

  1. Select Reports from the left menu then Recommended Reports.
  2. Under the Profit and Loss report, select Customize.
  3. On the left, choose Rows/Columns then change the drop down to Locations.
  4. Select Run Report. You should now have a Profit & Loss report separated by the bank accounts.