Hi there, YDK.
I can share some information about how the Profit and Loss (P&L) report works in QuickBooks Online.
Please take note that when you use an accrual basis for your bookkeeping, you record income when you sell or ship an item. You count expenses when you obtain a purchase. The original transaction and the time money changes hands are separate events for accounting purposes.
If you set your P&L report to an accrual basis, it will show all your income regardless of whether your customers have paid your invoices. Additionally, the date that would reflect on this report is the actual date when you created the invoice.
To ensure that the dates on your financial report reflect your real-life business activities, you'll want to issue the invoice right after you provide the service or sell the product.
Additionally, here some articles that you can read to help streamline the reporting process and get the most out of QuickBooks’ financial reporting capabilities:
Do you have any other questions in mind? Feel free to leave them below and I'll get back to you as soon as I can.
