How do I view my monthly business profit and loss



About viewing my monthly profit and loss

The Profit/Loss page shows your income, expenses, and net profit or loss for each business you track in Quicken. This snapshot includes every business transaction for each business, no matter which type of account the transaction is in. Use this information to help gauge the profitability of your businesses.

Business Transactions - To be a business transaction, a transaction must meet one or more of the following criteria: 1) It includes a category associated with a Schedule C tax line item, 2) It includes the Not Sure Business Expense category, 3) It is in an invoices/receivables or bills/payables account, or 4) It includes a business tag.

  • In includes business income you've already recorded as well as the business income that is scheduled but still needs to be recorded. 
  • Out includes business expenses you've already recorded as well as the business expenses that are scheduled but still need to be recorded
  • Profit/Loss reconciles the inflows and outflows, so you can immediately see if you brought in more money for the month or if you spent more than you made. 

The In/Out/Profit/Loss snapshot shows a combination of actual and projected values for the current month by default. You can also see actual values for past months and projected values for future months by clicking the arrows on either side of the date above the snapshot. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled income and expenses that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.


The In/Out/Profit/Loss snapshot shows actual values for past months, a combination of actual and projected values for the current month, and projected values for future months. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled expenses and income that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.


The "big picture" provided by In/Out/Profit Loss is supplemented by other convenient and intuitive tools that provide insight into your business finances:

  • The Business Reminders tab displays future business transactions
  • A business Profit/Loss Details report summarizes every business transaction for each business, no matter which type of account the transaction is in. 
  • A tax deduction section shows tax-deductible expenses that are already associated with the correct tax line item as well as those that still need attention.

 

  1. Click the Business tab.
  2. If necessary, click the Profit/Loss button.
  3. View the In/Out/Profit/Loss snapshot that appears at the top of the page.
    • Which transactions appear in the In/Out/Profit/Loss snapshot?
      This snapshot displays business transactions for each business, no matter which type of account the transaction is in. For example, business transactions can be in a personal banking account, a dedicated business banking account, or both. 


      Notes
      Uncategorized transactions are NOT included in this snapshot.
    • How do I add transactions?
      1.  Enter transactions directly in the register of the account; otherwise, choose Add Reminder to set up a reminder in Quicken.

      2.  Enter information about the transaction. If you need assistance, click the Help icon.

      3.  Click OK.
  4. If you're tracking more than one business in Quicken, select another business in the Show list above the snapshot to view the profit and loss details for it

Notes

  • How is this snapshot different from the Profit/Loss reports?
    • The In/Out/Profit/Loss snapshot in the Business tab gives you an convenient way to view your past income and expenses with a click of a button. The snapshot amounts are based on the transactions you have recorded as well as those you have scheduled, so you can also click a button to get an idea about your future income and expenses. And no matter which time period you're looking at, if your realize you still need to record or schedule a source of income or an expense, you can take care of this right from the snapshot and see the impact right away.
    • The profit and loss reports display your recorded income and expenses for past months. They show your income, expenses, and net profit or loss and can help you justify the profitability of your business to an investor or the bank.

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