 QuickBooks Online 2024, internal and external reports. Get ready because we don't just do data input, we get totally into it with Intuitz QuickBooks Online 2024. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the URL that has Intuit.com because Intuit is the owner of QuickBooks selecting the United States version of the software and then we're going to verify that we're not a robot. First a word from our sponsor. 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. Like our crunching numbers is my cardio product line. Now I'm not saying that subscribing to this channel crunching numbers with us will make you thin fit and healthy or anything. However it does seem like it worked for her just saying so yeah subscribe hit the bell thing and buy some merchandise so you can make the world a better place by sharing your accounting instruction exercise routine. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. I'm not a robot I'm an android. It's totally different. Anyways we're going to go into the to the reports on the left hand side like we do every time we're going to be in the favorites opening the major two starting with the balance sheet right clicking on it so we can open in a new tab right clicking the profit and loss and opening it in a new tab. Let's go to that middle tab to see what we opened closing up the hamburger so we can get a better view of it what we opened changing the range back to two thousand twenty three oh one oh one two three tabs twelve three one two three tab we want to run it because we want to be fresh tabbing to the right closing up the hamburger and then doing the range change we're going to make it old but fresh at the same time oh one oh one two three tab twelve thirty one two three it's old but it's still fresh because we're going to run it to refresh it just like taking taking some food out of the fridge okay so that's the process that we do every time for the setup these are the major two financial statement reports all other reports as we have seen for the most part giving more information more detail about one or multiple line items of these two major financial statement reports we now want to think about the idea of internal reports versus external reports meaning those reports that we might use most often internally as we do our bookkeeping as we track and communicate with the people we do business with customers vendors and employees versus the external reports that we might provide if we're a bookkeeper say to our client on a periodic basis possibly monthly possibly quarterly possibly uh yearly or external to whoever users that we're making the financial statements for which might be like the bank if someone needs a loan or something like that or something like for the preparation of the tax returns now as we think about internal or external reports we might also use the customization feature to customize them for internal use versus external use for example if i was going to use this internally then maybe i want to do some customizations but have them be a little bit different than what we might do for external reports so for example if i customize this up top for internal use i might still like the negative numbers with brackets and to be read but i still want the pennies if it's for internal use possibly where i might remove them for external use and then on the headers and footers maybe it would be more useful to have the date time and report basis on internal use versus external use so maybe i'll keep that on at least the time stamp might be useful if i'm generating the report so i'll say let's run that one and if i was to customize it then i might save the customization and i might put it into a group a new group which i might just call internal reports and i'll save that and so there we have it and then i'll put that here and so now if i go into my first tab and i go into my customize i need to refresh the screen so i'll go up and refresh the screen then i should have our report under the internal now external reports i might make a little bit different so i might use the same profit and loss report but i might for example change the name to an income statement maybe income statement maybe i like that better for external reporting maybe i don't want the pennies so i could customize the report maybe get rid of the pennies maybe i want the headers and footers gone removing that and then i'm going to run it so then i might save this report as an external report so i might save customization i'm going to call it an an income income statement and then i'll make a new group and maybe i just call this the the month in report month and reports something like that so now i'm going to save it in a different group so i'll save that i'll go back to the first tab i'm going to refresh it and so now when i do things internally instead of going to the standard i might go here and open it up from here it's a little bit more problematic because i can't right click on it the way we do in the standard reports currently to get the open in a new link which is kind of annoying but you can always duplicate the tab and then it might be a little bit faster to go in here so you don't have to reformat and you have what you want in the format that you want it and then we have the format of the same report but formatted for external use now given that concept uh then we might want to just go through some of these reports again that we've now looked at in more detail and think about where we might use them in particular this time more than exactly what the report is so we've talked about these reports in more detail now we just want to think is that an internal or external report would i want to attach that report to my month end year end reports or is it something i'm more likely to be using internally as i communicate with the people we do business with vendors customers employees so the favorites of course are up top you can all make any of them your favorite depending on what you do but of course the balance sheet and income statement would most likely be in uh the favorites and then in your custom reports you might obviously those would be your favorite reports for the internal reports here you might go here instead of in the favorites okay so let's go back to the standard business overview so the audit log so you can that's going to be an internal report clearly because you might be looking at the activities that has happened recently and you might be looking at who has done that activity which is usually going to be an internal process versus giving that report externally the balance sheet comparison this is just a variant of the balance sheet but we notice that many of those variants on the balance sheet they could be used internally often might be the case but we're probably going to be thinking about standard comparative balance sheet as possibly an external report that we might provide as part of our bundle and we talked about different kind of reports we can do that with any balance sheet could be internal or external but the variants on the balance sheet are potentially external reports because these are the variants of the major financial statement report so balance sheet detailed a balance sheet summary that might be your first report that you give to an external user like your client a standard balance sheet often an external report although you would use it internally as well business snapshot most likely that's going to be internal if you're going to give graphs or things like that you probably want to make them yourself in excel as we have talked about from the reports