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jason-ankenylawc
February 6, 2021
Question

How can I show on the profit and lost report on the income the USD and the CAD balances separately?

  • February 6, 2021
  • 1 reply
  • 0 views
My boss is asking this for tax purpose

1 reply

JenoP
JenoP
February 6, 2021

Hi there, jason-ankenylawc.

 

QuickBooks Online reports the all foreign currency to home currency amounts, and automatically reflect exchange rate changes. For now, there's no option to customize the Profit and Loss report. 

 

You'll want to export the report to Excel. Then, add a column for Canadian currency from there. Just click the Export icon in the right-hand corner of the title of the report. Let me also share these articles for more details about running reports in QBO:

 

 

Please don't hesitate to reach out to us again if you need more help with QuickBooks. 

H
Hammed
May 31, 2023

Hi , 

 

Please am having similar challenge, can you assist with the guide?

 

 

KlentB
KlentB
May 31, 2023

Certainly, Hammed! I'd be happy to assist you with pulling the data and guide you through the process step by step.

 

Please know that QuickBooks Online consolidates all income and expenses into your home currency. Therefore, the Profit and Loss report doesn't provide a separate breakdown of income and expenses in different currencies. 

 

However, we can still obtain the information you need by customizing and exporting the financial statement. To get started, let's add additional columns such as the currency, exchange rate, and foreign amount. They provide the necessary details and help us gain better insights. Here's how:

 

 

  1. Go to the Reports menu.
  2. Under Business overview, choose Profit and Loss Detail.
  3. Click the Customize button.
  4. Set the appropriate reporting period and accounting method.
  5. Under Rows/Columns, click the Change columns link.
  6. Tick the Currency, Exchange Rate, Foreign Tax Amount, Foreign Net Amount, and Foreign Amount checkboxes.
  7. Tap Run report, then click the Export icon.

 

 

After that, open the file and manually sort the content and add a row/column with the converted income/expense totals.

 

Lastly, here are some articles that you can read to learn how to format the layout of your reports and save its customization settings:

 

 

Feel welcome to tag me in your comments and posts if you need a hand in managing your records and lists. I'll always have your back!

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