![]() Run report: Click this button to apply your changes. We recommend using accrual-basis statements for management purposes, but most small businesses will need to print cash-basis statements for their income tax return.į. ![]() Accrual accounting includes accounts payable (A/P) as expenses and accounts receivable (A/R) as revenue.Ĭash vs Accrual Accounting: A unique feature of QuickBooks is the ability to produce either cash- or accrual-basis financial statements. Accounting method: Choose whether the Profit and Loss Report should be prepared on the cash or accrual basis of accounting. It allows you to analyze how your financials have changed over time by providing a side-by-side comparison.Į. Compare another period: You can compare your P&L report to another period, such as previous year or year-to-date (YTD). If you want to remove zero-value transactions or accounts that don’t contribute to your financial picture, applying this filter can streamline the report and make it easier to analyze.ĭ. You can opt to select rows or columns of all data, only active data, or zero-only data. The default is set to show only rows and columns that have activity during the period. Show nonzero or active only: This setting lets you select which rows or columns to include in your report. You can display subtotals for time periods, customers, vendors, classes, locations, and other categories.Ĭ. Click the drop-down box to choose any subtotal columns you want to display. ![]() Display columns by: By default, the QuickBooks Profit and Loss report displays only one column for the period total. You can either click the drop-down box to choose a predefined period or enter the beginning and end dates for a custom period.ī. Report period: Indicate the period that you want income and expenses to be accumulated. Set up basic options for the QuickBooks Profit and Loss reportĬhoose the following options for your report.Ī. How to Manage Credit Card Sales With a Third-party Credit Card Processor How to Manage Credit Card Sales With QuickBooks Payments How to Reconcile Business Credit Card Accounts How to Manage Downloaded Business Credit Card Transactions How to Enter Business Credit Card Transactions Manually Part 5: Managing Business Credit Card Transactions How to Handle Bounced Checks From Customers How to Transfer Funds Between Bank Accounts How to Manage Downloaded Banking Transactions How to Enter Banking Transactions Manually How to Set Up the Products and Services List ![]() How to Set Up Invoices, Sales Receipts & Estimates How to Customize Invoices, Sales Receipts & Estimates ![]()
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