QuickBooks Online: Generating Useful Reports, Lecture notes of Accounting

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QuickBooks Online Student Guide

Chapter 11

Reports in

QuickBooks

Table of Contents

• 2 Chapter
  • Lesson Objectives
  • Report Centre
  • Report Types
  • Transaction Reports
  • List Reports
  • Summary Reports vs. Detail Reports
  • Key Reports for Your Business
  • Reports Display
  • Customize Reports
  • Save Custom Reports

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• (^) Custom Reports —this tab includes a list of reports that you’ve customized and saved for future use. This tab also includes any reports that other users in your company have customized and shared with you.
• (^) Management Reports —QuickBooks Online Management Reports feature allows you to customize a professional looking group of reports complete with cover page, table of contents, preliminary pages, reports and end notes. The Management Reports feature will save you time on running business reports—you won’t have to export out individual reports to software for assembly and finalization.

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In the All Reports tab, the reports are organized into several categories. The categories include:

• (^) Favourites —these are reports that you have selected as favourites. To mark a report as a favourite, click the star icon next to the report name.
• (^) Business overview —this category includes summary and detail reports that report on the performance and position of your business.

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• (^) What you owe —this category includes reports detailing information about what money you owe and the suppliers you owe money to.
• (^) Expenses and suppliers —this category includes reports about your expenses and purchases. In this section you’ll find detailed information about purchases including Purchase Order reports, and other purchasing information.
• (^) Sales tax —this category includes reports about your GST, HST, PST and QST. Whether you track just one tax or multiple taxes, QuickBooks reports all of the details in the Sales Tax category.

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• (^) Employees —this category reports on employees time tracking information in QuickBooks.
• (^) For my accountant —this section of reports is dedicated to Accountant reports. These reports are often used by your accountant to help prepare your year end reports and taxes.
• (^) Payroll —this category reports on your QuickBooks payroll activities.

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QuickBooks Reports include a consistent display to help you understand how to read the reports and make it easy to find information about your business. See sample report below.

NOTE QuickBooks contains 60+ reports (QuickBooks Online Plus). If you’re use

QuickBooks Online Essentials, you will have access to 40+ reports. QuickBooks Online Easy Start includes 20+ reports. List Reports List reports provide you information about the various lists available in QuickBooks. Examples include the Account Listing (Chart of Accounts), Product and Services list, Customer list, and the Supplier List. To create a list report, go to the Reports Centre.

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Chart of Accounts

1. In the Reports Centre , type Account List. 2. Click the Report name when it displays Account List. 3. QuickBooks displays the Account List.

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Supplier List

1. In the Reports centre, go to Expenses and suppliers. 2. Click Supplier Contact List.

NOTE Use the Search field in the Report Centre to access other lists. You can search

for Classes, Recurring Templates, etc.

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Summary Reports vs. Detail Reports There are two main types of reports in QuickBooks–Summary reports and Detail Reports. Summary reports are designed to provide you summary information about customers, sales, expenses and more. An example is the A/R Aging Summary report. This report displays information on aging customer accounts. The report displays “summary” information. The information is displayed in a summary format. See the sample below. Detail reports are designed to provide you detailed information about customers, suppliers, expenses, and more. The A/R Aging Detail report displays detailed information on aging customer accounts. The report displays “detail” information. Instead of balances and summary information, the detail report includes individual transactions. See report sample below.

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Balance Sheet Report

This report provides a financial snapshot of your company as of a specific date. The report calculates how much your business is worth (your business’s equity) by subtracting all the money your company owes (liabilities) from everything it owns (assets). To create the Balance Sheet report:

1. Click Reports. 2. Scroll to the Business Overview section and then click Balance Sheet.

A/R Aging Summary Report

This report summarizes the status of unpaid invoices in accounts receivable. For each customer who owes money, the report shows:

• (^) What the customer owes for the current billing period
• (^) What the customer hasn’t paid from previous billing periods
• (^) Subtotal balances for each job (if the customer has multiple jobs or projects (sub-customers) with your company.

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To create the A/R Aging Summary report:

1. Go to Reports. 2. Scroll down to Who owes you. 3. Click A/R Aging Summary.

A/P Aging Summary Report

It summarizes the status of unpaid bills in accounts payable, showing what you owe, who you owe it to, and how much is overdue. For each supplier to whom your company owes money, the report shows how much your company owes for the current and previous billing periods, and it shows the total amount. The report also shows the total amount owed to all suppliers. To create the A/P Aging Summary report:

1. Click Reports. 2. Scroll to the What you owe section. 3. Click A/P Aging Summary.

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Reports Display Every report in QuickBooks displays common features and options on the report itself. Let’s look at these features. To review the features, you see a Transaction List by Date Report.

Header Options

In the top-left corner of the report, QuickBooks lets you choose the date range for the report. You can also choose how to group the data on the report. Click Group by to display the option. For example, if you wanted to group the report data by Transaction type you would choose that option. Clicking Run report runs the refreshes the report. To customize a report further click Customize. QuickBooks displays the customization options for you.

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Click Save customization to save the work you’ve done and save the settings and option for the report. Click Sort by on the report to sort the data on the report. Click Add notes to add text notes to the footer section of the report.

NOTE QuickBooks allows up to 4000 characters in the notes field.

Click the pencil logo to edit the report title and edit the company information. Click the export and save options on the right-side of the header on any report to send the report to another format or to email the report.