 QuickBooks Online. Save customization or memorize profit and loss reports. Get ready to start moving on up with QuickBooks Online. We're gonna be using the free QuickBooks Online test drive searching in our online search engine for QuickBooks Online, test drive selecting the option that has Intuit.com and the URL Intuit being the owner of QuickBooks. Support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. We're gonna be picking the United States version of the software and verify that we're not a robot. Zooming in by holding down control up on the scroll wheel currently at 125% on the zoom in, noting that in the cog drop down we're currently in the accountant view as opposed to the business view. We'll try to toggle back and forth between the two views so you can see where stuff is located in each of them. Right click in the tab up top to duplicate it as we do every time. We're gonna put our major financial statement reports in these duplicated tabs. Right click in the duplicated tab to double duplicate as that's thinking tab to the middle down to the reports on the left opening up the balance sheet as that's thinking tab to the right reports on the left. This time the P to the L the profit to the loss the income statement closing up the hamburger otherwise known as the hand boogie changing the ranging 0 1 0 1 2 2 tab 12 31 2 2 tab run it to refresh it tab to the middle close the boogie scroll up the ranges they are changing from 0 1 0 1 2 2 tab 12 31 2 2 tab run it to refresh it. That's the setup process that we do every time we've been focusing over here on the income statement reports and now we wanna just consider thinking about putting the reports together to provide to a client at the end of a period or to a supervisor but primarily I'm thinking as if we're a bookkeeper given the reports to a client. So the question then would be what kind of reports do we want to be putting together on a periodic basis possibly monthly possibly quarterly possibly yearly in order to batch those together and give to a client. Now obviously we're gonna wanna balance sheet report in an income statement reports but as we have seen now there's a whole bunch of different variants that we can put together for the balance sheet and income statement reports. So now what we also wanna have a nice organized system so that we can provide the reports to someone as cleanly as possible. So we're gonna think about the different types of reports we might wanna put together variants on the profit and loss and then think how can we give these multiple reports to someone in a similar way as we did with the balance sheet. We're gonna say we can email it. We can print them out if that's gonna be applicable. We can save them as a PDF file. We can export them to Excel and use Excel to try to put them all on one PDF file or we can go to, I'm gonna go to the first tab. Gonna go to the reports on the left-hand side. We can use our report manager here in order to try to group our major reports that we might provide on a monthly basis into this nice little management report. Either method we use, we might wanna customize our reports here so that we can easily create this stuff on a periodic basis. Now we would be putting both the balance sheet and income statement reports typically into a bundle at the end of the month, but right now we're just focused on the income statement side of things. So back to the income statement. Now there's two methods that I would typically have in mind. One would be you're gonna start with the simplest type of report and then expand in detail. That's what I typically prefer. The second method would be that you're gonna use a report that has more data in the baseline report, possibly useful for someone that already has an understanding of accounting. If you're dealing with someone that's not an accountant, doesn't like detailed reports, most people in other words, then you probably wanna start out simple and then expand on the detail, especially if you're giving like a presentation or something. So one way you can simplify the income statement is you can collapse the column. So I can use this collapse button and that will collapse only the sub-accounts. So you see all these sub-accounts that we made in here, those are not account categories, categories of accounts and they're not like financial categories, they're the sub-accounts that we created. So this is a quite of a long income statement due to all the sub-accounts. So we could collapse that and now maybe this is where we start. So now we have just like the parent accounts involved and you could even go further than that. You might have a very simplified starting income statement where you just collapse all of the carrots down to just the account types and now you have a very kind of straightforward type of income statement, still kind of like a multi-step income statement by group. So that's another kind of format that you can use to think about as your baseline or lead-in report and then have another report that would be expanding on the data and possibly another report that would give more expansion on the data. So that's the first method you can try. So I'm gonna go into that middle one, expand it and then I'm gonna collapse it and I'm gonna call this like a summarized income statement where I have all the sub-accounts collapsed and then I might want to do my reporting as though I'm gonna provide this to a client and that means that I might want to get rid of the this change here, make the bracket and numbers bracketed and so on. Notice that from an internal reporting standpoint, I probably wouldn't want to do this, meaning collapsing these items because I would like to see the detail, right? When I go into the income statement to see what has been recorded as I do the data input, I would like