 QuickBooks Online 2023 Expense and Vendors Reports Get ready to start moving on up with QuickBooks Online We're going to be using the free QuickBooks Online Test Drive Searching in our online search engine for QuickBooks Online Test Drive Selecting the option that has Intuit.com and the URL into it Being the owner of QuickBooks We're going to be using the United States version of the software to verify that we're not a robot Support Accounting Instruction by clicking the link below Giving you a free month membership to all of the content on our website Broken out by category, further broken out by course Each course then organized in a logical, reasonable fashion Making it much more easy to find what you need than can be done on a U2 page We also include added resources such as Excel practice problems PDF files and more like QuickBooks backup files when applicable So once again click the link below for a free month membership to our website and all the content on it Zooming in by holding down control up on the scroll wheel Currently at 125% on the zoom in in the cog dropdown We note that we're in the account view as opposed to the business view We'll try to toggle back and forth between the two views so you can see where stuff's located in each of them Right clicking on the tab up top in order to duplicate it as we do every time Right clicking the duplicate tab to duplicate it once again Back to the tab to the middle as the tab to the right is thinking and then reports on the left We're going to pick up the balance sheet And then as that's thinking as that's thinking Going to the tab to the right reports on the left Open up the P to the L the profit the loss the income statement Close up the hamburger otherwise known as the hamburger And range to the change up top from 010122 tab 123122 tab run it to refresh it and then tab it to the left to the middle and close the boogie Scroll up changing the range again from 010122 tab 123122 tab run it And there's the setup process we do every time We just get nice and smooth with the setup process It gets us just right into the flow of things here Now we're going to be looking at some other reports that are going to be related to The major financial statement reports The two that we opened here the balance sheet and the income statement So let's go to the tab to the right and then right click on it and duplicate one more time So we can go into other reports down here And we're going to go to the reports on the left hand side Close the hamburger scroll down just a bit I'm at 17150 And then let's move on down to the section of interest for us this time Which is going to be the expense and vendors section So we'll go through some of the reports down here Obviously we're talking about expenses Those are going to be income statement line items So we would expect those reports to give us more detail about The expenses on the income statement vendors being who we purchase from So that could be at the expense side the balance sheet side would be accounts payable The first report is a 1099 transaction detail report Now the 1099 reports are kind of special in that we have that added wrinkle That added complexity within the accounting system of taxes So they're going to be a reporting requirement type of report So that we can report certain payments made to certain vendors We'll talk more about that in its own section possibly in a following presentation Then we've got the check detail report So when we think about the check form those are going to be forms that are decreasing The checking account we would think oftentimes the other side of that transaction Would be the expenses which is why we would have it down here in the expense area Let's open that one up I'm going to do so by right clicking on it and open in a new tab And go to the tab to the right and check it out I'm going to close the hamburger, scroll up to the range change or range change 010122 tab, 123122 tab and run it to refresh it So here we have basically the detail of the report And so we've got the date, we've got the transaction type The thing that was entered in order to record the decrease in essence of the checking account The number, the name Notice what type of forms we have here on the decreases They're not all just check forms The check form is the broad encompassing form that you can think of As the one being used to decrease the checking account And then you have other forms that also kind of give you more information Just because of the form type being used In other words, the bill payment form is a check type form But I know the other side went to the accounts payable And expense form is in essence a check form in that it decreases the checking account But it doesn't have a check number to it The sales tax payment is in essence a check form in that it decreases the checking account But I know that it's a special one that's paying off the sales tax And we're using the sales tax widget to do that Expense form, checks forms, bill forms Those are going to be the standard forms that we will see Then we've got the name, we've got the memo, we've got the clear, we've got the amount This is a type of report that you might apply filtering options to So you might say I'm going to look at the decreases here in general And then possibly you customize and it would be common to filter by type here So then we might go up top and say I'm going to filter possibly by transaction type And instead of just looking at all the decrease type forms I can go in here and look at maybe just the paychecks Or let's take a look at the bill payment checks And filter in that way So that's a common way that we might filter this kind of report Now note that you can get the similar kind of detail for this report By going to the first tab or to our balance sheet tab I mean And go into our checking account and we see the transaction detail report here So the transaction detail, these are all the transactions Increases and decreases to the checking account And then you could try to filter this one by the items that are going to decrease the checking account So in other words I could customize this report And go down to the filtering options and choose the transaction type And then I can select the transactions that are decreases to the checking account So I might not pick all of them here but just to get an idea we've got the check Of course it's a decrease to the checking account type of form The bill payment, a paycheck type of form would be a decrease to the checking account I'm going to look for that expense form down here just to pick it up And then so let's just run those for example So now we've got the types of forms that are decreases to the checking account Now note that having multiple forms here that are decreases to the checking account Can be nice and is nice because it gives us more information by just looking at the transaction type However it also comes with problems as well because note If I'm looking to run a report and filter it by transaction type That decreases the checking account I can't pick just one thing which would be a check type of form Instead I have to pick all these different items to make sure I'm picking up all the different items That could be used to make a decrease to the checking account So there's pros and cons of that I'm going to go back, go back to the tab to the right Let's close this out and open the next one which is expense by vendor summary Let's open that one up, open it on the right I'm going to do a range change up top, close the hand boogie Range change 010122 tab, 123122 tab and run it So now we've got our expenses by vendor So if I scroll down we come out to the 819859 We would expect this to give us more detail on the income statement line items I'm going to collapse the income statement line items for expenses And so we can see like the subtotals So we have here our major expense category Which is 5203.31 plus cost of goods sold is a type of expense 405 Plus the other expenses at the bottom is the 2916 Doesn't exactly tie out to what we have over here