Manage Suppliers and Expenses
Thanks for providing the screenshot, info-hikokistore.
I'm here to give details about the profit and loss report in QuickBooks Online.
When creating a purchase order in QuickBooks Online, you have the option to choose either the category details or the item details. The category details are used mainly to classify the transaction base on how the account is categorized as expense type or non-expense type. On the other hand, you can use the Item details if you purchase inventory items by quantity and unit price.
As I've checked on your screenshot, you've used the Inventory Shrinkage which is part of the Cost of Goods Sold. This is the reason why there's no transaction appear in the expense area on the profit and loss report. You can change the category if you want this transaction to show in the expense section. If you're not sure on which account to use, I'd suggest reaching out to your accountant for proper selection of expense account. I'll show you how to change the category.
- From the Profit and Loss report screen, click the Amount link.
- Select the Expense transaction you've created.
- From the Category dropdown, choose the expense account.
- Once done, hit Save and close.
Then, you can run the profit and loss report again to see if the transaction is already on the correct expense account.
In addition, check out this material if you want to use the report outside QuickBooks: Export your reports to Excel from QuickBooks Online.
You can comment below if you need further assistance with the profit and loss report or the purchase order. I'm always here to lend a hand.
