Profit and Loss for only ONE account
Pattid4621
Member Posts: 2
Is there a way to customize the P&L report to only reflect one of my accounts?
I have not been able to do so. Kind of important so any input would be greatly appreciated!
Thank you!
1
Comments
@Pattid4621,
Wave would not be able to present an income statement with just one account. At that point it would not be an income statement. Since each expense account would represent a loss. Meaning, if I had a balance of 5000 in office expenses, that would be represent a loss of 5000 which would not accurately reflect business operations. You can view each account separately under reports/account balances. Drill down and export to pdf or excel. What is the overall end goal with your question?
@Mikeg HI, I think you misunderstood. I have several checking accounts and need to run each P&L separately. Any input is appreciated!
Pattid4621,
To my knowledge Wave would not be able to run an income statement based on the activity of one bank account. There are possible workarounds. They will require some effort on your part. I think the simplest one to implement would be to have an income and expense set up for each account. So for example. let's say you have 2 checking accounts. One ends in 0652 and the other 8525. You could set up the expenses Office-0652 and Office-8525. You would then code transactions accordingly. Run an income statement and export it to excel and then remove all the 0652 accounts so that only the 8525 accounts remain. Another option would be to have multiple businesses. Each would have just one checking account.
The subject has been brought up before with regards to landlords having multiple properties.
I needed the OP suggestion also. I did follow the get around to have multiple businesses.
There is a way to make both methods to work. If Wave can add an ability to 'TAG' a transaction so you can add a filter i.e. Check Account or Savings Account. Then add a filter field on all the report screens. When producing a Profit/Loss report you can select a filter i.e. Check Account or Savings Account and only the relevant transactions will display or be accounted in the reports.
Joe