Profit and Loss statement for S-Corp

Megansmallbusiness

I am trying to run a P&L statement for my accountant to file my taxes. Quicken is not showing all the expenses that are on my ledger?? I need a solution to this problem ASAP. It is only showing total sales and a few expense items???

q_lurker

Do the missing expense categories have an appropriate tax line associated with them?

Do the specific transactions have the proper business tag associated with them?

NotACPA

Expanding upon @q_lurker's comment. For inclusion on that report, Q ONLY recognizes "tax lines" and "business tags".

It doesn't care if an account/category is named "This is a business item, use it as such" … unless one of those conditions are met.

volvogirl

Even though you are an S Corp (which Quicken doesn't handle) you need to use Schedule C categories.

To be included in business reports (and I don't know where else) you have to assign the category to a schedule C or E tax line item number.  To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C or E: tax line item.

See my screenshot on this one.

 

https://community.quicken.com/discussion/7945448/business-versus-personal-expenses-category-groups-in-q-classic-business-and-personal