The Profit & Loss Statement combines income and expense data to reveal whether the business is operating on a profit or a loss. QuickBooks allows you to break down the information to analyze just your income or just your expenses.
The Income by Customer Summary report shows your business’s net sales income from each Customer and Customer:Job. If you are using QuickBooks for real estate and property management, this report can show your income breakdown by Tenant, Unit, Property, and Property Owner.
The Income by Customer Detail report provides more details listing each sale, return, and reimbursed expense for each Customer and Customer:Job. In essence, it provides the same information as the Income by Customer Summary report but lists each transaction.
The Expenses by Vendor Summary report show the business’s net expenses with each vendor. The Expenses by Vendor Detail report lists each expense and credit transaction for each vendor.
The Income & Expense graph displays your business’s income and expenses for a particular period of time. The bar graph shoes the income and expenses for the period while the pie chart shows a breakdown of income or expenses by account. If you are more of a visual person, viewing your Profit & Loss data in a graph may be more helpful for your business analysis.