QuickBooks Online 2020 to create reports after a second month of data input, get ready because it’s go time with QuickBooks Online 2022. Here we are in our gateway guitars practice file that we set up with a 30 day free trial holding down control scrolling up a bit to get to that one to 5%. We’re currently in the homepage, otherwise known as the get things done page.
wanted a change to the accounting view, it is something you can do by going to the cog up top and switching to the accounting view down below, we will be toggling back and forth between the two views either here or by jumping over to the sample company file that is currently in the accounting view.
Going back to our practice file, we’re going to open up some reports or tabs that we can put reports in right clicking on the tab up top to do so and duplicating it back to the tab to the left right clicking on it again and duplicating it again back to the tab to the left one more time, right clicking and duplicating another time, as that is thinking, let’s see where the reports are located. In the accounting view.
They’re currently simply in the left hand side, where it says reports. If we go back on over to the business view, it’s a little bit deeper down of a die, but not too bad. It’s in the business overview.
Or opened up one of the faves that being the big balance sheet. Now before we do this, however, note that we’re trying to think about this time, the use of these reports not for internal purposes, but for external purposes, meaning we’ve done the data input, we want to be providing these reports to possibly the client at the end of the period.
And so we want to customize these reports for external use, which might be a little bit different than how we would format them for internal use. And the prior month, we set up our customized reports over here. So that we’ve got our standard balance sheet, our income statement, our trial balance, and our transaction list by date, we’re going to do a little bit of a variant for the current month.
And so we’re gonna start off with the standard balance sheet, just we could do some customizations again, and possibly add some kind of comparative information that you might do in say, the second month of operation. So we’ll do something a little bit different here.
But notice, once we have some standardizations, for the external reports, what we want to be given to the clients on a periodic basis, we can basically then open up the same reports and format them in a similar way, either than emailing them to them. Or we could use the Manage reports area on the right hand side,
to help us to put this reports into a format that could be nice to give to the clients as well. Remember, this is the product that we’re giving to assure a client, for example, that we’re doing the work that needs to be done. So the numbers not only need to be right, we want to present it in a way that the client feels comfortable.
So we’d like to present it or give it to them, give enough reports that they feel like the work is being done competently, which it should be. And we can we can also have it a format.
So you know, it looks nice when we give it to them. So we can email it to them, we can use this item we can send, we can zip up a PDF, or we can basically use the Excel worksheet to make one PDF file, we’ll take a look at some of those methods at this point in time for the second month.
So I’m going to actually start this out again from the standard point. And let’s first start off instead of having the balance sheet, the normal balance sheet,
let’s go to the balance sheet summary, which might be the one that you want to put on top of your information, because the balance sheet summary is going to have the least like intimidating type of report and then have the more longer reports possibly behind it. So I’m going to start with the balance sheet summary report this time. And then on the next report, let’s open up another one.
And go to our business overview again, and then go into the reports, then I’m going to open up a standard balance sheet. This time, I’m going to try to do a comparative Balance Sheet for the second for the second report.
And then on the third report, let’s go to the third tab, and then go to the business overview. We might also want a vertical analysis balance sheet. So I’m gonna open up another balance sheet with a vertical analysis balance sheet.
And then I’m going to go to the income statement reports. We’re going to do a couple things on the income statement. So REITs, right click on the tab up top again, and open up another one. And this time, let’s go into the reports down below.
And let’s say that, that we’re going to open up some income statement reports. So I’m going to go to a Profit and Loss report. I’m going to imagine that I have a comparative Profit and Loss report,
which is going to be month one month two and the total and then I’m going to make another Profit and Loss report right clicking and duplicate again, which will be A difference Profit and Loss report month one minus month two, the difference, let’s open up that report.
And so I’m going to go into this one and say another profit and loss. And then I might want to make up vertical analysis, profit and loss, have a vertical percentage analysis, right clicking and duplicating that, I’m going to make all those from the profit and loss reports.
