On behalf of my colleague, let me express my thanks as well, @TheCA. I'm here to provide insights on your follow-up questions.
Running invoice reports by tags in QuickBooks Online (QBO) generates a Profit and loss by tags report. Moreover, deferred revenues don't reflect on this report because they aren't recognized as revenue until they are earned.
Deferred revenues will reflect on the income statement only by the time they are earned, decreasing the liability and increasing the income. If the deferred revenues for the products or services are correctly set up, they will appear in the liabilities account when you run a Balance sheet report.
If you want to check out the billed and recognized amounts, you may browse this article on running a revenue recognition report: Run the Revenue Recognition report.
Additionally, I'm adding these articles to serve as a guide for future customization of your reports, helping you focus on what matters most.
You're always in the QuickBooks Community should you have further questions about deferred revenues or running reports in QBO. Take care.
