 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 Intuit. 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 reports 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. 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It's kind of like how in like the matrix when Neo learns kung fu or at least that's what the scientific survey saying. So get one because the scientific survey participants could really use some extra cash. If you would like a commercial free experience, consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. 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. So 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 get 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 use that that people might think is is different than other bookkeepers, right? We're going to call it an income statement, which I kind of feel like is a little bit more professional or seems more normal to me for external reporting purposes for some reason. That's just what I guess what I learned. But let's go ahead and go to the customize and let's get rid of the pennies. Let's get rid of let's get negative numbers bracketed show them in red on the header and filter side of things. I'm going to get rid of the date, time and report basis, and then run that report. So there we have it looks very nice at a mosa. And let's go ahead and save the customization. So I'm going to make this go into a group, I'm going to call it month and reports. And I'm going to add the group. So there's our group. And I'm going to call it a summary income statement summary, but I'm going to name it number four, because I'm continuing after the balance sheet reports we did before, even though we can't see them in the customer reports, let's go ahead and save it. And then if I go to the first tab, and my custom reports refresh the screen, let's see if it pulls up like it should. There it is. So we have that one. And then if I go to my income statement, again, I might say, Okay, now I want to have a full expanded income statement. But since I already have the summary, maybe I can add a little bit extra to this one possibly making it a vertical analysis income statement maybe so I can select the drop down and say, maybe I want a percent of income. That's the main one for vertical analysis that we saw in a prior presentation, run it. So now everything's being compared to that income line. And I might call this then an income statement, vertical analysis, analysis or something like that. And then I can save this one. And cuss, I already customize it. So I'll save customization, making this number five. Number five. And then we're going to save it. Let's check it out going back to the first tab, refreshing the screen. There's our reports, two of them in there now, movie B to the end, be in hippies are just being man. But why would you just be in when you could movie being when you can movie being? Okay, so then I'm going to do another one. Let's go. Let's go back to the normal, the normal here. Normal. And then we could do a statement by quarter, we might want to do dropping it down over here, and maybe a quarters statement. If you're at your end, if you were only at the end of the second month or the first quarter, you might do a month, month by month report for that first few months, right? But I'm at the end of the year. So maybe a quarter by quarter report would be nested would be appropriate. So this would be an an income statement, statement by quarter, something like that. And we'll save this one. movie B to the end, we're going to save customization number six on this one, six. And we'll save it. Let's check it out going back to the first tab to check it out, running it to refresh in it. And there we have it. There's number six. Let's go back on over. Let's just do one more just to get an idea. We could do the horizontal analysis. Let's bring this back to where it was total, run it. And this time we might want to compare two months. Let's just do December and November. So we might say, let's say this was going from 11. Oh, one, two, three, tab 1231. Well, no, let's go 12123 to 1231, run it. And then we might do the drop down up top comparing it to the previous period, percentage change, and dollar change, dollar and percent change running it. There it is. And then we can change the name of that one. We might say this is going to be an income statement. horizontal analysis, horizontal analysis, something like that copy and that one, and then save the customization. And then we're going to say this is going to be boom. And this could be number seven, save it. And then you could do one for the prior period as well. So we have a whole lot of options, right? I could do this, the same thing and say, well, let's compare that to the prior to the previous year. And we could do another horizontal compared to the prior year, which is getting confusing on the names. Nothing's in the prior year. So that's also confusing. But we'll leave it there. Just note, we just picked some that might be appropriate. Those don't have to be the ones that you use. And again, the reports that you do use will be dependent upon what time of the year it is. If it's beginning in the year, you might be doing more month by month comparisons. If it's the end of the year, quarter by quarter comparisons comparing to the prior period and so on. And also we would have the balance sheet accounts here as well in our customized reports. That was numbers one through three, at least that we can do and we can see now that we're getting a long list of reports, which is why it's not usually best to just attach them as an email. Because if you have like 10 reports that becomes tedious for someone to download, it might be out of order sometimes numbering it here will give it to you in order in your system, which is nice. So it would be better to at least zip the file to provide it to someone by email if that's the method used or use a cloud drive or you can use our management report that we talked about before and we won't do that again. But you could use this to then pull in the customized reports whatever your method is of delivery. This might be your first step this can feed into it. So you can do this you can list out your reports you can create them monthly quarterly yearly and then you can populate them into your management reports. If you so choose you can print them out as PDF files provide them on a cloud drive one drive, Amazon Dropbox or you could zip the file and email it or you can export these files as we create them to excel using Excel then to populate one PDF file using a PDF printer as we saw in the past and will do in the future as well. That's the most customizable option because you can do a little bit more customizing within Excel. Although it takes a little bit more work to do that, you can even integrate Excel with Word if you wanted to it and make it really fancy. So you don't need to go overboard. But if you do a little bit more just in terms of the presentation, like I think the Steve Jobs was the guy that really kind of made that clear with the fact with his designs of his phones putting so much time on things like text and color schemes and rounded edges and this kind of things where doesn't isn't really necessary the most practical type of things from a technical standpoint. But people appreciate the attention to the detail of those types of things and it raises confidence, which is often something that you need as a bookkeeper when you're dealing with people's numbers. So if you print the reports, provide them neatly, give a little bit of extra effort just in terms of the presentation, that can go a long way to say, Hey, look, I'm doing the best I can do here.