 QuickBooks Online 2024 Comparative Profit and Loss P&L or Income Statement. Get ready and clear your mind because we don't overanalyze. We Intuit with Intuits. QuickBooks Online 2024 Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks selecting the United States version of the software and verifying that we're not a robot. Opening up our major financial statement reports like we do every time. Reports on the left hand side. We're in the favorites. Right clicking on that balance sheet. Open link in new tab. Right click on the profit and loss otherwise known as the income statement. Our point of focus in this presentation. Open the link in a new tab. Let's close this first tab. We don't need that. Back to the middle tab. Closing up the hamburger. We're going to change that range. Bringing it back to 2023. 010123 tab. 123123 tab. Run it to refresh it. Let's tab to the right and close up the hamburger and then change that range once again. Back in time. We're going back in time people. 010123 tab. 123123 tab. Run it to refresh it. There's our profit and loss otherwise known as the income statement sometimes abbreviated as the P&L report. We looked at last time the general comparison of the balance sheet income statement and the profit and loss general report as it is here. Like with the balance sheet now we could run multiple different formats of the profit and loss report. Remember that in future presentations as well we went through a lot of the formatting tools up top. We won't go through all of the different customization and formatting tools again because most of them will be very similar from report to report. However, we do want to point out that there's that difference between whether a report is a point in time report as the balance sheet is. Meaning it has one date being reported here compared to a report that has a range of time such as the profit and loss report that is reporting activity or performance over that time range. So now we're when we do these comparative reports for example you're going to notice some differences in that time range report versus the point in time report. Okay so if we did some comparative reports we can do a similar process as we did with the balance sheet we might say I want to compare or just see multiple periods. We might not call this a comparative report because that would indicate that we're subtracting out columns having two periods that we're comparing. Instead we're going to run the report by month or by a quarter. So that's the drop down here if I run it by month then I can say run and there we have it. So now it's broken out by month and if I go to the right of it it gets us this total column which isn't done on the balance sheet. That's one of the differences. If I go to the balance sheet and I was to say show me this by months then it's just going to give you 12 months no total. Why no total because the months are as of a point in time as of the end of the month. It makes sense to total up all the months on the balance sheet does make sense on the income statement because the income statement is basically like showing us how far we drove. This is my analogy you drive in your car and see how far you can go in a day or something like that. And then when you drive it the next day to compare to the last day you either reset the odometer or kind of count from that point going forward. That's what's happening with the profit and loss. We can give how far we went in this analogy on each of the months and we can total them up and see how far we went in the entire year would be the general the general idea. So we can also do that then by day we can do it by week we can do it by month we can do it by quarter quarters is quite common. So now we have the income they didn't have any data for the first two quarters and but we and we don't have much data in the third quarter. But we can compare the quarters so we can look at them at least side by side. Also note when we do these types of reports QuickBooks defaults to have the oldest period first reading like a book from left to right oldest to newest. And that's fine although sometimes you will see reports as we'll see shortly in the comparative reports where they put the current month first. That makes sense to some degree because the current month is the most important month generally because it's the one closest to us. If I could do it by year if I did it by year then it doesn't change anything here what puts a total on it but we would have to change the year to go back to two thousand twenty two right. If I went to the last two years there's nothing in twenty two but now you have the range expanding between the two years and then I can do it year by year. Let's bring it back up to two thousand twenty three and then we have the customers. Now this isn't this is kind of strange. They have it in the display columns area which you kind of think of as like timeframes but this is by customer. So if I run it by customer then I get the customers up top. This will be useful if you're using something like a job cost type of system. You might run a report like this so you can see the information that's happening on a customer by customer type of basis. We might touch on that a little bit here but a job cost system is a thing in and of itself. So we might have a specialty section or course on job cost systems in particular. You can do a similar thing by vendor which means that it has the vendors up top and it's breaking out the income and expenses by vendor. When you think about vendors most likely.