In QuickBooks Online, click on Reports in the left-hand navigation menu. You can either scroll through the list under the Business Overview section or type “Profit and Loss” into the search bar at the top. Click on the report name and it will generate using a default date range, usually the current month or quarter.

Once the report loads, adjust the date range to whatever period you need. You can select preset options like This Month, This Quarter, This Year, or Last Year. You can also type in custom start and end dates if you want to see a specific window. Hit Run Report after changing the dates and the numbers will update.

At the top of the report you will see your total income. Below that are your cost of goods sold if applicable, then your gross profit. Further down are your operating expenses broken into categories based on your chart of accounts. At the bottom is your net income, which tells you whether you made or lost money during that time period.

QuickBooks Online lets you customize the report in a few useful ways. Click the Customize button to filter by class, location, or customer if you have those features turned on. You can also switch between cash basis and accrual basis accounting using the dropdown at the top. Cash basis shows income when money hits your account and expenses when they leave. Accrual basis records them when they are earned or incurred regardless of payment timing. Your CPA will have a preference so ask them which one to use.

The Compare feature is worth knowing about. You can compare the current period to the same period last year or to a previous quarter. This makes trends obvious. If your expenses jumped 30% compared to last quarter but revenue stayed flat, you can see that immediately and dig into which categories drove the increase.

One thing to keep in mind is that your P&L report is only as accurate as your bookkeeping. If transactions are uncategorized, sitting in “Ask My Accountant,” or categorized incorrectly, the report will give you misleading numbers. Regularly reconciling your accounts and reviewing categories is what makes the report trustworthy. If you need help getting your QuickBooks Online setup and training right so your reports are meaningful from the start, that step alone can save you a lot of confusion down the road.

Run this report at least monthly. Many business owners only look at their P&L when their accountant asks for it at tax time. By then you are looking at history you cannot change. Monthly review lets you catch problems early, whether that is a category of expenses growing too fast, revenue declining, or margins shrinking. Providers of bookkeeping services in Jacksonville, FL often recommend building a habit of reviewing your P&L on the first of every month alongside your bank reconciliation so you always know where your business stands financially.