So I’m going to go down to the profit and loss again, and try to open that one. And I’m going to do this fairly quickly, because we’ve seen this in the past. But I’m going to make another profit and loss, then I want a transaction report and a trial balance reports,
I’m going to open up two more tabs, duplicate a tab again, this time, I want to take a look at the trial balance, which is more of an internal report, but a great report for working your numbers.
So this might not be one you would actually give externally. But I think it’s a great one for our practice problem, trial balance. And then I’m going to do one more, right click and duplicate another time, this is going to be the transaction detailed by date report.
So we’re going to go to the reports to the left. And we’re going to type in up top transaction detail by date, report transaction list. By Date, I think that’s the one. That’s the one we want, isn’t it it is okay.
So let’s go back to the first tab and just do some formatting. So I’m going to imagine the balance sheet is going to be first I’m going to put this into a save this in another area for the for so that we can see it.
And I’m going to edit it up top. So I’m going to say customize and do our standard editing. Let’s make the endpoint just for the end of February now, which is going to be Oh 228 to two. So we got a date that’s going to be properly formatted, put the brackets around it and no pennies.
Because it’s external, I’m going to make the negative numbers red on the header and footer, I’m going to get rid of the date, the time the report basis on the footer down below.
And so that looks pretty good. Let’s save that. And so that looks pretty good, nice basic report that shouldn’t be too intimidating to kind of lead off with. So then I might then say let’s go ahead and save the customization. Here, I’m going to make a new category or group to save it in. I’m going to say this is month Comparison Reports month Comparison Reports.
So we have the side by sides that will be included in month two, adding it and then I’m going to call it I’m going to put a number one in front of it so that when it orders it in my report category, it’s going to put this one first, not in alphabetical order. So I’m going to save that let’s save that one.
Now, if I went back to the first tab, for example, and went into my reports on the left hand side business overview reports in my custom area, I should have another one down here with the with the reports, this is going to be month Comparison
Reports here it is right there the balance sheet. So let’s go to the second tab and do the second one, closing the hamburger. Now this one, I’m going to make a basically a side by side report for the balance sheet, there’s a couple different ways we could do that I could save this is going to go from Oh 1012 to 202 28 to two. And then I could say that I want this to be in months, and then run it that way.
That’s one way I could do it. And so I got the side by side, notice there’s no total over here. Because these are as of a point in time, that can be quite useful if you have like three months or a quarter that you want to be running a report for.
But you might also want a difference column. So I would rather see it in terms of a difference column. So instead of doing it that way, I’m going to say let’s make this from oh one, let’s say, Oh 20122. And then I want to bring this back to the totals. And then on the periods drop down, I’m going to say that we want the previous period, which is going to be
a one a one for January and then I want the change of the dollars and change of the percent. So we’ve seen this in the past. I know I’m doing this kind of quickly, but we’ve seen that we’ve worked with reports in the past.
So there it is. And there’s now we’ve got the February up first the second month, then January then the change, and then the percentage, this can be more of an intimidating report, but it gives you the more detail as well as the month by month comparison, which can be quite nice.
So I’m going to go ahead and and customize this one with our standard customization. So I’m going to say let’s make this a bracketed read without the pennies, and then on the headers and the footers. I’d like to change the name here to a comparative Balance Sheet. Let’s call it a comparative Balance.
Save customization. And I’m just going to put a two in front of this one, so it orders it as the second report. MCC Comparison Reports, the one we just set up and save that one. Let’s go to the tab to the right.
So this time, I’ve got another balance sheet, which I might want to do a vertical analysis in. So I’m going to change the end date again, which is going to be Oh 228 to two, we can run this one. And this time, I’m going to go to the drop down here, the second drop down.
And I want to say that we want to see percents of the percent of the column, I believe right percent of the column, run it. And so now we’ve got our percentages, let’s just double check that we got the right item here with the good old calculator. So we’ve we then are saying,
Okay, if I take my current assets are at the 16746 divided by the total assets, which are the 23036 6.56, we get that 77.27. Right. That’s what we want. So now we’ve got our vertical analysis report. So that looks good.
