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Here we are in QuickBooks Desktop Sample Raw Castle Construction Practice Fire Provided by QuickBooks Going through the setup process we do every time maximizing the home page to the gray area Going to the view drop down noting that we have the hide icon bar and open windows list checked off open windows on the left hand side going to the reports drop down company and financial looking at that P&L profit and loss otherwise no one is the income statement date change 010123124 January to December customize it fonts and numbers change it to 12 OK yes OK and then we're going to go to the reports drop down again company and financial this time the big balance sheet tab date 123124 customize the report fonts and numbers change it 12 OK yes OK that's the setup process that we have been doing every time note that we're going to go through many of the other reports to give an overview of the report center when we look at all the different kinds of reports in there it can be quite overwhelming however it'll be a lot easier to consider if you realize that the two major reports the financial statement reports are the balance sheet and the income statement otherwise known as the profit and loss report you may not I wouldn't even really think about them as reports I would think about them as a level up from the reports the end result that were primarily thinking of meaning they are the financial statements they are the financial statement reports every other report pretty much just about every other report is going to be giving more detail expanding upon in some way organizing a little bit different than simply a general ledger some line item or multiple line items of the major two reports the balance sheet and the income statement or in other words the reports are typically constructed these two reports are constructed from the accounts on the general ledger if there's any activity in the accounts that we have created from the general ledger the list of all accounts then again they will be constructing the end result showing up somewhere in the balance sheet and with the income statement also just realized the trial balance is another report that kind of has everything involved in it because it's in essence the balance sheet on top of the income statement keeping that in mind when we're thinking about other reports how to get to other reports there's two primary ways we can do that we can go to the reports drop down and then we can go to the reports center up top so if I go into the reports center it has this little organization I'm going to maximize it for some reason it unmaximizes when I go into it originally so I'm just going to go okay maximize that that's one way we can get there notice the tabs on the left hand side are the major categories on the left and we're currently in the standard tab up top the other way to get there is what we've been doing every time when we go into the reports probably the fastest way to get to the reports if you haven't like customized or put reports in some kind of custom field and that would be to go down here and then go to the report so these categories here company financial customers and receivable sales match these categories over here and then you've got the added drop down with all these reports in it this can look a little bit overwhelming so if you know where you're going this is the fastest way to get there if you don't know where you're going and you're searching for some new reports then opening the report center is probably the best way to go there if you have some reports that are kind of buried when you look at this drop down and you want to make them a little bit more accessible you can memorize the reports and you can put reports here these are also reports that you can you can make you know more customized basically reports up top we'll talk about more shortly you can also put reports and like favorites in your drop down here to make them a little bit more accessible if you need so for now we're going to go into the report center so reports drop down reports center this is the report center we've got tabs up top the standard tab is the main tab will be looking at the memorized tab represents reports that we have memorized so these might be reports that are going to be really useful to us so we memorized them or they might be reports that we have changed and that's probably the better use of this field in other words for example if we have like a balance sheet and an income statement let's open up a balance sheet and we want to change the formatting let's say we want to take the pennies out of it let's do I'll show you real quick if I go to customize up top and we said okay what if I go to the fonts and numbers and I don't want to have any I'm going to have parentheses and read for the for the negative numbers and I don't want to have any pennies involved in it and I'm going to say okay and you note that I made it 12 well now if I want to save those settings then I can memorize this report therefore I will not have to do that change every time every time we open the report as we have been doing every time I change the font so that can be a useful tool we'll talk more about that in the future back to the report center tackling on the left hand side memorized reports and you've got different categories for the reports we'll talk more about how you can organize those categories or give some suggestions in future presentations we've got the favorites so this is where you can put put items that are your favorite items to get to them a little bit more quickly so for example if I went over to the standard tab note that it's usually pretty easy to get to the balance sheet and the income statement so that's probably not you might want you know probably be something that's a report that you use a lot that that's a little bit more difficult to get to so maybe if you had a report down here and I said I want to put this in my favorites with little heart here put it into the favorites then you can go into the faves and this will be a little bit quicker possibly to get there and then when you go to the reports drop down up top you've got your your favorites and so that that'll make it a little bit more customizable that's a way to customize it and then you've got the recent so sometimes this gives you your recent reports that you had open and then you've got your contributed these are reports that other people have opened that they have customized them and so you could look for some some standard customized