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June 15, 2025
Question

Changing account to tax exempt interest doesn't seem to affect the P&L

  • June 15, 2025
  • 1 reply
  • 7 views

I've been doing some housekeeping in the books. I was looking at the tax return for 2020 and saw that it was considerably off from the P&L in QBO. I realized that at the time the COVID Grant money we received was categorized as Other Income (we weren't' sure how all that stuff would play out) and it was showing on the P&L. Our accountant said that it didn't need to be and therefore the NET INCOME was off by this much. So I went and changed the detailed type for the account where I had the grant money recorded to Tax-Exempt Interest just so that it wouldn't affect the P&L. But.... alas it didn't have the affect I was looking for.

 

Now the P&L report I have, is based on the Classic View from Standard Reports. Customized to the year period and saved to the Custom Group Tab under the appropriate financial year group. IN OTHER words Intuit saw fit not to allow Modern View reports (which allow filtering) to be saved to Customized Groups. So please don't someone say "Just filter your report"!

 

I can switch to Modern View and filter out that account and then the P&L matches the Income Tax Return but I'm not allowed to save it. I can switch back to Classic View but of course the filter disappears.

 

Can someone else please tell me another way to run the P&L for that year and not include the Grant Money as Other Income>Tax-Exempt Interest?  I considered using Income>Non-Profit Income but I thought that might affect things I didn't want affected.

1 reply

QuickBooks Team
June 15, 2025

A browser-related issue may be the reason you're unable to save your customized Profit and Loss report to the Custom group in QuickBooks Online (QBO), lisach.

 

Let's isolate this issue by clearing your browser's cache to improve the program's performance and fix any technical issues. You might also want to try using different devices or supported browsers to access QuickBooks and save your customized report again.

 

Alternatively, you can generate a Profit and Loss Detail report and customize it to exclude Tax-Exempt Interest. This will allow you to access the report in the classic view by default without having to switch to the modern view.

 

Here's how:

 

  1. Go to Reports, then Standard reports.
  2. Enter Profit and Loss Detail on the search bar.
  3. Click on the report to open.
  4. Hit Customize.
  5. Adjust the Report period, then Filter.
  6. On the Distribution Account, select all the accounts except the Tax-Exempt Interest.

  7. Click Run report, then Save customization.
  8. Enter a custom report name.
  9. Choose a group you want this report to add, then Save.

 

For future reference, you might want to export your reports from QBO to use them outside QuickBooks.

 

Feel free to return to this thread if you have other concerns or questions, we're always here to help.