Let’s go ahead and change it up top on this one, we’ll customize this one doing some customization on it. So we’re going to say no panties. Let’s make the brackets around the negatives, and red. Let’s do the header and footer and call this balance sheet.
Vertical analysis. Oh, I spelled analysis right the first time, and then remove the date, prepare time report, and so on on the footer, saving that one. So that looks pretty good, I think. Let’s go ahead and save that customization.
This is vertical analysis. Am I on number four is now the report I’m on I believe, let me check, I forgot. Let’s run, I’m going to refresh the page on the left. So I could see like what number I’m on, I could have just counted the tabs, that would have been easier, wouldn’t it? I don’t know. I’m on number three. See, good thing I checked, because I did this balance sheet.
We did this which the comparative. And now we’re on the vertical analysis. Number three, don’t get ahead of yourself. You’re on number three. And there we go. So then this is going to go into the month comparison report. So there we have that. Let’s save it. Let’s save it.
And then I’m going to go to the tab to the right. And now we’re on the income statement reports. So for the income statement reports, we might want to do a couple comparative reports.
Now you might have like a general income statement that you might collapse on to start with, for example, and that will show a lot smaller of an income statement because your items down below are going to have less items. You also might want to show an income statement for January and one for February. But you can kind of capture that more detailed information with a comparative income statement.
So let’s let’s try to do this one. First, let’s do this. This one this collapsed income statement which I can call basically an income statement summary report. So let’s go up top and say let’s do a customization on this one. Let’s do the end date, which would be Oh 228 to two and run it.
So there we have it. So now we’ve got the collapsed income statement. And so let’s go ahead and customize it. We’re gonna say we want to get the panties out of their brackets around the negatives, rectify them. And then on the header and footer, I’m going to call it instead of a profit and loss. Let’s call it an income statement, summary report. And so get rid of the footers get get that stuff off of the foot.
I don’t like when they got that tattoo on my foot. So we’re going to go up top and then save the customization. Save the customization. Now we’re on number four. Number four, this is going into the month in reports. Save it. So that looks good. And then on the next one. Let’s do an expanded income statement now so now it’s not collapsed.
It’s expanded And then add the comparison along with it. So there’s two ways we can do the comparison, we only have two months, we can take the difference between the two, or we can take the sum of the two, let’s do both of those methods, January through Oh 228 to two.
And I’m going to say now I want to look at the months, take a look at the months, and then run it. So that gives me then January and February and then the total. So now I get the two months broken out. And I get the sum of the two of them in the expanded version, which is, which is nice.
So so now I don’t have to print out two separate, you know, income statements for January and February, possibly I could do this report, although this report is much more likely to overwhelm someone with all the detail that’s going to be involved in it.
So that’s going to be the pros and the cons, as you’re thinking about how you’re going to group these things for any particular client. Let’s go ahead and customize it. So I’m going to say without sense, bracketed numbers read FIDE, and then we’re going to go down to the header and footer,
we’re going to say this is going to be this call it an income statement. Statement by month report. Income Statement by month, let’s get rid of the Indian report period, because we that we have two months, and then I’ll get rid of the stuff on my foot, get it riding off on my foot stop riding on my foot.
So then we’ve got January and February. And then the total that looks good. So let’s save the customization I’m doing I know I’m doing this quickly, we but hopefully I’m not making any error. But let’s save it, we’re gonna say this is number one, we got 1234 Number five, I think number five report. Putting that into our month Comparison Reports, save it.
Okay, so then we’re going to go tab to the right, let’s do this, again, another income statement, our starting point, it’s not collapsed. This time, I want to take the difference between the two months.
And notice that this first one would work as well, if you had multiple, like three months, four months, the year to date, on a monthly basis. This one I do a comparison, which you can only do with two months, which you might do from the prior month.
