In this tutorial, we’ll explore how to generate a Comparative Balance Sheet in QuickBooks Online 2024. Unlike simple data input, we’ll delve into the features of Intuit’s QuickBooks Online to produce insightful financial reports.
Step 1: Access QuickBooks Online
Open your web browser and search for “QuickBooks Online test drive” to find the official result on intuit.com.
Select the United States version of the software and complete any required verification steps to prove you’re not a robot.
Step 2: Navigate to Financial Statement Reports
Once logged in, locate the Reports section on the left-hand side.
In the Favorites section, right-click on “Balance Sheet” and open it in a new tab.
Similarly, right-click on “Profit and Loss” (P&L) or Income Statement and open it in a new tab.
Step 3: Adjust Date Range
On the Balance Sheet tab, change the date range to 2020 (e.g., from 3010123 to 1230123) and refresh the tab.
Close the hamburger menu if open.
Step 4: Explore Comparative Reports
Understand that QuickBooks provides comparative reports, such as Balance Sheet Comparison and Profit Loss Comparison.
Note the difference between balance sheet and income statement comparative reports due to their nature as of a point in time or a range.
Step 5: Utilize Two Ways to Display Multiple Dates
Use the date range at the top for a comprehensive yearly view.
Alternatively, employ the “Previous Period” button for a direct comparison between two periods.
Step 6: Generate Comparative Reports
Choose specific periods, such as months, quarters, or years, for comparative analysis.
Utilize the dollar change and percent change features to understand variations between periods.
Step 7: Customize and Save the Report
Customize the report title, remove unnecessary information, and enhance formatting.
Save the customized report under your name or a designated group for easy access.
Consider creating a management report or exporting data to Excel for further customization.
Step 8: Memorize the Report
Memorize the report for future use by saving it in the Custom Reports tab.
Organize your reports by grouping them under specific names or numbers for efficient retrieval.
By following these steps, you can efficiently create and customize Comparative Balance Sheets in QuickBooks Online 2024, providing valuable insights into your financial data.