QuickBooks Online 2021 Custom income statement, let’s get into it with Intuit QuickBooks Online 2021. Here we are in our free QuickBooks Online test drive file, which we can find by searching in our favorite browser for QuickBooks Online test drive. We’re in Craig’s design and landscaping services practice file, we’re going to go on down to the reports down below, we’re going to be creating a custom income statement, we’re going to build that from our standard income statement.
00:30
Therefore, we will open up our favorite report one of the two at least, that being the profit and loss P and L or otherwise known as income statement, I’m going to copy this tab up top, I’m going to right click on the tab up top and duplicate the tab, duplicating the tab, not just copying the tab but duplicating it. And then we’ll change the dates up top from let’s make it a 101 to zero to 1231 to zero, and then I’m going to close the hamburger up top, I’m going to hold down Ctrl and scroll up to that one to five, I’m going to actually run the report.
01:05
So it’ll run the date range that I just put up there. And then we’re going to do some standard customizations to the report. And then we’ll save the report and print it as we’ve done in prior presentations. So we might do some customizations to to a standard income statement. And a little bit of tweaks that we have to the income statement might make it a little bit standout of a type of report than other type of bookkeepers possibly. So if we do a couple of those changes, for example, if we change the profit and loss to say, an income statement, which is a term that some people might understand or better, like just depending on whoever you’re providing the report to, but it can provide some distinction between your reports and somebody else.
01:45
So it could be a good thing to try, we could take off the pennies, for example, we might want to take off the pennies, we might want to make the the negative numbers bracketed. And we might want to be removing then the footer at the bottom. So let’s do those things. And then we will save the report. Now these things we took a look at on the balance sheet in more detail. So we’ll do them quickly. And then we’ll just save this report. So I’m going to customize up top to do this, we’re going to say I’m going to remove the pennies, that I’m going to make the numbers bracketed for negative numbers, I want to show them in red, we’ll make them red up top.
02:20
And then in the header footer thing, the header footer, I’m going to change it from a profit and loss to an income state meant income statement, I’m going to make a statement about the income. And then the report period, I’ll keep that we’re going to remove then the date prepared time prepared report basis on the footer of the report. And that looks good. Let’s go ahead and save it and close it. So now we have our income statement. Everything looks good. We we remove the pennies, negative numbers now being bracketed. So we have that that looks good. Also note that you could customize the report possibly by using the Edit titles area as well.
03:00
So if some of the titles that you would prefer another name, then you can go into some of these titles that might be interesting as well, I think these are more standard type of names than some of the names you might want to change on a balance sheet like like the equity section, you could change to partners equity, owner’s equity and that kind of thing.
03:17
However, if you’re a not for profit organization or something like that, then you know, it might be useful to go into these terms and change some of them because that’s gonna be one of the major differences of a not for profit, you want to you know, they typically will use terminology that doesn’t imply profit, if it’s a not for profit, even though the accounting will be, you know, a double entry accounting system in a similar fashion. So I’m going to close this back out.
03:42
Now let’s go ahead and save this report. And then we can we can save it, we can customize it. And then we can save it imagining we’re providing it to someone else. So you might then save it as a custom report, for example, and I’ll put income statement. And then you might make a group and put it into a group and save it there. So that you can always go back to it. Now, if you’re going to rename the report like income statement, that might be something you do for external reports, maybe it’s something you don’t feel you need to do for internal reports.
04:12
Again, you can kind of separate the formatting of an external or internal report, we’re now going to save it as a PDF file and export it to excel and then add it to our other worksheets that we had been working on as well. So I’m going to go hit this drop down, let’s export it to a PDF file, I’m going to save it as a PDF. Because I’m in Google Chrome, it’s going to pop up down below. I’m then going to minimize the window or make the window smaller and so I can open up my other reports here. So I’m going to open up the reports that are where I want to put this item.