to see all of the accounts. So, but for external reporting purposes, I might want to collapse them and then do further customizations which have been our typical routine of, we're gonna take the pennies away, make the negative numbers bracketed and read and then on the header and footer, I'm gonna make the title an income statement. So I'm gonna call it a summary income statement and then get rid of the date, time, report basis and that's it. So then I'm gonna memorize this report. So I'm gonna say, let's save customization. I'm gonna make a new group. I'm gonna make them a month in report and report. Now remember, you would probably already also have the balance sheet reports in here in some way as well and you were gonna have to intertwine the income statement and balance sheet reports, but we're not gonna put all the balance sheet reports in there again, but note that you might number them by saying I want this to be the first one in the lineup. So I'm gonna say this is number one report, save it or save it here and then go back to the first tab. If I refresh the data and go to the reports on the left-hand side and look at the customized reports, there is my summary report. Didn't put the number one in it. Let's edit it, edit. I'll put a number one in the name and then save it, boom. So there we have it. So then I'm gonna go back on over here. Now the next thing we could do is I could say expanded and I might include an expanded income statement. However, then you gotta ask the question, well, if I have an expanded income statement, is that gonna get somewhat redundant because I could also have a comparative income statement which already has this total information but adds some more information to it such as the last quarter or the which includes the year to date number. I mean, sorry, the year to date information by quarter for example. So let's take a look at that. So I could add this one. I'm not gonna do that here but instead I'm gonna say, let's give this information on a quarter by quarter breakout hitting this dropdown and looking at the quarters, running that. So now I've got the first, second, third, fourth quarter. There's nothing in the first two quarters but you can see what it would look like if there were and the total. So you can see the total is still here. If I had a normal income statement and this total, it would be redundant information. However, that redundancy might be justified given the fact that you wanna simplified income statement and then one that has more data in it. So that's kind of again the decisions you would need to make. Notice if we're at the end of the year, the quarter by quarter comparison is gonna include four quarters. It's gonna be looking different. If you're in January, you're not gonna have a quarter by quarter comparison cause no quarters have passed. That's why depending on where you are in the year, you might have different bundles, a month by month bundle versus a quarter end bundle versus a year end bundle or something like that because at the end of the quarters, you might have a quarter by quarter comparison or something like that. Year end reports might look a little bit different than a mid month bundle of reports or something like that. So let's save this one and make it our quarter report. So what I'm gonna do is just change the name. So I'm gonna call it an income statement by quarter or something like income statement by quarter. And then I'm gonna get rid of this date range cause that's not really useful. I have the dates down below. So let's customize it up top here and say that I wanna get rid of the headers, the report period. I'm gonna remove that. And so let's save that one. I'm gonna copy this name. I'm just gonna copy it. And then I'm gonna go to customize. I'm sorry, not customize. I'm gonna say save customization. And let's name this number two and income statement by quarter. Putting that in place. Check it out back to the first tab to see if it did what we thought it should. Refresh the screen. See if it pulls in as we would expect. So there it is. There's number two. So that's another method or another format that you can use. Now clearly you can do a month by month statement as well but that's gonna get somewhat tedious given the fact that you have an entire year. You might run the last three months. For example, the last quarter you could go from 10, oh one, two, two and run that. And then I'm gonna go not quarters but months. And so that could be a common comparison. So now I've got three months. If it's the beginning of the year, a month by month comparison could be quite common. If you're at the end of the year, it might get more tedious. If I did the whole year, by the way, going from oh one, oh one, two, two to December and running that, then I still have the total over here giving me the data for the entire year. So you could run a report such as that as well. When you print this report, you gotta be careful because now it's gonna be quite wide. So you wanna still try to fit it on one page wide and it becomes a bit of an issue there. But you might do something like that. You could have an income statement by month, by month and I'm gonna copy that. And I'll say, save customization. And let's make this number three income statement by month. I'll save it. That's another kind of comparison that you might have. Then you might then do a two period by two period comparisons. So we could say, okay, so now I wanna just compare two periods instead of getting the total. I'm gonna take the difference. So I'm gonna go, okay, let's go back to the totals only. And run that report. So I'm back to where I start with. And let's compare the last month, the current month I'm in December to November. And I'll take the difference between this month and the prior month. So I could