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104 votes
Hi everyone, thanks for sharing how a detailed Profit and Loss report could support your workflow.
Atm, the Account Transactions report can be run grouped and filtered by Account, which could then be exported to Excel for further sorting and analysis. While we appreciate it takes a few steps, it can give you the transaction-level detail you’re after.
Alternatively, clicking on any figure in the Profit and Loss report will take you directly to the corresponding Account Transactions report, showing the individual transactions that make up that total.
Our product team has moved this idea to Not in pipeline, meaning it isn't on the foreseeable roadmap. However, the idea will remain open for votes so we can continue to monitor community interest as we plan for the future.
Befree AM
supported this idea
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Direct Profit and Loss Detail Report with Tax Columns (Match QuickBooks Functionality)
1. The Feature We Need
We need a dedicated Profit and Loss Detail report. This should be a single report that shows every transaction, grouped by account, including the Tax Rate and Tax Amount for every line. It should look and work exactly like the "Detail" report in QuickBooks Online.
2. Why the current "Account Transactions" report is NOT helpful
Xero often tells users to use the Account Transactions report as a workaround, but this is not a proper solution for these reasons:
Too much "Cleaning" required: The Account Transactions report shows everything. To make it look like a P&L, the user has to manually filter, add columns, and group accounts every single time. It is a waste of time.
Poor Layout: It is a flat list. It doesn't give you the clean "Income vs. Expense" layout that a P&L provides.
Missing Context: You cannot see the "Net Profit" or "Operating Profit" while looking at transaction details in that report.
Too Many Clicks: It forces the user to do the work that the software should do automatically.
Key Requirements:
Transaction Breakdown: Instead of just seeing "Travel: $1,000," the report should list every individual receipt and bill that makes up that $1,000.
Tax Columns: Every transaction line must show the Tax Rate (e.g., GST 15%) and the Tax Amount clearly.
Single View: This must be one continuous report, exactly like the "Profit and Loss Detail" found in QuickBooks Online.
3. The Benefit of the "QuickBooks Style" Report
One-Screen Audit: You can see your Sales and your Expenses in one long list. You can quickly scan down the "Tax Rate" column. If you see "No GST" where there should be "15% GST," you find the mistake in 1 second.
Zero Setup: You shouldn't have to "build" a report to see your data. It should be one click: P&L -> View Detail.
Accuracy: It is the only way to be 100% sure that every single transaction in the P&L has the correct tax code applied before you file your tax return.
Stop asking users to use 'Account Transactions' to audit their books. We need a native P&L Detail Report that shows the Tax Rate/Amount for every transaction in a P&L format. This is a basic feature in QuickBooks that saves hours of manual auditing. Xero should provide this to make tax reconciliation faster and more accurate."