 QuickBooks Online. Summary balance sheet. Get ready to start moving on up with QuickBooks Online. We're gonna be using the free QuickBooks Online test drive searching in our online search engine for QuickBooks Online test drives choosing the option that has Intuit.com and the URL Intuit being the owner of QuickBooks. 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 YouTube 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. We're gonna be picking the United States version of the software and verifying that we're not a robot. Zooming in by holding down control up on the scroll wheel currently at 125% on the zoom in noting in the cog drop down that we're currently in the accountant view as opposed to the business view we'll try to toggle back and forth between the two views so you can see where things are located in each of them right-click it on the tab up top to duplicate it as we do every time to put our reports in the duplicated tabs right-click in the duplicated tab again to duplicate it and then tab to the middle and reports on the left and then balance sheet and we're gonna go to the tab to the right now reports on the left to open the profit and loss income statement and then close up the hamburger otherwise known as the hamburger and then change the range from 010122 tab 123122 tab and run it to refresh it tab to the left close up the hamburger scrolling to the top changing the ranging from 010122 tab 123122 tab and run it to refresh it that's the setup process that we do every time noting that the balance sheet and the income statement are the primary two financial statement reports now we want to think about another report that you might use uh if you're batching your reports together and that might be say a summary balance sheet and i just want to note that when you're presenting this information oftentimes people get overwhelmed clearly by financial statements there's a lot of numbers and whatnot so a lot of times if you're a bookkeeper and you're presenting this stuff and doing bookkeeping for a small business for example or even if you work in a corporation then what you want to do on the presentations is oftentimes present the simplest version first to draw people into the discussion and then and then break out the more detailed information so when you present your reports you might want to start off with a report that's nice clean and as simple as possible and then add your more detailed reports after that that's one way that you can think about organizing your reports and that's definitely a way that i would think about trying to do a presentation or present the financial data so that you don't just you know remove everyone from in essence their brain right at the start by presenting a whole lot of data so one way you could do that is to try to have a even a simplified balance sheet and one way you can think about doing that is just to condense all of these triangles down to what you could call like a summary balance sheet so this would be a more kind of cleaner way to see that now you could just obviously do that this way or you can there's another report that is the summary balance sheets let's just take a look at that i'm going to go to the tab to the right right click on it and duplicate the tab again and then go down to the reports and just take a look at their summary balance sheet and as we are here just note that of these reports we've got a balance sheet that's a comparison and we we basically saw how to construct those now so this is just really a report that is one that we can basically construct we've got the detailed balance sheet which has some added and then we have the summary balance sheet and then we've got the standard balance sheet so now we're going to go into their summary balance sheet and let's do the range change up top from 010122 tab 123122 tab run it and you can see this is just a condensed balance sheet so the condensing that they have done in essence is just like we saw in collapsing the triangles the triangles related to the account types now remember that this triangle up top is a financial asset category of the financial statement category these current assets are a financial statement category type of field and then these items here represent account types as opposed to individual accounts so for example if i went back to the first tab and we go to the the accountant uh account team and the chart of accounts this is under the business view we're just organizing the data with those triangles by these account types and so all of the bank accounts are grouped together accounts receivable other current assets that's basically what's going on here and you can kind of construct that if you look at just standard balance sheet by like i say minimizing all of these account types now i just want to point out that for internal use that's not really what we want because for internal use what we typically want is to have these expanded so i can look at the individual accounts so that as i do the data input with the plus button up top entering the forms i can jump to the financial statements and drill down dig down into the financial such as the checking account to see the impact of the transactions that we're putting into the system so for an internal accounting system i'm going to go back to the other page we we typically want a full standard balance sheet so that we can go back and forth between the data input and the end result the financial statements to verify that what we think is happening should happen or get a better understanding of what is going on with the transactions but when we do an external reporting you might want to start off with and lead in with something that's summarized such as this because this is a lot easier on the eyes for most people especially if you're going to start off with some kind of presentation discussing a line item you know within here and then inevitably we're going to expand if you can actually draw someone into a financial conversation about the stuff then you're going to need more data and you're going to pull out the more data which might be the more expanded balance sheet at that point and then do comparative analysis and whatnot if you just give them a big long comparative analysis balance sheet then you might just lose the conversation altogether obviously you can do other comparative type of stuff with this report as well so we can do the same kind of grouping this out by quarter and whatnot and running that so we can break it out by quarter we can do a side by side comparison just with the summary information so if I wanted to take it back to the totals run the totals and then do a a breakdown this way comparing like the prior period in this case would be the prior year percent change and dollar change run it so you can do that on the summary so in this way it's another variant so it could now you've got more detail on these changes there's nothing in the prior period here but you get the idea so now maybe that would be an easier way to present these comparative reports so that it's detailed in a horizontal analysis but has less detail you know on a vertical in the accounts because we're just looking by group so we can do that and we can of course do the vertical analysis so if i close this back out and then i do percentage of the columns and boom that might be an easier way to see kind of the vertical analysis and you can compare the vertical analysis on a summary sheet to a quarter by quarter or something like that something like this so you've got all those comparisons so now just to just to get an idea of this when you're providing these reports to someone you now have a summary balance sheet and then you can do multiple variants of the summary balance sheet for comparative purposes and then you've got the standard balance sheet which includes the accounts rather than just the account types as a grouping and you got a whole lot of variance within that so you got a lot you got to think about which reports you want to report at which cycle monthly quarterly yearly let's go back to the standard and totals and just to note that if you use this internally if i click on this account it includes multiple accounts within it so i can still drill down on it but it's not as effective because now i've got two accounts that are in that group so you could still do it like if you wanted to use this internally it's not too bad to kind of collapse these inside it's kind of nice that they have that collapse component but you're probably going to use the internal report just for the standard balance sheet that has all of the accounts within it so you can drill down on the accounts that are impacted rather than the account types so going back to the report notice that if you give this externally i would be customizing it up top and typically you're going to change i would change this to brackets personally take off the pennies because this is kind of a summary report i like to have the red numbers for the negatives and then on the headers and footers then you might call this they called it a summary balance sheet and then remove the date time report basis for external reporting possibly run it and so there we have it if i was to check it out on the printer that's what it looks like we've removed the footers it's a lot shorter of a report fits on one page which is nice closing this out if you wanted to save this for external use you can save the customize it save it if i go back to the first tab and then refresh the screen so the reports will be refreshed and then go back into the reports on the left hand side and then my custom reports there's your custom reports okay let's just see where things are located in the business view if i hit the drop down on the cog switch to the business view and we just look at where the reports are they're under the business overview and then the reports boom boom and then the chart of accounts under the business view is in the bookkeeping i believe bookkeeping down below and then the chart of accounts right there so that those where the i think those are the only real locations we went to and you could see how to get there under the two views accounting and business that is