go, okay, let's go from 1201, 222 to 1231. Run it. And then I'm gonna select up top and take the prior period and the dollar change and percent change. Run it. Boom. So there's that report. So now I've got a comparative report. I might call it an income state. Eight, let's say comparative income statement. Comparative income statement. Statement, current month, month, month. And prior, prior month. Something like that. I'm gonna copy that. And so that could be another variant on the report that I'm gonna use. I'm gonna save it, save customization. I'm gonna call this number four. And boom, something like that. I could compare the last quarter and the prior quarter. So I could change this to 10, 0122. And then run it again. So now I'm comparing the last couple quarters. And then I could say, okay, I'm gonna save customization or let's change the name. And this is gonna be income statement, comparative income statement, current quarter and prior quarter. Something like that. And I'm gonna copy that. And we will save customization. And I'm just gonna rename this to number five, boom, save it. So that's another format that we can have. And you can see, and then we can compare it to the prior years. So then I might say, okay, then I want another one here that's gonna be comparing to the prior year. So I'm gonna say instead of the previous period, I'm gonna say compare it to the previous year with a dollar change and a percent change. Okay, so then I'm gonna say, okay, run it. So now I've got the quarter. What do I have here? I've got the quarter end versus the prior quarter, right? Prior quarter of the same quarter. There's nothing in the prior year, but you can, you know, you get the idea. So I could then have a comparison of that and then change the name up top. So now I'm gonna say it's an income statement. It's gonna be prior year, let's say year quarter. And so I'm gonna say current quarter compared to prior year quarter. And then I'm gonna say copy. And then I'm gonna save customization. Select this whole thing. This is number six now, boom, number six. I might do that for just the last month. So I might do a comparison of 120122. So now I'm comparing December to prior year, December, even though there's no, nothing in the prior year for this example. And then I can say, okay, this is the current month. I'm gonna say current month and prior year month. And I can say, okay, run, well, let's copy that name. And then customize it. And so I'm gonna customize this. Number seven, run it, save it. And then I might do the full year. So I might say current year versus the prior year, but then taking the difference between the two. So I could say this is gonna be 120122, run it. So now I've got the current year versus the prior year. So now I've got the income statement, current year versus the prior year. And I'm gonna copy that. So you can see there could be a lot of variations and it will be dependent upon where we are in the year. What I have in the first quarter, I have different options, less options typically, than if I'm at the end of the year. I might have different reports, mid quarter, then quarter end. I might have different reports, quarter end, then year end. So you might have different bundles that you can kind of customize so that as time passes, you can organize them as easily as possible and provide them as needed. So now if I go to the first tab here, and I was to refresh it and then go down to my reports on the left-hand side. Now I've got in my customized reports, I've got these numbered out. So now if I'm gonna provide these reports to somebody, I can have someone else do it, right? I can just say, hey, look, go into the month end reports and provide them. You can go into each of them, change the date range to the relevant date range and email them, but you probably don't wanna email eight reports. And if you include balance sheet reports, you could double that and we could have other reports that were put in together. So maybe then instead you would say, print them out as a PDF file and then once they're in PDF format, we can put them in a cloud drive maybe to provide them to someone, having them numbered so we can have some idea of what order they should be opened in, or we can zip the file so we can email it in that way, or we can print them out to an Excel worksheet. And if they're all on one Excel worksheet, we can use Excel to put them all on one PDF file and give it to somebody in one file that way, which can be nice and allow us to do more formatting in Excel than we can do on these reports or we can use these reports to then make their little management report that they have put together, giving it a little bit more professional looking feel to it and also allowing us to get all these reports on one PDF file, which is a nicer way to be distributing them if they're like a month-end, year-end, quarter-end type of bundle. So we'll talk more about how to do that in future presentations. Also just note, these aren't necessarily exactly what I recommend doing you want at the end of each year, meaning these exact reports. You gotta think about which reports you think are best for your particular clients, how you're gonna put them together. Clearly, we would have both balance sheet reports and income statement reports and then possibly other reports, possibly sales and expense reports in our bundle as well. But this is just an example of how you might kind of format those bundles and the different kind of variants of the income statement or profit and loss reports you might put in them. So let's go ahead and change to the business view just so we can see where we're located. I think we've been in the same spot pretty much the whole time here, which is under the business overview, under the business view, and then of course, the reports.