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February 27, 2020
Question

Can you design a report to show income before income tax expense, tax expense and net income after tax?

  • February 27, 2020
  • 1 reply
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1 reply

AddieC
February 27, 2020

Hi there, 

 

QuickBooks Online comes stocked with tons of awesome reports that can help you make sense of your business finances. If you're looking for a report that's going to separate your amount, tax amount, and net amount, you can run the Transaction List by Customer Report. I'll explain why this report works and how you can find it. 

 

In order to see the total amount, as well as the total for taxes, and net amount, you'll need to review the Transaction List by Customer report. This report is the best way to see each of these amounts separated, displaying the effect on the A/R account, rather than the income amount. Since taxes aren't considered income for your business, this report will help you distinguish which portion of your transaction is associated with taxes, and which portion is associated with sales. 

 

Otherwise, I recommend reviewing the Profit and Loss report. This report is good if you'd like to see the total income for your business, minus the taxes. Again, it's essential that you're not counting taxes as income. 

 

To find these reports, click the Reports tab on the left navigation menu, then use the search bar to locate the report of your choosing. 

 

Here's more information about how to customize your reports so you can see the full picture of what you're looking for: Customize reports in QuickBooks Online.

 

If you have any other questions, or if you need any additional assistance, please reach out to our tech support team


Cheers.