Hello,

Web analytics module recognizes the IP for own statics and may control if the IP is excluded so that it would not create the log for analytics.

Reporting module only displays the data from database. So it depends on what data you want to display. If the data contains the IP you may use the WHERE condition to restrict the results of data source.

For example, E-commerce module does not store the IP of customers/orders. You could develop your custom functionality which would save the current IP to some attribute. Then you could use the mentioned WHERE condition and exclude needles data.
E-commerce objects (e.g. Order, OrderItem) have a field for custom data (OrderCustomData, OrderItemCustom) and you may programmatically fill out this field with the IP.

Best regards,
Helena Grulichova