Or you might do like this year to date versus the last year to date, or so on. So there’s so many different combinations you can do once you have multiple periods of data that you’re going to be working with. So in any case, we’re going to say let’s do this 140 201-222-0220 822.
And then I want to change this item to say I want to compare it to the previous period, which is January, and the dollar change and the percent change. So there we got, there’s our comparative report, I’ve seen that report before. That’s a comparative report taking the difference instead of the total.
So let’s go ahead and and customize that one without the pennies, bracketed read. And then we’re going to go down to the header and footer. And we’re gonna call this a comparative, compare it compare relative income state meant state meant, there we go. And then get rid of the stuff on the foot, get that stuff off of the foot.
And so there we have it. Okay, let’s, let’s save the customization on that one, I’m on 12345. Number six, save the customization. Number six comparative income statement, we’re going to put that into our month comparison group, and save it. Let’s go to the tab to the right.
So now, I want to make one more tab with a vertical analysis, I’m going to right click on this again duplicate, then we might want a vertical analysis statement. So let’s do that one.
So I’m going to go to the reports. And say, let’s say we want now another income statement standard, starting with the standard income statement, or P and L. And I’m going to say this time, this time, what I want is to go from Oh 101 to two to 1231 to two.
And note that you could even get a little bit more more detailed with a vertical analysis by showing it kind of like on a month by month breakout months breakout. And then run that. So now we’ve got a hold on a sec, that’s ended and Oh 228 Two to run it.
So now we’ve got our two months and the total and then apply the vertical analysis. So which I can hit the drop down and say I want to now do the percent of income, which is typically how we apply out everything being compared to the income statement and run it.
And so now now you’ve got January’s vertical analysis, February’s vertical analysis and the total Have January and February vertical analysis, again, a lot of information on one report here. So you can you save time that way, instead of giving a January vertical analysis February and then the total but also could be overwhelming.
When you if you just give this to somebody, it could be both impressive and overwhelming, right. And you know what, so it’s just you got to weigh the pros and cons. So we’re going to say let’s customize this thing. And so we’re going to say that this is without the pennies, brackets ratify.
And then on the header and footer, we’re going to call this an income statement, vertical analysis. And now it says, And now lysis, and then get rid of the date and the time and the report basis on it, saving it running it. So there we go.
Okay, and then I’m on tab 1234567. I’m on now let’s, let’s save the customization.
I’m on number seven, I think I’m not sure. But let’s save it anyways.
And then I’m going to go tab to the right. This is our trusty trial balance. So let’s go up top here and do some customizations for it. I’m going to make this from Oh 1012 to 202 28 to two. So this will be for the two month period, I’m not going to do any fancy comparisons or anything with it straight Trial Balance, let’s do some customization.
And I’m not going to get rid of the pennies, I’ll make the negative numbers bracketed red, and but we won’t have any, because it’s debits and credits. And then it’s just going to be the good old trial balance.
So nothing fancy, we can get rid of the footer stuff, and run that. And let’s just save that as 12345678. Number eight report save customization. Number eight is just to trust the trial balance, plain, plain old, plain old trial balance, but one of the greats, one of the greats, go into the tab to the right, and now closing up the hamburger, this is our transaction list.
So January through February of 228 to two, this would be for the two month time period that we have done. But if you’re now checking your work, which is this is a great report to check your work. If you’re if you were on balance at the end of January, then we can say that everything that happened in February should be if you did everything that happened in February properly.
And we have the same beginning balances at the end of January, we should be at the same end point, which would be the same balance sheet and income statement numbers. So let’s go ahead and just run this for February, this is going to be oh two, a 122 and then run it.
So this is this is the report which you could in practice kind of base your your billing process on possibly you might try to count how many transactions you have tried to set up a billing system that’s based on how many transactions that you have entered. And you can count the transactions by exporting this to Excel, for example,
and using a count function or some function to just count the number of transactions and it can be a fairly easy and more kind of solid way to build people because then they can actually see they it’s not just an arbitrary well, you worked so many hours. And you can’t really verify that and it could be inconsistent from period to period.
