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Here we are in QuickBooks Desktop get great guitars practice file we started up in a prior presentation going through the setup process we do every time maximizing the homepage to the gray area going to the view drop down noting we've got the hide icon bar open windows list checked off open windows open on the left hand side opening up the major two financial statement reports by going to the reports drop down company and financial looking at the profit and loss let's do a range change up top from 0101 2 2 to 12 3122 and let's go ahead and customize it as well and increase the font size as has been our custom to 12 so we can see it a little better yes and okay and then the other major financial statement report we've been opening every time is going to be that balance sheet report let's do the customization first and then change the range from 0101 2 2 to 12 3122 and then go to the fonts and numbers changing the font size bringing it up to 12 okay yes please and okay so the process we've been doing is imagining that we have another accounting system or had a prior accounting system we're changing to the QuickBooks system instead of importing all the data from the other system we're going to start after the cutoff and move forward from that point forward that being January 1st 2023 therefore we want to put our beginning balances which we got from this worksheet as of the prior period which is December 31st 2022 get those in place in our accounting software and and then be ready to move forward within QuickBooks for the next month of operation moving forward from that time frame so we're going to now run the reports and consider the reports for a couple different reasons one if you're following along with the practice problem we want to basically check our numbers with the reports and then two if there's any problems with the numbers we'll also run a transaction detail report and that's a great report to kind of drill down on and double check your numbers it's also a great report that you might use for billing status so we can kind of think about how we might charge somebody if we're entering transactions in a way that wouldn't just simply be hourly which is something I highly consider doing if you're a bookkeeper just to consider other options then just say an hourly kind of rate system and then we'll also think about how we might print some of these reports to give them to someone like a client at the end of the month or the end of a job and we also want to print those reports and possibly give them to you so that you could check your numbers that way as well if you so choose now obviously the major two financial statement reports are the balance sheet and the income statement these are the main two reports that we are constructing when we enter data into the system all other reports and note there are a lot of them so we got all these reports here can be quite overwhelming but almost all these other reports are giving you more detail about one or multiple line items on the major two financial statement reports of the balance sheet and the income statement so let's just kind of go through this I'm just going to scroll through so you can see the categorizations just give a quick recap of what we did when we entered these we entered the checking account basically into the register directly we still going to have to deal with outstanding checks possibly when we do the reconciliation which we'll do in the future accounts receivable we entered as we entered the customer the major subsidiary ledger to that will be accounts receivable broken out by customer and then we've got the inventory there's a major subsidiary report breaking out the inventory by item so we entered the inventory when we entered the items we entered the fixed assets of furniture and equipment and accumulated depreciation directly into the registers or the opening balances as we set up those accounts and then we entered the accounts payable which has a sub ledger of a vendor breaking out this detail by who we owe the money to we've got the visa account which is going to be our credit card account which we entered directly into the register or opening balance loan payable we entered directly into the register or opening balance no major sub ledger other than the amortization table which will typically be outside of quickbooks and then we had to make some adjustments to the owner's equity down below to account for the fact that they put some stuff into the opening balance equity remember that the net income here quickbooks is trying to tie in the net income from the income statement to show that it's related to the balance sheet that can be useful but it's also a bit confusing but how it's useful notice if I go to the income statement for January through December of 2022 I have this activity now this is activity that I'm not really caring about because it's for the prior year but it does show us that that these items are related to the balance sheet when I say it's for the prior year we entered this data to get these beginning balances in place and are not going to enter new detail into the system until January 1st of 2022 the reason this is kind of a problem down here or could be is because it doesn't work quite so well if you're not running a year end report like it rolls over year over year well but if you run a month by month report the net income doesn't give you net income for the month for example it gives the net income for the year generally and if you don't have a sole proprietorship but like a partnership and you need to be breaking the net income out into the capital accounts of multiple partners two or more partners that gets a little bit funny looking when you have the income down here as well in other words if I go to one day into the future of 2023 you can see it rolls into the equity account and because there's only one owner we've got that one equity account here so those are the the major two reports and and also just remember that if I I brought it back down to 2022 if I go to the income statement we really aren't going to have anything in the income statement when we start entering new data into the system this is really the prior year which I'm not concerned at with this report because I would be looking at the prior accounting system if I change this from 010123 to 123123 then we've got nothing in the income statement at that time but if you're checking your numbers 010122 to 123122 this is what we have for the data input the other great form is the trial balance we've been touching in on reports drop down and we're going to go to the accounting and taxes and the trial