Also known as an Income Statement
The income statement is referred to as the Profit and Loss Statement in QBO. The P&L is used to determine the financial health of the company. This statement is used to compare a company’s revenue with the expense and calculate a profit, or loss. The income statement is calculated using a specified period of time to show the company’s income and expenses.
This statement will include all of the income that your company received in the given time period. This includes:
The P&L will include all of the expenses that your company incurred in the specified time period. Expenses are separated into numerous categories to help you see how your money is spent. Categories include:
1.Login to QBO
2.Go to the "Reports" tab in QBO
3.Select "Profit and Loss"
4.Choose a time period under the "Report Period" drop down list
5.Click "Run Report"
This report can also be customized further using the green "Customize" button in the top right portion of the screen.