How to Generate a Profit and Loss Report

Go to the left menu and then click on Reports.
Now, go to the Search field and type Profit and Loss.
Now, click on either Profit & Loss or This will help you keep a check on the details of the transactions.

QuickBooks Online Essentials
QuickBooks Online Plus
QuickBooks Advanced only.

For a basic start, choose dollar for your P&L report to keep a check on your transaction details.

Every business has different requirements in the P&L report. Its customization feature helps you:
Compare different P&L report with the current one.
Compare Income and Expenses by vendors and customers by other vendors and customers.
Add reports on the basis of different locations.
Customize header and footer reports and titles.
Display the report in the specific account.

Follow the steps for comparing income and expenses by vendors and customers:

Click on customize in the open P&L Report.
Now, go to the customized report, click on drop-down (Row/Column)
In the column drop-down, click on vendors or customers.
Click on Run report.

Click on customize in the open P&L Report.
Now, in the report panel, click on the drop-down (Header/Footer).
Click on the header, click on the custom title and then click on the Report Title field.
Now, clear the checkbox and do appropriately with other headers or footer.
Now, go to the alignment section, click on the drop-down and keep a check on how header and footer information should be kept aligned.
Click on Run report.

The profit and loss report, by default, covers income and expenses of all the accounts, but you can filter the report on the basis of account and it will display you those specific accounts only.

Click on customize in the open P&L Report.
Click on filter drop-down in the customized report panel.
Click on the Checkbox – Distribution Account.
From the drop-down – Distribution Account, click on the display account. This distribution will help you display all the specific accounts that you want to be displayed.
Now, click on Run Report.