So is one way as an accountant or bookkeeping system, you might use this, you might also use it to track for example, your employees work to see how much stuff they did, and basically try to figure out how much time it’s taking to do certain types of transactions in our context, we can then take a look at where we stood at the beginning of the month, which was in January if your trial balance tied out at the end of January.
And then check all the activity that we have entered thus far for February, which you could go in here and check number by number on the right hand side, which I know is tedious.
But you could go through here and check out each of the transactions. And if there’s something on our side here, that’s not on your side, you might try a date range issue. If you’re working this problem at some later point in time, it’s quite possible that you entered something after February, which if that’s the case, you can drill down on it and then change the date and bring it back into the range that we are working in for the practice problem.
If it’s on if it’s on your report, but not on our report, it’s possibly got miscategorized or or was entered twice somehow. And again, you can go in drill down to the source document and adjust that. So this report you’ll note is by is by date, so we have the actual transactions by date. Each of these line items represent at least two accounts that are impacted.
Note that the forms here will tell you have a primary account that they’re going to put here in the account. So a check form is going to the cash or checking account, deposit cash or checking account.
Whereas if you’re talking about a purchase order accounts payable, the sales, the sales receipt there, they’re going to say that’s going to be the payment to deposit, which is that undeposited funds kind of accounts.
And then the other side will be here and the split, notice that the split will only show if there’s only one other account impacted. If there’s multiple other accounts impacted, that’s when you get to split thing.
Because there’s multiple other accounts. If you want to see more detail of that you can drill down on it.
Or you can go to the transaction to the journal report, which will show everything in terms of journal entries showing all the detail in that format. So there is there is this report. So once you check the numbers, you also want to check the dates and then the transaction type.
So if the transaction type lines up and your numbers on the right side line up, then you should be at the same Indian point that we are at, if we started at the same at the same point, which was the same balances app on the trial balance at the end of January.
Okay, let’s do some customizations here, I’m going to go to Customize, we’re going to say negative numbers, they’ll be bracketed, I’ll keep the pennies on this one. So we could get a little bit more detail header and footer, we’ll just get rid of the footers. And let’s save that, run it.
And then I’m going to save this 1123456789 Saving the customization, number nine, and then we’ll put it in the month reports. Save it. So now we’ve got all of this stuff. If I go back to the first tab, hopefully in this drop down, I’m going to refresh the pain. So refreshing it, I’m under the Reports. And now I’m looking at the customized reports.
And and you can see again, just this is just an example of how many reports and just a small example of how many combinations of reports you can work with even just looking at the common couple of reports.
When you have when you have multiple periods that are going to be in place here. Notice that I put seven, this one didn’t go in the proper area, let’s let’s say that I want this to be pulled down. So I’ll do it this way, I’m going to open this one up on seven.
And then I’m going to save it again, I’m going to save customization but I wanted to go into this one, saving that there. And then if I go back, if I go back and close this back out, go back to my reports. And then eight right there, I’m going to go into it.
And I’m going to say I want to put that in the proper category by saying saving customization and put it into my category and save it. Okay, now, if I go back to the reports, custom reports, we’ve got our reports lined up here 123456789 reports.
And so next time, we’ll go we’ll go into these reports. And we’ll save them multiple different ways. We’ll save them as a PDF, put them in a zipped file, we’ll export them to excel, use Excel to create one PDF file.
And note you can also use these reports to create your management reports. If that’s the method that you want to present them to your clients.
Note, it can be quite tedious to set up these reports but once set up, then you can save them in this way. And hopefully you can go into them quite easily from period to period and generate the reports in the format you want them to be for external reporting
purposes possibly also fairly easily designate that job to somebody else to simply generate the reports and hopefully it’s just changed the date ranges to be able to provide them to clients on a periodic basis possibly monthly, quarterly, yearly.