 QuickBooks Online 2024. Save customization or memorize profit and loss reports. Get ready and clear your mind. Because we don't overanalyze, we intuit with intuits. QuickBooks Online 2024. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com in the URL selecting the United States version of the software and verifying that we're not a robot. Opening up our major financial statement reports like we do every time. The report's on the left hand side. We're going to be right clicking in the favorites on the balance sheet. Open link in new tab. Right clicking on the profit and loss. Open link in new tab. Let's go to that middle tab. We opened up closing the hamburger and change the range. We're going back in time to 2023 010123 tab, 123123 tab. Run it to refresh it. Then we'll tab to the right. The income statement closed the hamburger. Once again, range to the change back to 2023 010123 tab, 123123 tab. Run it to refresh it. That's the setup process we do every time. We now want to think about if we're providing these reports to someone such as a client or possibly a supervisor, but we'll mainly be thinking of ourselves as the bookkeeper providing reports to a client, possibly on a monthly basis. What kind of reports do we want to be providing? How can we customize those reports? And how can we give them to the client as neatly as possible remembering that the presentation of the reports is usually like half the battle, like G.I. Joe used to say, nobody knows G.I. Joe anymore. They probably made them weird these days, but G.I. Joe used to say that it's half the battle. In any case, you have to make it look good because possibly the people that you're giving the reports to are not accountants, so they might not totally understand how the numbers are being put together. What they want to do is feel secure that they are supported, especially in the time of need, which might be for most businesses at the end of the year when they're trying to gather information for tax preparation. So then if we're going to give the reports, we might use the customized fields up top and we might then provide the reports multiple different ways. So how can we give the reports just like we saw with the balance sheet? Now we'll just do a similar thing with the income statement. Clearly in practice, you would be giving some kind of balance sheet reports, some kind of income statement reports, and then possibly other reports as well on top of that. When we provide the reports to people, we might then email it, but then you want to make sure that you have a secure email, that the attachments are looking nice and are in order, possibly zipping the file and attaching it. You can print it, mail it, or give it to somebody, but these days the electronic transfers might be becoming more common. You could then export it to Excel, but you probably do not want to give Excel to somebody, but rather use Excel to format your report, possibly putting it on one PDF file with the use of a PDF printer, which can be nice. You can make PDF files from them, providing them to the client, possibly by email in a zipped file, or possibly by putting it in a cloud drive. And you can use the management reports that we talked about in a prior section as well. Whatever methods you use, part of the process will probably be to customize the reports and memorize them, go into the tab to the left, and if I'm in the reports, we're going to utilize the custom reports field, and you might want to, like we saw with the balance sheet reports, make like month end reports, quarter end reports, year end reports that are standardized so that as time passes, you can just create those reports, possibly making them into a management report, like we saw in the past, using your memorized reports, or possibly printing them out and handing them to somebody, or possibly then attaching them to an email or putting them in a cloud drive and so on. So last time on the balance sheet, you'll recall that we made a few balance sheet reports here. So we had our balance sheet reports that we put in here and we put some in here, leaving off at three. So I'm just going to continue with just the income statement reports this time. You can't see the balance sheet reports in here because every time we start a new presentation, QuickBooks will reset what we did last time. So we're just going to look at income statement reports now. Let's go to the standard tab first. So if I look at the income statement reports they provide to us by default, we've got the profit and loss detail, profit and loss year to date, profit and loss by customer, profit and loss by month, profit and loss by tag group, and then the general profit and loss here. So let's just use that normal profit and loss. Now you might want to then give like a summary profit and loss, which means you could collapse your columns. If I hit the collapse of the columns here, what will happen is that the triangles have all been collapsed down here in the expenses. You can see it most clearly. So if I then unexpand the columns, then you see that all of these subtotals, now these triangles are just the triangles that we made as sub-accounts that are going to be removed. The other triangles that are up top will not be removed because those are account types. So I'm just going to collapse the columns and now we still have all of the income line items and cost of goods sold, but all of the expenses that we made sub-accounts now have been collapsed. So this is a little bit cleaner looking of a report. So this might be like the first report on the income statement side of things that you would be providing, which would be similar to the summary balance sheet. Probably not the report that we would use for internal purposes because we want to see all of the accounts because we're possibly wanting to drill down on the accounts and now the accounts that have sub-accounts, you cannot see them. But for the first presentation report, a good one is this one so that you have as little detail as possible. You could even go further, right? You could collapse like the cost of goods sold and maybe even like the income line items just so you have almost a single step statement like that and try to make it as small as possible so that you can try to draw people in without overwhelming them with a long detailed report. And then when they ask questions, you expand the report and you start getting into the detail hopefully without losing too many people. So let's go ahead and expand that back out again. And if I was to save this, I might call this a profit and loss or let's just call it income statement, statement summary. And I'm just making it an income statement because that is an easy change that you could make that might be used that people might think is