 QuickBooks Online 2024 journal report. Get ready because we're going to Bookkeeping Cloud 9 with QuickBooks Online 2024. Here we are online in our browser searching for QuickBooks Online Test Drive, looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks, selecting the United States version of the software and verifying that we're not a robot. Opening our major financial statement reports like we do every time the reports there on the left hand side. We're going down to the favorites and right clicking on the balance sheet so we can open it in a new tab. Same with the profit and loss right clicking open in a new tab like we do every time. Going to that middle tab so we can close up the hamburger. First a word from our sponsor. Yeah actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us. But that's okay whatever because our merchandise is better than their stupid stuff anyways. 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If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. Then we're scrolling up to change the range going back to two thousand twenty three oh one oh one two three tab twelve thirty one two three tab. And then run the report let's go to the tab to the right and then close up the hamburger again and then we're going to say oh one oh one two three tab twelve thirty one two three tab and run the report. These are the two major financial statement reports noting that all other reports generally will give more information about one or multiple line items on these two major financial statement reports. Let's go back to the first tab and we're going to go down to the reports on the left hand side we can close up the hamburger again. Honestly using QuickBooks now closing all these hamburgers is making me feel like back in college when I was flipping burgers and stuff you know but any case that's a side note. We're now down here in the for my accountant area and we're looking for now the journal reports. So in prior presentations we went over the items in the my accountant section which are typically going to be those types of items that are major financial statement reports which are kind of duplicated in here because they're also in the financial section as well as those reports that are going to give us debit and credit format as opposed to the accounting transaction format and those really long reports with like the detailed reports. So the journal report is one that's going to give us basically that debit and credit format. So I want to compare and contrast it to some of the main reports that we looked at recently the general ledger being one of those and the transaction detail by account. The transaction list by date are the main reports to compare this one to. So let's right click and open the journal report so we'll open it up and then we'll open some of those other ones up by comparison. Let's do that now. We'll just go open that. Let's right click and open this one as well the journal report and let's right click the transaction detail by account report and then we'll right click and open the transaction list by date report. Those are going to be the main ones that we can take a look at. Let's go over to the ones that we just opened up. Here's our journal report. I'm going to take it and drag it to the right because that's the main report I want to focus in on. I'm going to close another hamburger. Close another hamburger. We're ready. Hamburger number two is ready for pickup. All right. So then we're going to say that we want to then change the range up top. We'll do a custom range. We'll bring it from 010123 tab 123123 and then there is our report. So this gives us our transactions by date. But in journal entry format we can see that we have the debits and credits on the right hand side. Let's compare and contrast that to some of the other reports tab into the left closing up the hamburger transaction list by date. So if I select the dropdown here and custom reports range change 010123 tab 123123 tab. Now we have our transaction list. But the list is going to be formatted by date rather than by account. So this is the report that's kind of most similar to the transaction to the journal report. Let's also compare tapping to the left closing the hamburger to the transaction detailed by account. Drop down. We want a custom date range. We're going to bring that from 010123 tab 123123 tab. So this one is similar to the general ledger report in that it's giving us the information by the account here. We have the checking account and then the savings account the accounts receivable and so on and so forth. If I go to the transaction to the left I'm sorry the tab to the left again. Then we have the general ledger. This is the classic. I'm going to close this one up that we typically think about when looking at all the detail of the transactions that have happened 010123 tab 123123 tab. So this one is the one that looks like basically the general the transaction these two these last two basically looks like the transaction detail reports that we drill down on. And when we go to the end result the balance sheet income statement and drill down on those accounts or the trial balance like the checking account. We go into that account. We see the activity in here the activity broken out by date within this this account. However it's only given us at most half the transaction because in each account because there's two accounts that are impacted for every transaction. At least two accounts impacted for every transaction. So so then so remember that this journal report this general ledger used to be the one that we kind of had to go to when you're thinking about a system where the accountant doesn't actually have access possibly to the accounting software like they often do today. Today you have QuickBooks you might be able to give your accountant access to QuickBooks. They can drill down from the financial statements to the detail behind it nice and easily like we've been doing when we enter the transactions. But if the accountant didn't have access to the software and you're working by mail the account is in a different office than oftentimes we had to send this big general ledger type of report to get the added detail. Now we have the general ledger in this format they can drill down if they have access to the software and we have these detailed reports that are in these other formats as well. Such as the report that's broken out transaction list by date which we saw is a little bit different because now it's recording the transaction type. And it's recording the two accounts that are impacted if there are only two account accounts and if there's more than two accounts then it can't record that second bit of the transaction. And you have to you'd have to drill down to see the full journal entry that's being input with this particular form. We saw that from a billing perspective this report might be useful if you were trying to build based on the number of transactions that happened