balance and this is just a really good 010122 to 123122 and we're going to customize this report fonts and numbers changing the font to 12 okay yes and okay great report to get used to we'll start to use it a little bit more and try to put it in a little bit more often because you could see everything in one place and that helped us to check our numbers to the trial balance here which was our data input field very nice and easy we can see down here that we have the income of statement accounts included and you can see how it rolls into equity here so this is very nice way to be able to see it as well because if I take this up to one more day in the future 010123 to 123123 you see those income statements accounts roll out and there's the 77896 which was the amount on our beginning balances okay so let's bring this back to 2022 010122 to 123122 now if your numbers don't match this you can drill down on the data and look at the at the transactions and you can drill down further to get to the source document that's the great thing about QuickBooks is it allows you to do the data input and then kind of do what you would do in like an audit process you go from the end result and then drill back down into the data input field but this gives you the data input I'm closing those out by account possibly you also want to take a look at it by the time you entered it so the other report that we want to take a look at reports drop down is going to be accounting and taxes and this is going to be the transaction detail the transaction detail by date so transaction list by date transaction list by date now you can also open the journal report but we're going to use this one transaction list by date here great report we're going to go from 010122 to 123122 great report to check your numbers let's see if I can customize it I can't bring it up to 12 but maybe like 11 let's try 11 12 might be a little too large for this report and I'm going to try to widen it out a bit so that we can see more of it and so this report you can use to to check your numbers because this is going to give us the detail that we have entered into the system during this time frame so this is a very nice report if you're a supervisor for example and you're trying to see how much someone else entered and in a certain time frame you can filter this report to try to filter by the transactions that someone else might be in charge of for example if you're an instructor or something like that reviewing work great report if you're checking your numbers to our numbers this is of course a great report because you can check out the trial balance if something doesn't tie out then if everything here ties out you would think the the trial balance has to tie out because we started at zero and this is the detail of all the transactions that were input in order to get to the end result this could also be a great report if you wanted to bill a client not based on hours but say if I do so many transactions or within a range of transactions then I'm going to bill you for whatever that range is which can be a little bit more concrete for both you and the billing process and the the customer so you can give you could show them the work you know in that way which is nice so you can go through each of these transactions and if there's something on our side that is not on your side then what you want to do typically is change the date range because oftentimes it's a date issue possibly you're working in the future maybe and you enter the date after after the date range here sometime after this date and therefore there's a date problem most of the time if people are not working in real time the problems with the data input are date problems so if it is a date problem you can expand the date range you can find the one that's out of sync double click on it get back to the source document and then change the date to whatever the date should be if it's a number if it's a miskey or something like that same thing you could double click on the transaction go into it and then adjust the detail within the transaction not necessarily something you want to do in practice unless you're very sure that that's what you want to do because you want to be careful about about adjusting things by by going back into the source form and adjusting it because like a bill might be connected to a pay bill for example so if you were working in transactions in real transactions and and they were linked together usually you want to try to fix things by adding instead of by by deleting but you can delete and change things in QuickBooks so that's something to be aware of so and then you can go through and and check these items off so that's the other major report now the other the other subsidiary reports the main subsidiary reports that we've looked at here with relation to the balance sheet accounts of accounts receivable remember is the reports drop down those are going to be under the customers and receivables like the customer balance summary report which gives us that that amount that adds up to the 20 000 for the three customers for the inventory has a major sub ledger account if you're tracking inventory within the QuickBooks system which can be found in inventory summary valuation report is the major one and so this is weighted on a weighted average method and we can see that if I change the date to 12 3122 that we've got the total of 2008 96 which should match out to the 2008 96 here and the other major sub led this one has a sub ledger report as well but it's often done in tax software breaking out this stuff by by category of property plants and equipment automobile furniture and fixture and the depreciation accounts payable has a sub ledger report the major report vendors let's look at the vendor balance summary all these reports typically have something to do with accounts payable vendor balance summary there's the 15 000 by who we owe it to we need that report in addition to if I double click on this report which only gives us the date of the transaction so for example up here it's a little bit more clear if I double click here I only see the date of the transaction I see the name here but if I had a lot of transactions this would only give it to me by date I want to see it also by customer I want to see this one also by the vendor now the sub ledger reports are usually going to be internal reports so we might not like print those out if we were to give them to someone else for example for month in reporting to say a client but you want to be aware of those kind of sub ledger reports and how they're how they're linked together how QuickBooks will impact the major financial statement reports