Running a Profit & Loss Statement in QuickBooks Online

This SOP outlines the steps to run a profit and loss statement in QuickBooks Online and how to drill down into account balances for detailed transaction views.

1. Accessing the Report Center 0:25

• Navigate to the Report Center on the left side of the QuickBooks Online interface.

• Click on 'Reports' to access the reporting options.

2. Finding the Profit and Loss Statement 0:35

• If you have bookmarked the Profit and Loss statement, click on it directly.

• Alternatively, find it under 'Business Overview' at the bottom of the Reports section.

• You can also use the report search feature by typing 'profit' to locate the Profit and Loss statement.

3. Setting the Reporting Period 1:09

• Change the reporting period to one that contains relevant data for analysis.

4. Viewing the Profit and Loss Statement 1:21

• Review the standard Profit and Loss statement which displays all accounts with balances.

5. Compacting the View (Optional) 1:36

• Use the dropdown tool next to 'Compact' to collapse all accounts for a quick overview.

6. Expanding the View 1:49

• Expand the view again to see detailed account balances.

7. Drilling Down into an Account Balance 1:59

• Identify an account balance you want to investigate (e.g., design income).

• Hover over the amount to see it underlined, indicating it is a hyperlink.

8. Accessing Detailed Transactions 2:28

• Click on the underlined amount to view the detailed transactions that make up that balance.

9. Navigating to Transaction Details 3:00

• Click on any underlined transaction to view its details (e.g., invoice).

10. Returning to the Report 3:24

• To return to the detailed report, click the 'X' to exit the transaction view.

11. Going Back to the Summary Report 3:32

• Click on the 'Back to Summary Report' hyperlink at the top left to return to the Profit and Loss summary.

• Ensure you are logged into the correct QuickBooks Online account before starting.

• Double-check the reporting period to ensure it contains the necessary data for analysis.

• Bookmark frequently used reports for quicker access in the future.

• Use the report search feature to save time when looking for specific reports.