 QuickBooks Online 2022. Expense and vendors reports. Get ready because it's go time with QuickBooks Online 2022. Online in our browser searching for QuickBooks Online Test Drive. Going into the Test Drive. We're going to be looking for the United States version of it and verifying that we're not a robot. Sample company, Craig's design and landscaping services holding controls, scrolling up just a bit to get to that one to five percent. We're also going to have the free 30-day test trial version open just so we can take a look at the business view as compared to the accounting view. If you don't have access to it, that's okay. We're just using it for reference at this time. Back to the sample file. Let's add a couple tabs up top by clicking up top, right-clicking I should say on the tab, duplicating that tab. We're going to do it two more times, two more times. Back to the first tab, right-clicking on it, duplicating it again. Back to the first tab again, right-clicking on it and duplicating again. As that is thinking, I'm jumping over to the 30-day free trial version just to note where the reports are located in the business view. It's under the business overview. And then in the reports, if you were going to go to the accounting view, which you can do by going to the cog dropdown and then going to the accounting view, you'll have a similar view to what we'll see in the sample file back to it so we can see it. We are in the accounting view and we got the reports on the left-hand side here in the accounting view. Let's go into those items and let's open up the trustee balance sheet, one of our faves. It's my fave report. We're going up top and doing a range change from 010121, 123121 and run it. Everybody loves the balance sheet. Let's go to the income statement. The other big winning report that everybody loves is the income statement, profit and loss, P and L, closing the hamburger and then range change up top from 010121 to 123121 and run. So there's our big two. Let's go to the third tab on over and remember that as we look at these reports and the reports area down below, every report other than the two major ones are going to be supporting some line item or multiple line items on the major two balance sheet and the income statement. Scrolling down to the news section down here we're focusing in on, we're looking at the items of expenses and vendor reports. Now we're not going to open all of these but we'll just kind of go over a few of them here. The 1099 transaction detail report, note that one's kind of a special report. It's not really tied to the creation of the financial statement specifically but of course it has tax implications related to it. So you might generate that report in order to help you to comply with your tax obligations. If I go to the first tab, just recall what we're talking about with taxes are an income tax. We're going to be the payer of somebody else with regards to the income tax here. The government would like to verify that the other person is getting income so that they can check and make sure that they're paying their taxes and so on. They have leverage on us as the payer because we want the deduction and therefore they're going to pressure us to give us the information on who we paid so that they got the income side of things from us so they can make sure that the other guy's paid. So to do that you could go through your vendors information over here and the expenses and then in your vendors area and every time you create a new vendor you want to think okay is this someone that's going to be subject to 1099s typically the government's not too worried about the big companies like an Edison or like the phone company in other words if it's incorporated the government's going to say hey look we got enough leverage over these guys already we're not really worried about them not reporting the income your income to them it's probably insignificant in any case we're really worried about the little guy so that's the contractors that they're worried about that they really want to crack down on and crack some skulls no so in any case so that's who they want the 1099s for so you got to think okay if I'm adding this vendor if I edit the vendor it and then you have to add the 1099 information down below to see that they would be subject to a 1099 and then it would help you to populate that report and it would help you to process the 1099s if you wanted to do it within QuickBooks which you might be able to do by going to the payroll item down below going to contractors and then this this little widget can help you process the payrolls so you can prepare the the 1099s here also just note that if someone doesn't give you a number that they're a contractor then you're going to want to get the number from them so you can be in compliance with your obligations so the iris doesn't hit you with a stick or anything of penalties and interest and so you need to ask them for the number and hopefully they got an EIN number so they can give it to you even if they're not and even if they don't have any employees that's an employer identification number if they don't then they should be giving you their their social security number and you might want to advise them to get an EIN number so they can work with companies and not have a problem with this 1099 thing and you could formally ask them with a W9 so that's the general roundup with the 1099 information and then we got the check detail so when you're looking at the check detail the checks are basically forms that are decreases to the checking account so in some sense obviously those are going to be a report that is giving you more information on the detail in the checking account and you can get kind of a similar report by just running a transaction detail and then sorting by the transaction type by filtering in other words if i customize the report this is one way you can you can try to find the decreases and you can say okay i'm going to filter down here and i want to go to the transaction type and then you could select like the check forms that are going to be the decreases and you could look for other other forms that might be uh decreases as well like the bill payment check or the credit card bill payment type of thing and then you can say okay run that report and you could try to you know look at the activity for the decreases to the checking account going back to the first tab then we got the expense by vendor summary so now we're looking at our expenses these are the income statement line items here we kind of did the same thing on the income line items where we said when we looked at the income we want to put the information in by category and then use our sub accounts to break out the information by customer and by the thing that we're selling uh the inventory the products and services on the expense side same kind of thing we're going to have a lot more categories but we still want to break the thing out by category we're not breaking it out by who we paid in other words i'm not putting in here this went to AT&T company i'm saying it went into the category of telephone expense and then we might want to break out by who we paid with some more sub reports that we can bring into the