Note that often there could be differences if we're doing data input into the system that isn't properly assigning out A vendor for example when we enter the transactions So this is similar to what we saw with the sales sub ledger reports For example if I go to the balance sheet you'll recall when we saw the sub ledgers for accounts receivable Breaking out the accounts receivable by customer it tied in exactly That's because QuickBooks kind of forces us every time we do something to accounts receivable To give it the information it needs the customers to make a sub ledger that ties out exactly It doesn't force us to do that with the income statement accounts such as the expenses here So let's go to the income statement whenever I post something to an expense account If I don't add a vendor QuickBooks is not going to deny me from being able to record the transaction So in other words if I hit the plus button up top When we enter transactions that usually have an expense related to them They're an expense form a check form a bill form Now especially when you're using bank feeds you're typically going to have expense forms that come through And you can possibly enter the expense form by just adding a category and not including a name A vendor if you do that then you're not going to have the vendor sub ledgers that will tie out properly However if every time you add a new transaction you enter all of your expenses using an expense form Possibly even with the use of the bank feeds and you make sure that you copy over the vendor Then you'll get that added detail of the vendor sub ledger reports that you can generate over here And you can start to see a nice report on who you're paying And this is another report that you can generate a nice chart from You can imagine making a pie chart from this exporting this data to Excel for example Make a pie chart, make a bar chart and so on from it So I'm going to close that out Then we've got the open purchase orders Now the purchase orders represent those items that we've requested but have not yet received So if I hit the plus button up top Note that on the vendor cycle We've got the when we buy the inventory Then we might just enter a bill or pay for the inventory But we might be able to order the inventory first when we order the inventory Let's say we're purchasing something like from China is going to manufacture it and ship it over to us Then we might be able to request them to ship it first without us paying for it And then pay it when we get it In that case we're tracking the purchase order So you've got reports to track the purchase order which are nice But oftentimes you're going to be using the internal tracking methods on the left hand side over here In practice and you'll be in the sales area And you possibly are using the sales items here And possibly tracking your purchase orders Thusly looking for actually I'm on the vendor side, not on the sales side Expenses side of things is what we're on And then we're in the expense up top And then you can filter say by the transaction type of the purchase order And possibly look for those that are open types of purchase orders And that's how you might be dealing with it in practice So these are reports that you can run that get similar information But in practice you'll probably be using the internal documentation to track the purchase orders So open purchase order detail You've got the detail report purchased by product or service items I'm going to right click on this Open this in a new tab And if I scroll to the right Let's close the hamburger Scroll up range change 010122-123122 and run it So now we've got our purchases by the items that we purchased here So notice this adds up to the total of 156875 That doesn't tie out to like the expense line item On the income statement If I go over to the income statement It doesn't tie out to why did the date change 010122-123122 Run it And then I'll close this up I'll close this up So that's not going to tie out to the expense item here Because we're talking now about the purchases that we made Generally for inventory items So the inventory items when we purchased them You would think would be increasing actually The inventory account on the balance sheet And then when we sell them They're going to be included in the cost of goods sold On the income statement on the sales side of things Also just a quick note on the expenses down here Remember that when you enter the expenses We have a similar kind of thing as with the income line items Sometimes when people enter income accounts They have a tendency to want to have a different income account by customer And then have a different income account by every service item that they sell You don't typically want to do that We want to have general categories of the things we sell And then usually have the sub ledger That can be breaking out income by customer or item The expenses, you could have a similar kind of thing Where people have a tendency to want to enter expense accounts By who they sold to Like I bought something from Verizon I paid Verizon No, we're usually going to put it into the telephone company A list of what we sold And then we could hopefully have a sub ledger once again Breaking out the data by who we paid If we properly entered all the data into the system Adding that information as we did so Being the vendor when we enter expense form, checks forms and so on Okay, so that's going to be that report And that'll typically be involved if we buy, say inventory Could be useful in that event Purchase by vendor details So now you've got the purchases that were made by vendor With the detail So this is purchased by product service detail And now we got purchased by vendor detail Okay, close up the handbook 010122 tab 123122 And run it So now you've got your purchases by who you purchased from On the detail Okay, let's close that back out That's going to be a similar to this report When we're talking purchases It looks like we're purchasing the inventory items We're not talking like normal expense items That we're using to decrease the checking account Then we got the transaction list by vendor So let's open that up Transaction list We're going to close up the handbook Do the range change from 010122 to 123122 And run it So now we've got the transactions by vendor These are the people that we paid For goods and services used in the business And then the detail within it So this could be a useful report If you want to see all of them in one place Often times you might be concentrating in on One particular vendor And looking at the detail with them Or contacting a particular vendor, for example In that case you probably wouldn't be using this report But rather be going to the information internally In the expenses side on the vendors And then going into that individual vendor That you're discussing with And looking at, in essence, the detail Within that section is probably what you'd be doing Most of the time So there's that one And then we can close this out And then we've got the vendor contact list This is just going to be a list of vendors And their contact information Which you can imagine could be useful For some internal purposes To get a list of the contact information But it's not really a financial report In that it's not giving the financial data Within the report So those are the general expense and vendor reports If I go back to the first tab Let's just go to the cog up top And switch to the business view Just to see where stuff is located Under this view So obviously we got the get things done page And then we went into the reports Which is in the business overview And in the reports And then we went into the Get paid and pay area Which would be the vendor center And then we went down to the pay area Focusing mainly on the vendor items down here And then those vendor transactions Are in a little different spot They're in bookkeeping transactions And then we're up top On the expenses side of things And that's where we filtered For our purchase orders For the transactions there