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Profit and Loss by Class

How to Create a Profit and Loss Report by Class in QuickBooks Online

If you use QuickBooks Online classes to track departments, programs, locations, or business lines, a Profit and Loss by Class report is one of the most useful views you can build. Here's how to set it up in the new modern view.

New to QuickBooks Online's modern view? See how it compares to the classic view.

Steps

  1. Turn on class tracking (if you haven't already)

    Go to Settings (gear icon) > Account and settings > Advanced. In the Categories section, toggle on "Track classes" and click Save. This is required before Class shows up as a column option.

    QuickBooks Online Advanced settings with Track classes enabled
  2. Open the Profit and Loss report

    Go to Reports and select "Profit and Loss" to open the standard report.

    QuickBooks Online Reports menu with Profit and Loss report selected
  3. Set your reporting period

    Choose the date range you want the class breakdown to cover.

    QuickBooks Online date range selector
  4. Set the report to display columns by Class

    Open the "Display columns by" dropdown at the top of the report and choose Class. The report will now show one column per class, plus a "Not specified" column for transactions without a class assigned.

    QuickBooks Online report toolbar with Display columns by set to Class
  5. Review the Not specified column

    The report updates automatically. Check the "Not specified" column closely. A large balance there usually means transactions are missing a class and need to be cleaned up for the report to be reliable.

    Profit and Loss report in QuickBooks Online with a Not specified class column

See also

Drill down on a P&L by Class in Retriever

Frequently asked questions

What is the difference between class and location tracking?

Classes are typically used for departments, programs, or business lines, while locations track physical or regional business units. Both are optional Plus/Advanced features and both can be used as a report column grouping.

Can I set a default class for new transactions?

Yes. In Account and settings > Advanced > Categories, turn on "Warn me when a transaction isn't assigned a class." QuickBooks will then prompt you whenever a class is missing, which helps keep the "Not specified" column empty on future reports.

Is class tracking available on QuickBooks Online Simple Start or Essentials?

No, class and location tracking require QuickBooks Online Plus or Advanced. If you're on Simple Start or Essentials, you'd need to upgrade to use this report.

Tired of rebuilding reports? Need more customization?

Retriever pulls QuickBooks Online reports like this one into Google Sheets on a schedule. They refresh on their own, and once the data is in Sheets you can pivot, chart, and customize it far beyond QuickBooks' fixed report layouts.

See how Retriever works

Related report guides

Profit and Loss by MonthProfit and Loss by CustomerProfit and Loss by QuarterProfit and Loss Comparison (Year-over-Year)Profit and Loss Comparison (Month-over-Month)Profit and Loss Comparison (Quarter-over-Quarter)Profit and Loss Comparison (Year-to-Date)Profit and Loss Detail (Detail View)Profit and Loss by LocationClassic vs Modern View Reporting

Questions about this report? Reach out at aubrey@retrieverhq.com.