How to create a profit and loss report for selective accounts from our chart of accounts. Can this be done in new QuickBooks Online?

Let’s say in this example, you want to run profit and loss report for only two specific accounts from the chart of accounts:
Sales of Product Income and Costs of Goods

Yes, you can pull P&L report for those two accounts only in QuickBooks Online. Here’s how to start from the home page screen:

  • Click on the “Reports” link on the left hand side blue navigation bar of your screen
  • When the reports screen loads for you, there should be a “Go to report” search bar for you in the center of that screen
  • Go ahead and type “Profit and Loss” into that search bar
  • At that point, you can select the Profit and Loss report you would like to see. When it loads, you can alter the date range to show just the time range you need that report for
  • Click “Customize” button on the upper left corner
  • Select “Lists” under Customize Profit and Loss
  • Go to “Distribution Account” and choose “Select Multiple”
  • New “Select Accounts to Include in Report” will open
  • Add this point, you just need to choose “Add” button to add accounts
  • In this example, we want to add “Sales of Product Income” account and “Cost of Goods Sold” account from the list which is the Company’s Chart of Accounts
  • Click “OK” button
  • Click “ Run Report” button
  • It will take few seconds to load the revised report
  • Review it and choose Save Customization button if needed to memorize this report.

How to run Profit and Loss Report for selective accounts from Chart of Accounts in QuickBooks Online

Profit and Loss Reports

I need to track revenues and expenses across multiple lines of business. Does QuickBooks Online Plus support profit and cost centers?

You can establish Profit and Cost Centers by enabling Class tracking feature in new QuickBooks Online Plus.

To enable Class tracking feature:

  • From the Home page screen
  • Select the Company Gear (top upper corner)
  • Select Company Settings under Settings header
  • Select Company
  • Select/Double Click to enable “Track Classes On” under Categories
Class Tracking
Class Tracking