reports that other people have found to be convenient that might be useful to you as well we'll talk more about customizing reports in a future presentation back to the standard tab so within the standard tab once we see the reports in this middle window we can view them a couple different ways this is probably the easiest way to view them because you get a nice glance at what is happening here but sometimes if you just want to look at a list of the reports you can go this way that gives you a nice list to me if I know the list and I know what the report looks like I'll probably just find it this way with the reports drop down and then see the list this is basically a list format this way so that's why I usually like to see it a little bit this way if I'm actually going to go into the report center or possibly if I want to get a little bit more detail use this method which will give them give you a little bit faster look and you can sort through them this way and so you can see what the report looks like and that's probably why you're going to be in the report center anyways as opposed to going through the drop down because you don't know exactly what you're looking for and you maybe want to be observing what it looks like I'm going to go back to the default which is the grid view and then we'll just kind of go through some of the categories of the reports in in each of these categories so first we have the profit and loss report so this is the company financial remember this is the major financial statement of report of the income statement the timing report income minus expenses the standard report is probably one of the most common reports you're going to use although you might customize it a bit for your personal use or for the use externally so that's the one we've been working with that's when we've been taking a look at so you could have the profit and loss details this is going to be the profit and loss but given you a bit more activity in it notice it has to type the date the name and so on you got the profit and loss year to date comparison note that many of these other profit and losses reports such as the year to date comparison are reports that we can customize from the original profit and loss in other words if I go to the profit and loss and I customize the report I have some options to do a comparison to a prior month comparison prior year comparison many of the reports that are in the report center if I go back to the report center are constructed from the options so you could you could have made them in essence from a profit and loss so these are great default options but we'll also talk about how to make some of those standard comparison reports side by side comparison month to month year to year month to prior month and that kind of stuff so profit and loss a previous year comparison so this is another comparative P&L report that we could construct ourselves if we know how to do that profit and loss by job which would be specific to job cost system profit and loss by class if you have class tracking turned on which is a specialty kind of area we have a whole courses on if you want to look into that more detail profit and loss unclassified then we have the income and expenses income and expenses basically being reports that are kind of P&L profit and loss reports because income and expense are income statement reports so you got income by customer notice that this is giving you a more detail on the profit and loss so if I look at the profit and loss usually you have the income by account grouping account category now you're going to take that income and give more detail to it by breaking it out by customer that's why on the income statement we typically don't break out different income line items by different customers because we can make another report to give us that we have another one giving us more detail on the income accounts breaking it out income by customer detail giving us more detail on the customer then we got expenses by vendor summary so now we're getting more information about line items on the income statement usually broken out on the income statement by the account that we grouped them what we used them for this then breaking them out by the vendor who we paid so we get more detail about that so that's why many of the other reports are going to give us more detail about a line item or multiple line items on the major financials balance sheet income statement expenses by vendor detail we got some graphs that they give us here as well we'll look into in future presentations and then we're on the balance sheet the other main report balance sheet standard the one we open up all the time we got the balance sheet detail giving us a little bit more detail as we saw with the income statement balance sheet summary this one's a little bit more compact so if you were to present this to somebody else this report is quite useful because it's a little less intimidating but often times we use the standard balance sheet as we're working within the system because that gives us all the accounts whereas this is going to group some of the accounts together by in essence the type of accounts that we saw when we looked at the general ledger then we got the balance sheet prior year comparison this is a report which once again we can construct from the balance sheet if we know how to do it they just put one together for us already we'll talk about how to do that in future presentation net worth graph type of report then we've got the cash flow the cash flow is the other major financial statement report so you might be asking about that you might be saying why haven't you talked about the cash flow because the cash flow although it's one of the three major financial statement reports it's not really the first two that we construct we construct the balance sheet and the income statement typically if you were to make these from scratch and then we use those reports to make the cash flow report why because the balance sheet and income statement traditionally will be on an accrual basis method however we'd still like to see cash flow so you might say well why don't I make another income statement on a cash flow basis for example or profit and loss and so that's in essence kind of partially what we do with the statement of cash flows so now we're trying to get the best of both worlds have an accrual based financial statement balance sheet income statement and then have a cash flow based statement the statement of cash flows but in essence it's giving you a more detail on the accounting