04:43
Try to put these side by side so I can use the good old dragging and dropping method just so I can say that word I like to say drag and drop. So I’m going to put it in here with our other balance sheet reports. And then I’m going to pull that I’m going to click on it left click and then drag it and yes, drop it, drag it and Drop it, drag and drop. So View tab, such a fun thing to say. So then I’m going to change the name here, I’m going to I’m going to change the name, I’m going to rename it. And then I should put for like the year ended. But I’ll just say the same date 1220 1231. So I put the year first. And then there we have that.
05:22
Now let’s export it to excel as well export it to excel as well, we’re going to hit the drop down here and export it to excel, as well. Okay, and then also, I’m going to open up my prior one, this is where I want to put it in that Excel sheet that we’ve been putting all our other Excel documents. And we will use that then to make one PDF file with all of the wonderful reports that we have made thus far. So I’m going to open up this Excel document. This is where we have put all of our balance sheet reports. And I want to add like the income statement on a tab right there, I’m circling where I want to put it right there. That’s where it’s gonna go.
06:02
So then, let’s go back on over to our item here. So there we have it, I’m going to open this up, let’s open this one up. And there we have it, I’m going to enable the editing, because that lets me edit it. And then I’m going to right click on the tab down below. And let’s see if it does that move or copy thing if it doesn’t have my other workbook there. So I can’t do it that way. So I’m going to go back on over to the other tab. This is where I want to put it right there, I’m going to add another one, another worksheet. That is what I mean with the other one.
06:35
That’s what I meant by other one. And then I’m going to go back on over to this one. This is our new one, I’m going to select the entire sheet by clicking the triangle, right clicking on the cut on the sheet and copy it, then go back to the other sheet, I need to be on a one or selecting the entire worksheet, or else it won’t have enough room and then paste this thing. Oh, no, I copied it again. All right. And if you mess up like that, what you do is you go back and you do it again, copy it again.
07:04
And then you go to a one and paste it the right way this time, paste it the right way, don’t mess it up this time. And there you go. Then I’ll call this an income statement down below. It’s called income statement. So now I’m going to use this Excel worksheet to print all of these reports on one PDF file with the use of our cute PDF printer. So I’m going to go to the File tab over here, we’re going to go to the printing option. And then I want to print it to my cute PDF printer, which will actually print it as a PDF file, which is just amazing. And then we’re going to go to the print active sheet.
07:37
No, we want to print the entire workbook, the whole workbook is all at one time. So we have the balance sheet. And then we have this other balance sheet. And then we have this other kind of balance sheet report, then the summary balance sheet and then the income statement. So it looks like it all fits on the way it should. So I’m going to go ahead and print that then. And because I’m using the cutepdf printer and not an actual printer, it’s going to be printing, like as a PDF file.
08:04
And it’s going to the folder I want it to go to I wanted to overwrite that file. So I’m going to double click on that file. So it does so and then close this out. And then let’s just double check that it does what we want it to do. And then it’s not saving properly again, but I’m not going to worry about that now. I’ll fix it later. I’ll fix it later. And then I’m going to go back on over to the folder. And then I’m going to open this one up, this is where we saved it to. So now we can attach this with one attachment if we so choose to give it to a supervisor or a client. So we got our balance sheet report that we did. Then we have our other balance sheet report that we did.
08:42
This is the comparative one. And then we have the other balance sheet report that we did. And then the summary balance sheet report that we did, and now the income statement. So you may not want that many balance sheets. So you kind of kind of pick and choose. But this is how you can put them all on one sheet. So there we have the income statement. And so I’m going to close this back out. Now you could adjust the formatting, of course, in Excel and the formatting, I won’t get into the formatting now. But you could then give this to somebody else by zipping this file right here and attaching it all as one you could put it all on a cloud drive service.
09:21
Or you can attach that PDF, look at the formatting difference. However, if I opened up this, this PDF file that just has the income statement, it looks a little bit different here. So you do have a little bit different a formatting you have some you have more control in some ways in Excel if you wanted to kind of change the formatting, once exported. But of course once you export, to excel, if you if you if you change the formatting in Excel, you’d have to do that every time when you when you export it. So just keep that in mind when you’re kind of thinking about what the best practice will be for presenting your reports.