instead of billing by our and by who worked on the project. For example you can try to count the transactions that happened and then try to build based on the number of transactions that are going to be going on in a particular time frame such as a month for example. However you might want more detail than that because some transactions are more complex than others. So then we have the journal report which is also recording the items by date. So you have some of the same business same benefits as the transaction detail report by date in that you can you can use it to review transactions you can use it to to review what if you're a supervisor and you're reviewing a bookkeeper. You can look what they have done and you can get more detail about what they have done. So instead of just reviewing that they have entered an invoice for example you can see that the whole transaction of the invoice and give a little bit more of a check to see that the invoice was entered properly as opposed to just seeing what has been done in terms of the data input form. And so you get more detail that way and if you're if you're checking your work for example as we go through the practice problem you can use this report to kind of check your work to double check the journal entry. So every time we end a section we might take a look at the transaction list by date. Now if you see something that is not the same on your transaction list by date then is on our transaction list by date. You might then say OK I'm going to drill deeper down and look at it find it on the journal report and look at all the accounts that were impacted and see if it's see if you can figure out what's going on with the more detailed report that's going to include all of the different accounts that were impacted. That's another tool that it could used for another the added benefits of the journal report are that if you want to learn what each form is doing just from a learning standpoint. You can then this report is great because you can look at each form like a deposit form and you can start to see not only the accounts that are impacted but what debits and credits mean. So if you want to learn debits and credits which are the building block and are more simplified to actually think in when you think of the impact on the financial statements then the accounting equation. That's why the books basically are built with debit and credit format and then reformatted into the accounting equation format because the accounting equation is kind of less efficient than the debits and credits. But more universally understandable by most people because the math equation is easier. You don't need to know debits and credits. So if you look at it like an invoice you can then think about the impact of the debits and credits that are happening on the invoice. If you have an invoice that is selling actual inventory that you're tracking perpetually you start to get a complex transaction. If you take a look at an invoice that also has sales tax your transaction is going to get more complex and you can take a look at everything that is impacted in the transaction. If you're looking at payroll transactions this is another great report to go to because those are going to be long complicated transactions as well broken out by by employee per paycheck and so on and so forth. Great tool for that purpose. Also if you wanted to use this form for billing it's going to give you more detail. So if you're saying I'm going to move away from as a bookkeeper a system where I bill based on the number of hours I spend because I would like to come up with a system where I'm talking to my client and I can give them more concrete of an idea of what I'm billing them on as opposed to just hours which could vary from month to month for reasons of just whatever my work had happened to be that month and possibly not because it was more work or possibly having different billing rates by different people who are in my firm and so if a different person happened to do the bookkeeping one month versus the other then I charge them a different rate or something like that. Those become problems if you just bill them based on the number of transactions or in this case the number of accounts that were impacted that might be easier. So we took a look at a quick look at how you might do that. I'm just going to recap that again. So one way you might think of doing that is say OK let's just go to the month of December. 12 1 2 3 and then you could export this to Excel export to Excel. So here we have it we have the debits and credits on the right hand side. What I would like to do is count the number of accounts in this report because that's the tool that I would like to use in the billing process. The most basic count form generally needs numbers in it. So the first place we might look to go is on the debit and credit column. However, there's a lot of blank spaces in the debits and credits because there's two columns within it and it will be doubled up due to the fact that we have a total column as well. So the next easiest place it might be to go to try to do account function would be either in the numbers here or possibly the transaction ID over here. Now the transaction ID might actually be the easiest thing to do because the cells look like they're formatted more in a number structure. You'll look over here in the numbering item we have this issue with this green check. So I'd have to actually in order for the count to pick up. I've got to convert these if I double click on it it converts it to basically a number format. Like if I if I for example if I but I could do that easily if I select all of this whole column and I wanted to use this column. I could then select all of it and then on the drop down here I would like to convert to number and then I can use that and then I would have to fill in the blanks possibly just using a number like 9999 and then and then copy and then pasting that to the blanks. But it might be easier actually to use the transaction ID because I think it has a number that's already populated all the way down. So we might have a system something like this we go down to the bottom here and we see if we can count just everything that has a transaction ID within it. So we'll use our equals count and then we'll just select this entire column boom and enter. And so we've got 223. So that's just an idea of how you might use this. Obviously you wouldn't typically want to have to count every thing manually but you can probably come up with a system that you can do it in Excel. Once you export it fairly easily you want to double check that system. There's a lot of different count functions you can use a count if function possibly to count the cells that have text in it or something like that rather than the simple count function. There's a lot of different count functions count if functions that you can possibly use but that's a general idea that you can use for that. So there's the the journal report.