and then attach that to your standard process and then we've got the profit and loss percent total income now the profit loss or income statements are much like the balance sheet those could be your major external reports and internal reports you can make variants on them as we have discussed like comparative reports you probably i would customize them yourself rather than use the defaults here but you have the profit loss percentage of income vertical analysis in other words so that might be something you use for external as well as for internal analysis profit loss comparison another one you might give internal next whole profit loss detail profit loss year to date comparison and then you have the profit and loss by customer this is probably one that if you're in a job cost system or something like that you might use for internal use purposes because you probably would not be breaking out the income statement usually for external reporting needs unless they want more detail in a job cost kind of system profit loss by month that might be a report that you provide externally and used internally profit loss by tag tags are going to be more of a specific thing that you might use we have another course or section on tags here's the normal profit loss quarterly profit and loss summary again might be internal and external and then the statement of cash flows that is probably another report that you might give externally because it's one of the major financial statement reports you may use it internally as well because it's made one of the major financial statement reports to who owes you so remember this whole category is going to give some more detail about usually the accounts receivable information here so oftentimes these might be internal reports because you're using them to try to collect on the accounts receivable so if i go back on over we got the accounts receivable aging detail possibly not something you're going to give to the client all the time because you're probably using that as a bookkeeper to try to collect on the receivables unless you have certain discussions that are happening around receivables and trying to get collections on them you've got the accounts receivable aging summary same kind of thing the collection report similar kind of thing that's probably for more internal use customer balance detail customer balance summary these are the standard sub-leisure reports backing up the accounts receivable not often necessary for external use unless there's further questions specifically around the accounts receivable however as we saw the summary report we might use that to make a pie chart or something like that to show the customers that owe us money if we wanted to do that we have the invoice list most likely an internal report we're probably not going to be attaching that to to our monthly reports unless there's some specific need for that invoices and receive payment reports same thing open invoices same thing statement lists that's basically a different thing but again internal reports term lists internal reports typically un unbilled charges unbilled time those are for internal use purposes we're not typically going to be providing those on our monthly reports that we give to the client right we're using those to track things that have not yet been billed that we want to send that we need to send an invoice out for and then we have the sales and customers this line this whole group you will recall should give us more detail primarily on the income statement line item possibly also some of the cost a good sold line item so i'm going to go back on over we've got the customer contact list probably not going to give that externally because it's just a contact list you're going to use that internally possibly deposit detail usually not going to give the deposit detail to your monthly reports to external users you might look at and look at it and use it to answer internal questions about your deposits estimates and progressive invoicing summary by customer again that's usually an internal type of report if you're in a system where you have a job cost system and are using progress invoicing which is kind of a specialized area i believe we have a separate course and lecture or section on that that goes into that possibly in more detail estimates by customer also an internal report that you're going to be tracking your estimates you're not usually going to give that externally to the to the your client at the end of the month income by customer summary that's by customer again so it's the same report well similar to what we it's breaking out the income basically by customer so we're probably not going to give that to the client per se but we could use that to make our graphs from exporting to excel now we did that with the sales by customer income by customer gives detail of both the expenses and income for the customer which could include cost of goods sold inventory valuation summary so maybe you give this to a client you might provide the summary of the inventory valuation if you're tracking inventory on a perpetual inventory system but more often it's probably more of an internal type of report the payment method list probably just solely an internal report physical inventory worksheet that's where you're going to use that to count the inventory so that's typically an internal type of thing not something that you would be providing to a client you know on a quarterly basis or anything product service list that's just a list of the products and services most likely an internal document sales by customer detail and summary probably not going to be giving that to to the client as a normal report although you could but this is a great tool as we saw to make graphs from and give that as an external visual so we did that sales by customer type detail same thing the sales by by by product means this is the sales that we had by product possibly not something that you're going to give although you could in your normal report uh that you might provide to a client on a monthly or quarterly or yearly basis but you might make graphs from that perfect thing to make graphs from time activity by customer detail most likely internal transaction list by customer most likely internal that might be a long list transaction list by tag tags being a special area most likely internal we have a whole section on or course on tags what you owe 1099 contractor balance detail so anything related to the 1099 we talked about those reports and kind of the 1099 process which has changed over time these reports typically being kind of like an old vestige of the old system where you use the widget now and they would typically be internal you're probably not going to provide those to the client generally unless you're giving more detail on the 1099 process in particular accounts payable aging detail and the summary so similar to the accounts receivable these are two reports you're probably not going to be providing to the client on a monthly or quarterly basis unless they want more detail on the accounts receivable process these by the way this whole section should be given us more detail on the accounts payable balance sheet account so so those are probably going to be internal reports bill payment list probably an internal report bills and applied payments probably an internal report unpaid bills still probably an internal report unless you know you're going over issues with your client about you know the bills and whatnot vendor balance detail vendor balance summary also probably internal however these would be easy reports as