The Profit and Loss report, also called the Income Statement or P&L report, summarizes your income and expenses for the year, so you can tell whether you're operating at a profit or loss.

The report shows subtotals for each income or expense account in your Chart of Accounts, and the last line shows your net income (or loss) for the year.

Run the Profit and Loss report

To run the Profit and Loss report:

  1. Select Reports from the left menu.

  2. In the Search field, enter Profit or Profit and Loss.
  3. Select the report to open it.

You can select the Profit and Loss report or you can select the Profit and Loss Detail report to view transaction details.

The Profit and Loss Details report is available in QuickBooks Online Essentials or QuickBooks Online Plus only. If you use EasyStart, you can select the dollar amounts on your Profit and Loss report to view transaction details.

Customize the Profit and Loss report

You can customize your Profit and Loss report to fit your business needs. Customizing the report allows you to:

  • Compare current Profit and Loss reports to a different time period
  • Compare income and expenses by specific customers or suppliers, or by all customers or suppliers
  • Add different locations to the report
  • Customize the title or header and footer for the report
  • Display only specific accounts in the report
Tip: You can't change the order of accounts or columns in the Profit and Loss report, but you can export the report to a Microsoft Excel spreadsheet and make your changes there.

 

Compare current Profit and Loss report to another time period

You can add columns for other time periods to the Profit and Loss report to let you easily compare different time periods.

To add data from different time periods to your Profit and Loss report:

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Rows/Columns item to open the section.

  3. Under Period Comparison, select the checkbox for each period to compare.
    Each period you select appears as a column on your report.
  4. For each period you selected, specify whether to display differences as a $ change or as a % change, or, if you select Year-to-date (YTD), as a % of YTD.
  5. Select Run report.

Columns are added to your Profit and Loss report for each period you selected.

Compare income and expenses by customer or supplier

You can easily compare income and expenses by all customers or suppliers/suppliers, or by those you specify.

Warning The available filters include All and Select All. While similar in name, they are very different.
  • All includes both Specified transactions that use a customer or supplier/supplier's name, and Not Specified transactions that do not use a name but still affect the income or expense account.
  • Select all only includes Specified transactions.

To compare income and expenses for all customers or suppliers/suppliers:

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Rows/Columns item to open the section.

  3. From the Columns drop-down menu, select Customers or Suppliers/Suppliers.
  4. Select Run report.

To compare income and expenses for specific customers or suppliers/suppliers:

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Filter item to open the section.

  3. Select the Customer or Supplier checkbox and select the name of the customer or supplier to view from the drop-down list in the Customer or Supplier field.
  4. Select Run report.

Add different classes or locations or stores to your Profit and Loss report

If you have class or location tracking turned on, you can add different classes or locations to your Profit and Loss report.

To learn how to turn on class or location tracking, see turn on class tracking. Class tracking is only available in QuickBooks Online Plus.

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Rows/Columns item to open the section.

  3. From the Columns drop-down menu, select Classes or Locations.
  4. Select Run report.

Customize your report's title or header or footer 

You can enter a custom title, or customize the header or footer, for your Profit and Loss report.

To customize the title, header, or footer:

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Header/Footer item to open the section.
  3. Under Header, enter the custom title for the report in the Report title field.
  4. Select or clear the checkboxes of the other available Header or Footer options to customize your report.
    You can include or remove the Company name or Report period in the header, and the Date prepared, Time prepared, or Report basis in the footer.
  5. In the Alignment section, specify how the header and footer information should be aligned.
  6. Select Run report.

Display specific accounts

By default, all income and expense accounts are included in the Profit and Loss report, but you can filter the report to display only specific accounts.

To filter the report by a specific account:

  1. In the open Profit and Loss report, select Customize.

  2. In the Customize report panel, select the Filter item to open the section.

  3. Select the Distribution Account checkbox.
  4. Select the accounts to display from the drop-down list in the Distribution Account field. The list includes settings that let you select all of a specific type of account, as well as checkboxes that allow you to select specific accounts to include.
  5. Select Run report.

Save your customized Profit and Loss report

After customizing your Profit and Loss and it looks the way you want it to, you can save the customized report for future viewing or to share with others

To save the custom report:

  1. In the open, customized Profit and Loss report, select the Save Customization button.

  2. In the Custom report name field, enter a descriptive title for the report to save.
  3. Select Save.

The report is saved, and you can open it from the Custom Reports tab at any time.

Share with other account users

You can easily share your customized Profit and Loss report with all other users you’ve invited to your account.

To share with all users:

  1. In the open, customized Profit and Loss report, select the Save Customization button.

  2. .From the Share with drop down menu, select All. 
  3. Select Save.

Share with specific people

The best way to share your customized Profit and Loss report with specific people without inviting them to your account is to email it to them.

To email the report:

  1. In the open, customized Profit and Loss report, select the email envelope icon.
  2. In the Print, email, or save as PDF window, select Email.
  3. Enter the email addresses you want to send the report to in the To field of the Email Report dialog, and optionally edit the default message in the Body field as necessary.
  4. Select Send.