system on a cash flow basis and you can think of it as kind of breaking out the flow of the cash in that in that way it follows our theme that it's going to be a report related to you know another report it's going to tie into our cash flow report on our cash on the balance sheet in essence and so then so those are going to be the major reports here let's go to the customers and receivables these reports are going to tie out then or give more detail about the major balance sheet account of accounts receivable which is us showing people owing us money so if I go to the to the reports then we've got we've got the ar aging so that breaks out then the people that owe us money and then how over past do the balances are which helps us to collect on them of course the ar aging detail they've got grass for ar aging open invoices the open invoices typically are the things that create the accounts receivable so those are the forms by customer that if they have not been cleared that's what the accounts receivable balances is is made of then you got the collections reports which of course accounts receivable we're trying to collect on it average days to pay summary so that's trying to determine how much time it takes on average for us to get collection from the receivable from the invoice time to the collection time and then we got the average average days to pay you got the customer balances so this basically breaks down the accounts receivable by customer which we can also see in the vendor in the customer center customer balance detail basically in the customer center same kind of information there unbillable costs and then the transaction list by customer a lot of this stuff like I say you could see in the customer center so if you're trying to figure this stuff I can see the drop down and look at the open balances and try to search that way if I'm looking for a particular customer that's why the major report that we use that's not in like the customer center would be the aging detail oftentimes when we're working in an accounting system on the sales side of things now this is going to be a going to be supporting reports to the major income statement line item of income they're going to give us different information about the income lines generally you got sales by customer so now you got the sales broken out by who bought this who bought the stuff so we're just breaking it out in a different way getting us different information more detailed information that is on the income statement for income or revenue sales by customer detail sales by ship to address where it actually went to pending sales and then you got a graph for sales then you got the sales by items items are what we did in order to generate the revenue goods and services that we sell so on the income statement we've got the income broken out by account and then we can also run other reports by who we sold to and what we sold or the services that we sold in order to do that of course you would have to be using the full service accounting system or using the invoices and the sales receipts if you're depositing directly into the system like a with like a deposit form possibly using bank feeds and assigning that to an income account then you lose some of the added report features to break out by item and possibly by customer in that way so then you got the sales by rep if you have sales rep then you've got that report you got the job time reports now these are going to be specific to a job cost system so I'm not going to go into these in detail but if you have a job cost system you've got job related reports and job estimate reports and then time as well more reports there vendors and payables so this is going to be supporting the balance sheet line item of accounts payable in a similar way as we saw with the accounts receivable accounts payable representing money that we owe to other people for goods and services provided to us we can break that out by the aging report that breaks it out by customer and how old they are this is the most common report used aging detail we have a graph then we've got the vendor balances like with the receivables this is a useful report but most of the stuff we can find by going to the vendor center and then I can search you know my outstanding balances in the vendor center here and we oftentimes would go there in practice and therefore these reports although useful common way to break it out the common subsidiary report breaking out the payable by who we owe we'll probably find that in the vendor center and therefore this is the most common report we use the AP aging and so then we've got the unpaid bills bills are going to be the items that are used to create the accounts payable if they have not been paid that's the increase the payable transaction list by vendor then we've got purchases now this is going to be in place if we have inventory oftentimes so we got purchased by vendor summary so we're breaking out the purchases we made by who we purchase from purchase by vendor detail and then we've got the purchase by item so these are showing the purchases by the thing that we purchase like the inventory items for example and then we've got the open purchase orders so this is something that oftentimes again we probably would be looking at by going in practice we would be going to the vendor center and possibly looking at the purchase orders here or going to the transaction purchase orders and looking at open purchase orders here so these reports although useful probably not the main place we go to when we're trying to find an open purchase order in the process of our accounting and bookkeeping the inventory this of course would only be applicable if we have inventory the main report being the inventory valuation summary this giving us more detail to the balance sheet account of inventory inventory having one line item giving us the dollar amount of all the inventory if we have a perpetual inventory system tracking the units of inventory then we got the inventory valuation the inventory valuation detail inventory stock status which can help us to count the inventory comparing our physical account to what the QuickBooks says then we've got the employee reports noting that the payroll reports are a whole animal in and of themselves because we have all these other kind of laws and regulations for human resources withholdings and whatnot also remember that you have to turn on payroll in order to have the payroll reports you typically have an add on feature to be processing payroll although there is a manual