---
title: How to Run a Profit & Loss Report in QuickBooks Online
description: This training guide provides instructions on generating and analyzing a Profit and Loss (P&L) report in QuickBooks Online.
---
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# How to Run a Profit & Loss Report in QuickBooks Online
## This training guide provides instructions on generating and analyzing a Profit and Loss (P&L) report in QuickBooks Online.
---
**Training Guide**: Running a P&L Report in QuickBooks Online
**Objective:**
This guide instructs users on generating a Profit and Loss (P&L) report, also known as an income statement, in QuickBooks Online.
**Tools Required:**
Access to QuickBooks Online with a company account.
**Procedure**:
**1. Accessing the P&L Report:**
- Start by logging into QuickBooks Online. Navigate to the 'Reports' section. In QuickBooks, the P&L report is usually favorited automatically, so it should be easily accessible.
**2. Understanding the P&L Report:**
- The P&L report shows your business's financial performance, including revenue, expenses, and net profit. It's a crucial report for business owners to review regularly.
**3. Running the Report:**
- Click on the 'Profit and Loss' report.
- From here you can view the report by month, by year, by quarter, etc.
- You can also break down a yearly view into months. See the below video example:
-
**4. Analyzing Sales Categories:**
- The report will display various sales categories set up for your business. For example, if you're an interior designer, you might see earnings categorized under 'Design Fees'.
**5. Income and Cost of Goods Sold (COGS):**
- At the top of the report, you'll find 'Income'. Below that, 'Cost of Goods Sold' will be listed, including payroll, materials, furniture, and other products bought and sold.
**6. Reviewing General Expenses:**
- General expenses, which are the costs incurred to run your business, are listed after COGS.
**7. Understanding Profit:**
- The report will show your total income, COGS, and general expenses. It will calculate your gross profit and net operating income (or net profit), your earnings after all expenses.
**8. Advanced Analysis - Percentages:**
- For a more detailed analysis, use the 'Compare to another period' feature, if available in your QuickBooks version. Select 'Percentage of Income' and run the report to see a breakdown of where your money comes from and how it's being spent.
**Conclusion:**
This guide provides a basic overview of how to pull a P&L report in QuickBooks Online. It's a fundamental skill for business owners to understand their financial performance. For more detailed analysis, exploring the percentage breakdowns can offer deeper insights into your business's financial health.
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