and then those other reports will be will be related to them and QuickBooks should be able to do the data input or if we do the data input properly it will be able to maintain those major sub ledger reports as we do the data input okay so let's go ahead and think about just printing these out I'm going to imagine a couple ways we can print them I'm going to customize them we could memorize the reports if we so choose we could then print the reports to a printer or save as a pdf or use a pdf printer to save them if we so choose we could email them we can do that by saving as a pdf and then then attaching to an email or you can connect the QuickBooks email account but you got to be careful when you email the reports because you oftentimes want to email a bunch of reports and it can be somewhat tedious if you have a bunch of random attachments the the presentation is half of the battle not that we're fighting anyone but half the half the exercise here is to make something presentable because oftentimes you're trying to have the supervisor or your client be confident that you're doing the work so you know you will be there when they need you at the end of the year oftentimes when they're trying to do taxes we can also export to excel which might not be the format that we present the reports to the customers but that could be a great tool for us to further format if we want to add more formatting and it can also allow us to have the ground baseline for us to add more detailed reports different kinds of reports and we can use excel as well as a cute pdf printer or any pdf printer to try to get multiple reports on one in one area so what we'll do is we'll export all these reports as a pdf and then we'll also export them to excel and try to get them on one pdf to imagine how we might present these to a customer let's customize them first i'm going to customize and i'm going to do some standard customization i would typically go to the header and footer take off the date prepared time prepared report basis possibly put our name in the footer or something like that and then on the fonts and numbers i'm going to i got it at 12 here i'm going to take the parentheses for negative numbers make them red and i'm also that's going to be and then i'll take away the pennies for external reporting i don't really need the pennies i don't believe so i'm going to say okay now you might want to memorize that report memorize in the report here and you could save it to a category i'm not going to get into a lot of detail on the memorized reports we've got other sections to just focus in on memorized reports but you could do that uh in that that way you won't have to save them every time and then i'm going to go ahead and print and i'm going to save it as a pdf save it as a pdf i'm going to put it in the quickbooks i'm going to put it into the quickbooks reports and let's put it right here for now i'm going to call this the balance sheet for uh 12.31.22 for the date so we're going to say okay so there is that and then on the income statement let's take the income statement profit and loss i'll do the same thing report customize header and footer you might change the income statement i'll just change it to income statement just to show that you can do that if you would think that might be something that you want to do could differentiate your reports a little bit and then name in the footer maybe and then fonts and numbers and let's make parentheses let's get rid of the pennies red on the negative numbers so there we have that i'm going to say print and i'm going to say report save as a pdf and i'm going to call this an income statement for 12.31.22 save and then i'll also do the transaction list which you might not give to the customer often this is a more internal report but if you're billing based on this then you might then you might you know give it to the customer as evidence of your building process but we'll say reports print and i'm not print i'm going to save it as a pdf and then i'm going to say this is for the transaction list by date and we'll save that now also note there's many other reports that you could think about doing you you might do a summary balance sheet for example reports company and financial these are variants on the major financial statement reports like a balance sheet summary which basically is going to give you less detail not that less detail let's see 12.31.22 something like that so it's a little bit shorter of a report oftentimes this is a good intro report when we add more data then you also have a bunch of comparative reports that you could put together like a month by month comparison for the balance sheet and the income statement so then you have a bunch of different time frame reports that you could run and we might talk more about that in the future when we do the next couple months but for now this is what we'll have i'm going to go into my reports here so i put them into my reports now we could then there's only three of them so if we gave just three attachments that wouldn't be too bad i can attach them to one email but it's it's still you know we might want to put them in a zipped file so i could say let's say new let's add another file and let's say this is going to be so let's say this is going to be uh 12.31.22 reports reports and let's add those in here and so then i can right click on this and i could compress it i could zip it where's my zipping option where's my zipping option copy path compressed to a zipped file so there it is now your zipped file might look different than this one right but i just have a zipper on it but you can upload this then to to an email which might be a little bit easier it might be a little bit shorter or smaller you can also use a cloud drive like a one drive to give the files as well we can also try to put all the files on one document so and we can use quickbooks to do that we can use excel to do that and quickbooks so this is what the report looks like here let's put it let's try to put it on one document i'm going to close close the tabs this way and to do this i'm going to i'm going to use the exporting feature that's not quickbooks exporting feature let's go to the balance sheet again and now let's export it to excel i'm going to export all of them to excel and then use excel to make one pdf with all the reports along with a free pdf printer i use cute pdf printer to do it i'm not i'm not advertising for them but i think it's a free option so i'm going to say create new worksheet create a new worksheet and you you do need excel in order to do this option and so then i'm going to say i'm going to adjust my options here fonts space between columns