payroll that we can use to practice with and so we'll we'll look at those reports later these tie into multiple items on the balance sheet related to payroll so they're going to help us to determine you know payroll checks and whatnot but we've got the payroll liability accounts on the balance sheet and we've got on the income statement the the gross wages and the payroll taxes and the food taxes and so on but again they quote these go a little bit beyond just giving us more detail from a line item on the balance sheet and income statement because they also have to be used to give the pay stubs to the payroll each time and to give the reporting forms to the 941 to 940 and the W2s and W3s at the end of the year this is also the area where you might have someone outside doing that like an ADP or paychecks where they take care of all that stuff and you just enter the data necessary to make the financial statements correct we'll talk more about that in the future you got the banking reports so deposit details now this is of course going to give us more information on the balance sheet account of the bank accounts and notice that you could go into the bank account report and look at the detail of 124 and then you could sort this information by type so the major increases being the deposits the major decreases being checks although there's other kind of checks liability checks bill checks and so on so this is so this is giving you some some some reports here that are the deposit detail check detail so you can kind of you kind of come up to a similar report by filtering into basically a general ledger or transaction detail report missing checks you got the reconciliation discrepancies of previous reconciliations the reconciliation report is a little bit different than other reports because that report isn't really given us information on the data input to sort the data input for example like with the accounts receivable which sorts by transaction and then having a subsidiary report sorting it by customer with the bank reconciliation we're reconciling our account on the books to the banks books so we're reconciling to some other thing outside of our system so it's a bit different of a report we'll talk about it more when we get to the bank reconciliation components and then we've got the accountant reports we looked at the trial balance that's basically the balance sheet on top of the income statement very useful report we will start to use that and look at it and replace of the balance sheet of the income statement when we're trying to look at quick activity as we do the data input and see the impact on the financial statements balance sheet income statement. The general ledger report is basically all of the accounts and the activity within it and that's similar to if I go to the balance sheet and whenever we double click on a particular account and then say 010124. It shows me the activity it calls it a transaction by account. So if I had all the accounts and all the activity that would basically be the general ledger so this is kind of a similar thing as the general ledger report. The transaction detailed by account so similar kind of process there these are similar reports the journal report breaks out all the transaction by journal entry so it gives you the debits and credits. It's a really good tool to kind of look at what's happening in terms of debits and credits given the fact that into it generally doesn't show debits and credits all the time it's kind of like that's the behind the scenes thing. So if you're trying to learn in terms of debits and credits then these are good tool to use it's also good for billing purposes will try to point that out a bit as we go through the process depending on your billing system audit trail report Voided delete transaction summary so you can take a look at all the transactions that have been removed that could be useful if someone went in there and deleted stuff that should void a deleted detail transaction list by date. So this just lists out all the transaction by date it's a little bit cleaner a little bit smaller than the journal report similar kind of thing. However also could be useful for like billing depending on your circumstances and for reviewing. We'll talk more about it later in the second half of the course account listing just gives you a list of the accounts chart of accounts in essence fixed asset list if you have the fixed asset list income tax income tax preparation income tax summary. So this comes into play if you if you coded some of your accounts in terms of a tax account which can be useful but it's like it has potential but it hasn't really added a lot of value that I see because it can't be perfectly useful. We might look at that a little bit more when we when we add the accounts but I haven't found it that a lot of bookkeepers use like the tax components of it. So I won't go into that detail here budgets budgets are a little bit different than most of the other reports because most other reports and accounting in general is designed to record past financial transactions in order to construct the balance sheet and the income statement representing a summary of what has happened in the past and where we stand at this point in time. So budgets are going to use that past data to project out into the future. So they're not something that a bookkeeper can really do on their own independent from the owner of the business because they only have part of the data they got the prior year data but they're also going to need projections into the future to create a budget. So we'll get into budgets and future presentations just remember as a bookkeeper by default. You're not really the person that's going to put together the budget. You can try to think about that you have to work with the owner to kind of think about other things other than simply past data to project out into the future. And then we've got the lists with like the customer phone list customer contact list the vendor list phone list contact list. And this is more detailed reports contact reports other names phone lists and then the accounting list the item price list item lists and so on and so forth. So I won't go into those in detail. Those are the general outline. Just remember the main two reports balance sheet income statement or profit and loss and then all the other reports generally make more sense as they are typically expanding on giving more data about some line item or multiple line items. Of the main two reports balance sheet income statement or profit and loss.