consideration here so for example we could then go into hold on i zoomed in and messed everything up my vendor balance my vendor by a vendor summary report and then i can run this report from 010121 to 123121 and run it so there we have it so now we've got the vendors breaking out the vendors that we paid and the the information for it adding up to the 817860 if we go back to the income statement and we look at our expenses down below we don't we're not tying out to the total expenses down here but we have the cost of goods sold that we might add in here as well let's just do that we're going to say we've got the for the the expenses of the 5183.32 plus we've got the cost of the goods that are sold but that's only 405 so we've got a significant difference between the payments and the cost and the expenses but wait we got this other expense down here too that i didn't add other expenses down at the bottom of the 2916 and that brings us to the 8504.32 and here we've got the 8178 so that seems more appropriate now note that this again isn't possibly all the time going to line up exactly as we would expect it to line up for example when we looked at the accounts receivable and payable for the sub ledgers i keep on going back to the accounts receivable and the accounts payable because if i go back to those two accounts these are the ones where the sub reports are really being forced to line up so if i look at the accounts receivable sub report and the accounts payable sub report the system is forcing us to add a customer every time we hit those accounts with some kind of transaction so the sub reports are going to line up for sure with regards to this type of report for example it's possible for us to enter a transaction into an expense account for example and not add a vendor we could just enter a journal entry and not add a vendor into it and if we were to do that then we're going to lose some of the added detail in the sub reports so once again if i go back to this first tab and hit the hit the plus button when we enter the expenses we usually do so with an expense form check form or a bill form and as we do so we want to make sure that we're adding the added information of who the vendor is so that so that we can basically process the the information by vendor and it's possible a lot of times when people use bank feeds in particular this is the deposit but when they use bank feeds then they pull in the transactions and because they're not required to enter a vendor into the system then sometimes they skip that stick so even though you're using bank feeds you could still enter it's still going to use the same transactions like an expense form and a check form those are the decreasing of the checking account forms but you got you got to make sure you add the vendor so that you add that added detail and you can then have the added detail of the sub ledgers to to be using in that case so let's take a look at another one let's go let's hit the plus button over here go down to the reports and let's close up the hamburger and scroll down to the reports we were checking out check them out and so now we've got the open purchase orders now the purchase orders of course are items that don't actually have any impact on the financial statements so these are going to be the ones that we want to track as open because we made a request so if I go back to the first tab and hit the plus button we on the on the purchasing side of things we might enter a purchase order to facilitate a purchase but at the point in time we enter the purchase order to buy something like inventory we have not yet paid for it and we have not yet received it therefore no financial transaction but we want to track the purchase order so that when we receive it we expect to receive it with a bill most likely and then we can tie the bill out to the purchase order therefore we have to track it even though this is a form that doesn't have any impact on the financial statements it's off the financial statements so one way to do that is to go into the sales area I'm sorry into the expenses area and then we can be tracking on the expenses side here and we can be going into the filters for example and looking into the purchase order so we want to say vendors we're looking for the purchase order and there we have it and so I'll just pick all of them here and so this is one way you would do this and this is why this report that we're looking at on the right might not be as useful for internal purposes because you can basically go into this section or go into the vendors themselves and track the purchase orders but if you're going to report externally the purchase orders then of course this would be a useful form if you're going to give a list of open purchase orders to management or something like that so scrolling back down and let's see what else we have here and we're going to go down to the expenses so we got the purchase order detail as well purchased by product or service detail so this is similar to the to the income side of things now we're on the expense side of things which we can break out by the the items that we purchased or and which are the which are the services and products or we can break them out by the vendor now when we have the purchase items not everything that is an expense is going to have an item related to it these are going to be purchases of typically inventory items so 0101212123121 and run that report so then we've got these are just basically the inventory items we're purchasing so these aren't really tying in typically to an expense account this is giving us information on the purchases of our inventory type of items so let's go back in here again and we're going to go down to the reports again close up the hamburger and see what else we have anything else of relevance down here so we got the purchase purchase by vendor detail so now we can break out our purchases by vendor again that being who we paid instead of the expense category and giving us the detail for it 0101212123121 and run that report so now we've got the people that we paid and we've got the detail of the activity that we purchased this is also something that you can kind of see on this first tab but you would typically look at it in the vendor center by individual person right you'd go into say okay i'm looking at this particular person that had some particular question and i'm looking into the detail of the activity here within the system but if i want a whole report on all the detail then i can go into this report for example and get get a more extensive report on it let's hit the hamburger again go back into the reports again close the hamburger back out and check it out at least one more time just to see if there's anything else that should be relevant purchase by vendor detail transaction list by vendor and the contact list by vendor this is just not really supporting of a financial statement report but a contact list and then the transaction list by vendor now we're going to get a list of the transactions broken out by the vendors let's just take a quick look at that from 0101212123121 and run so now we've got the vendors and the transactions broken out by a vendor that you can of course drill down on as well