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H
hanaya
January 10, 2019
Question

I need to know the profit or loss for each product I sell. I entered the cost and the sales price for each product

  • January 10, 2019
  • 1 reply
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1 reply

MichaelDL
MichaelDL
January 10, 2019

Ask and you shall receive, @hanaya.

 

While there isn't a directly relevant version of the Profit and Loss report for individual Products and Services, you can compare a couple different statements to get the information you're seeking. See the steps below to get started:

 

The Profit - Sales by Product/Service Detail

  1. From QuickBooks Online, navigate to the Reports tab.
  2. Type Sales in the search bar and select Sales by Product/Service Detail from the pane below.
  3. Set the Report period to the date range you need to know the profit for, and click Run report.

 

The Loss - Purchases by Product/Services Detail

  1. From QuickBooks Online, navigate to the Reports tab.
  2. Type Purchases in the search bar and select Purchases by Product/Services Detail from the pane below.
  3. Set the Report period to the date range you need to know the loss for, and click Run report.

By comparing the information in these reports, you can get the profit and loss from each individual item you sell. I'm including a quick video example below in which I compare these numbers for last year:

 

You can also check out this guide on customized inventory reporting for more information. Please keep me posted here on all of your QuickBooks needs, I want to ensure your success. Thanks for coming to the Community and take care.

H
HWConstruction
April 3, 2020

Is there any way to get these on the same report so it can give us the profitability of each item automatically? Comparing these two reports on a regular basis will be quite time consuming. I am hoping we can get something similar to the item profitability report in Quickbooks desktop.

Rejeil_O
Rejeil_O
April 3, 2020

Thank you for posting in Community @HWConstruction,
 

For now, QuickBooks Online doesn't have an item profitability report. Rest assured, I'll be forwarding this concern to our QuickBooks Product team.
 

Still, you can use the steps which MichaelDL provided as a workaround. You can memorize the report to pull it up easily.
 

Also, you can visit our QuickBooks Blog to check the latest product updates.
 

If you need further assistance, please don't hesitate to drop a message in the comment section. I'm always here to help. Have a great day!

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