we saw to export to an excel and make some nice pretty graphs with that you might add to your external reporting for your monthly you know batch of reports or something like that we've got the expenses and vendors so these would be supporting you would think on the income statement the expenses down here the expenses items on the income statement so if i go back on over we got the 1099 like the other 1099s most likely internal this might be an old report as we go into the new process we discussed in the 1099 report section we got the check detail most likely that's an internal report that you're not going to be providing externally to a client expenses by vendor summary so this one most likely is an internal report as well but it's also one that you might use to make another graph from this would be one that you can export and make a graph from pretty easily if you want to add that to your forms open purchase orders most likely internal because that would only be there if you had inventory and it's an internal document open purchase order detail purchases by product sales detail most likely internal reports both of these unless again you you have a lot of purchases that you want to make a graph from possibly then that could make a that could be an easy report to make a graph from transaction list by vendor most likely internal vendor contact list most likely internal it's just going to be a list of the contacts and contact information sales tax this is going to give you more information about the balance sheet account of sales tax payable generally sales tax liability report the taxable sales detail taxable sales summary these are typically internal designed for you to track the sales tax and paid the sales tax and be able to process the sales tax forms so probably most likely not reports you're going to add to the monthly quarterly yearly reports provided to clients employees reports this is everything related to payroll is probably going to be more of an internal report kind of system so you could add the registers and whatnot as something that you provide to clients but if you're processing payroll usually the end product that they want that you want to put together is going to be the financial statements that you might use for external reporting and prepare the taxes from now given to the CPA for example the CPA or tax preparer might also want some information to further process the tax returns such as the payroll registers and whatnot which if you did within QuickBooks you will most likely provide them not through a physical report that you'd batch together but most likely you give them access to your QuickBooks file where they can dig it dig in and find what they want there if you're just giving the information periodically to a client so that they can see a nice batched up file of reports probably not going to be adding the whole payroll system now if you do payroll outside of QuickBooks then whoever does the payroll like an ADP or a paychecks or though i'm not advertising them those are just some of the big ones if if they did the payroll then they're going to give you or your clients the payroll reports right and so you're going to be provided the payroll and that's because those systems are specializing in payroll now if payroll is a big job is a big part of what you do then maybe it would be relevant to to print some of the payroll reports and we'll see more of them when we like when you actually have payroll turned on you'll have a whole bunch of payroll reports that you can deal with so that's an issue you know so then for my accountant obviously the fact that it's for my accountant means that most of these reports are for internal use possibly not on the bookkeeping side but for the tax side for you to use that information to then prepare the tax returns and external reporting to do the last kind of bit that needs to be done by year in to get things finalized so the account list would be internal balance sheet these are all things that are repeated in here as we saw in prior presentations this for my accountant usually will repeat stuff that's the big ones the financial statement reports that we've already seen up top it'll also have long reports that are going to have all the transactions like gl type reports general ledger type reports and any things with debits and credits are usually down here those are forms you don't usually provide externally because debits and credits are used for internal building of the financial statements them being more efficient than trying to do it solely from the accounting equation and then you convert from that debit credit format to the accounting equation that's what the financial statements are so that means anything with debits and credits are usually not going to be provided to the client because they're not going to know what you're talking about that's why they hired an accountant so we've got the general ledger that's that huge list of accounts which is generally going to be an internal account the journal report that's the huge list of of transactions that are happening by date and debit and credit format so that's an internal document unless you're using it for billing possibly just as part of your billing structure where you might just show them as transparent as possible to show them how many transactions were taking place with that report profit and loss comparisons so these are all profit and loss type reports which we talked about up top recent automatic transactions most likely internal recent transactions internal reconciliation reports bank reconciliations usually that's an internal process that you're not going to be giving to your your clients on a monthly basis the accountant might need that if you're getting an audit they might need that the bank might need that so in that case you might have to provide it for those purposes but you're probably not going to give it to a client just on a as your monthly quarterly yearly reports by default right unless they're requested recurring transaction template statement of cash flows we looked at that before financial statement report transaction detail by account these are those transaction detail by list transaction list with splits these are all reports that are long reports similar to the general ledger and journal reports which are internal type of reports typically unless you're using it for some kind of billing process and you want to bill by a number of transactions that have taken place in which case you might provide them to the client so that you can be transparent about your billing process and then we've got the trial balance which is generally going to be an internal report due to the fact that it has debits and credits in it this is the building block that is the step before you create the financial statement so clearly the point is although the trial balance again underappreciated very nice report to use internally and is treated poorly gets no respect by being the last report basically in the entire reports area which is which is just I feel I feel like it's being mistreated but it's it's clearly not something that you provide externally because it's it's in that it's in that easy to use and beautifully formatted debit and credit format so those are just a list just to recap on the all these reports which ones are you most likely going to use internally which ones might you want to be adding to your month end year end and quarter end reporting and which ones might come up from from the standpoint of your accountant or in an audit situation that you might have to provide usually by year end