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Reports

I need a report that shows product sales along with product cost so that I can see profit or loss for each product.

See attached screenshot sample report. You can generate this report directly from QuickBooks Online Plus with some customizations.

If this is the type of report, you are looking for, you will need to take the following steps:

From the home page screen > go to blue navigation bar on the left > select reports > go to report search (small magnifying glass) and type “Profit and Loss” (yes, regular profit and loss report)

Run Profit and Loss Report > change transaction date as needed

Choose “Customize” button

Accounting Method = Accrual

Columns under Rows/Columns heading > select Product and Services from the drop down list (default = Total Only)

Under “Add Subcolumns for Comparison” > choose checkbox “% of Row” (optional)

Run Report (blue button)

This will be the first run of Product P&L. You will get raw Profit and Loss by Products in standard P&L format. You will need to do further customizations depending upon your requirements.

Additional Customization Tips: example want report at gross profit level only

Go to “Lists” heading > choose “Distribution Account” > From the drop-down list choose “select multiples” > Add “all income accounts” and “all costs of goods sold accounts” from the list (or choose your preference accounts) > click OK

Optional:

Go to “Lists” heading > choose “Product/Service” > From the drop-down list choose “select multiples” > choose specific products from the list as needed > click OK

Run Report

Sample report is based on the above customizations.

If you are a Cost Accountant or with costing accounting knowledge, you can even take it another level and run the fully blown Product P&L with applied overhead (O/H) burden.

Product P&L