colors auto fit so freeze panes i want to get rid of that and show grid lines auto outline auto filtering include quickbooks and i don't want this to show up i'm going to change those two options otherwise i'm going to have an extra tab and it's going to freeze the panes which is kind of annoying and then you got to adjust it so i'm going to say okay and then let's say export send a new so it's going to open up excel make a new worksheet within the new excel workbook there it is i'm just i'm just going to check that it fits on one page wide so it does there's the title and so i'm going to double click and call this the balance sheet and then i'm going to save this file save as i'm going to put this in our our reports desktop quickbooks and reports and i'll put that i'll just put it i'll put it into the reports and this is going to be i'm just going to call it 12 31 22 reports because i'm it's going to i'm going to add the other reports to it as well not just the balance sheet so i'll save it then i'll close it and i'm going to do the same for the profit and loss except that i'm going to add it to that same tab so excel create new worksheet but it's going to go to an existing workbook i'm going to find that workbook and that's going to be under the reports there it is and then i'm going to say export and it should open up the selected workbook add a new worksheet to that workbook so if i maximize this there it is i'm going to click on it drag it to the right i'm going to check the title by going here title looks good fits on one page double click on it i'm going to call this the income statement now if i wanted to print both of these as a pdf i can go to the file tab i can go to the print option and i can use a pdf printer i use the cute pdf printer to do so now note you could adjust the formatting because it's kind of left aligned the way it is so there are there are some pros and cons to use in this format but then i can print the entire workbook and i can export this to a pdf so i have one pdf with everything on it that's the advantage i'm going to close it out and add the one last report transaction list by date and let's go ahead and export this one to excel as well create new worksheet and we're going to put it into an existing workbook should be picking the right one at this point and then i'm going to export it now this one is likely going to be a little bit wide so exporting it to excel can be quite nice because it's a little bit easier possibly to format this to fit on one page one page wide so i'm going to grab it i'm going to drag it to the right and i'm going to say this is transaction detail or something like that i'm going to go to the second tab here it doesn't fit on one page now if it doesn't fit on one page wide that's a problem if it doesn't fit on one page long that's okay generally how do you fix this well i'm going to try to format the cells first if that doesn't work then i'll put it into landscape if that doesn't work and i still need to do something else i can go within the printing options and try to force it to fit on one page using the scaling options fit all columns on one page fit all columns on one page right so but i don't want to do that that's the last resort because it will change the font sizes which i don't really want to do so i'm going to say all right i can i don't really do i really need the date over here i don't think i even need the date and i don't need these skinny columns so i'm going to delete these and see what happens i'm going to say delete put my cursor on b i'm holding down control d e all the skinny columns i don't need i don't think so i'm just going to check all those off and then right click on one of the skinnies and delete them so that looks good that's pretty close i'm probably not going to get down to it being able to fit on one page without going to landscape so i'm going to go to the page layout orientation landscape that's pretty close not quite there yet and then could i make this one a little bit smaller maybe and then i'm going to make this one the memo maybe i don't need the whole wording on the memo make that a little smaller almost there the split there we go so now it fits on one page wide and that looks pretty good so there's the process now the fact that it's landscape not as much of a problem if they open it as a pdf because it still shows vertically but if they print it then you've got that issue where the the thing's going to stick out sideways and you're going to have to say do you want to how you're going to staple the thing in there and whatnot drives you crazy but since everything's digital these days maybe that's not as much of an issue most of the time then i'm going to go to the file time we're going to say print it and i'm going to print the entire workbook using the cute pdf printer which i believe you could find for free if you just search your favorite browser i'm not going to do any other editing let's just keep it basically as is although you could do other editing to it of course as well and it looks good looks like it all fits on one page wide so let's print it which will save it as a pdf and then i'm going to say let's save that that looks good let's put it right there and okay save it so then if i go in actually i put it to the wrong place so i'm going to move it it will i put it here in rock castle and it needs to be over here and get great guitars get it straight man so we'll put it right there okay so then if i if i open up let's make this if i open that up then i can put this one thing as an attachment which could make it look a little bit nicer in some ways right if you had a whole bunch of reports putting them all on one page can kind of be nice so that's what that looks like notice it's a little bit different on the formatting as if you printed them out one at a time out of quickbooks on a pdf which looks like this a little bit more centered you can use excel to further format to whatever format you would like but those are basically your options so we can give this to somebody using a cloud drive and attach these in the cloud drive which means we might still want to put them in order or number them maybe to give them a suggestion on which one they want to open first we might give them the excel file we might attach them to emails one at a time we might give it to them in an email with a zipped drive so they only have one attachment or we might use excel to create one pdf with all the stuff on it so they got one file and then they don't have to organize all the different files and you can sort the reports then top to bottom the ones that you want them to read first or think are most important on top to bottom