 QuickBooks Online 2022, internal and external reports. Get ready because it's go time with QuickBooks Online 2022. Online in our browser, searching for QuickBooks Online Test Drive, going into the Test Drive, selecting the United States version of it and verifying we're not a robot. Sample company, Craig's design and landscaping, holding control, scrolling up just a bit to get to that one, two, five percent. We also have the free 30 day trial version open just so we can take a look at the business view as compared to the accounting view. If you don't have access to this, that's okay. We're just using it for a reference at this time. Back to the sample company. Let's open up a few tabs up top by going to the tab up top, right clicking on it and duplicating the tab. Go back to the tab to the left, right click on it again and duplicate the tab again as that is thinking. We're gonna jump back over to the business view or the free 30 day trial version to look at the business view, just to note where the reports are located and they're in the business overview section and then in the reports. If you were to change the business view to the accounting view, what you can do by going to the cog up top and going down to the accounting view, you will have a view similar to what we're looking at over here in the sample file, which we're back in on tab two and we're gonna open up the reports down here, reports located on the left hand side in the accounting view and we're gonna do the main two reports starting with the balance sheet, the big balance sheet and then ranging the changing up top from 0101212123121 and run it. Close in the hamburger. Go into the next tab to the right and we're gonna go down to the reports once again and this time open up the P to the L, the profit and the loss reports. Do the ranging of the changing, the range change up top from 0101212123121 and run it. Close in up the hamburger again. Now these two reports are major two financial statement reports. So I wanna kind of get an idea of what is gonna be an internal type of report or what we might think of as reports that are gonna be used internally and the external reports and the external reports are kind of the things that we would most likely be presenting if we're in a situation for example as a bookkeeper presenting the reports to a client we would probably be presenting them together at the end of the month, the end of the year, end of the quarter and so on and so forth. So obviously the main two reports are gonna be the balance sheet and the income statement. We did variants of the balance sheet in the income statement including having a side-by-side comparison, vertical analysis, horizontal analysis. Those are all kind of reports that we might compile together for external uses. We also of course might use them for internal uses as well because these are the main two reports that we're gonna be constructing as we make our financial statements but they're kind of like our end product that as the accounting department or as the accountant we're gonna provide to the client or to management and so on. And then the internal reports, all the other reports that we've been looking at we might think of as kind of more the type of reports that we look at internally to help us guide the accounting process so that we can construct the balance sheet and the income statement. And the reason that might be important is because you might sort your reports that way. For example, you might have a balance sheet and an income statement one for external use, one for internal use as we saw in the past discussing that you might basically memorize your reports in the format that you'd like to see them in terms of an external report the way you want to present the reports to your clients and in terms of internal reports the way you want to see them so that you can then enter data and check to see that that data has been input into the reports properly. And so most of these other reports we looked at you might wanna think about formatting them and saving them and so on possibly more for internal usage. So for example, if we go into some of these other reports we've been looking at the reports on down below and we would take a look at some of these the overview reports. Now the business overview might be in general the more types of reports that you would think that you might provide to a client. So you might use them internally as well you might have two setups that you wanna memorize those reports in one for the external presentation one for the internal use. So obviously the balance sheet the balance sheet detail the summary balance sheets probably more of an external report there because for internal use you probably wanna look at the full balance sheet or a trial balance. The standard balance sheet the business snapshot the profit and loss percent of totals probably something that we could present externally could be a good thing to give to management and you know profit and loss comparison profit and loss detail profit and loss year to date profit loss customer profit loss by month profit and loss and accordingly profit and loss summary as well as the statement of cash flows all those are basically end result types of reports which we can use internally and will but those are kinda like the end products that we would kinda think now all the other reports as we talked about are typically those supplemental type of reports that we're giving more detail into some line item on the financial statements balance sheet or income statement or possible multiple line items. So these reports probably aren't gonna be the ones that we're gonna provide all the time but they might be necessary to provide at times and therefore when we think about saving them if we use them often we might wanna think about saving them in terms of memorizing the reports for the settings that we want for the internal use. So obviously the accounts receivable supporting the accounts receivable on the balance sheet might not be something that the client needs as a report in and of itself unless they requested specifically because it's not the end product that we're getting to which are the financial statements. The collection reports to customer balance detail these are again are kinda like summary reports and notice again these two reports might not be used as much because you're gonna find that information in the customer center but these are the standard kind of sub ledger type of reports that we would want for internal use so that we can collect on the debts and so on. And then we got the invoice and payments the open invoices statement list the terms obviously terms are gonna be a list of the types of terms that we have set up. So that's clearly an internal report to help us to determine what terms we want to be set up in our system for our invoicing and so on. Unbilled charges and unbilled time obviously those are internal reports as well because they're representing the unbilled items that we could then be building in the future so their reports to help us with the functionality of entering transactions not for end representation that would be the end product of the balance sheet and the income statement. The sales and customers customer contact list is obviously an internal report because we're using that again we might provide that to a client or management if they ask for it but it's not something that we would typically be putting in terms of our financial reporting generally. So deposit detail that's basically a detailed list of the deposits and again that's more of an internal thing typically estimates and progress invoicing estimates by customer so these estimate kind of reports are typically internal they don't even have an impact on the end product the financial statements they're there to use to try to facilitate the process of the business of course income by customer summary so now we're breaking out the income by customer not something you would typically provide to a third party to like a client they might want that they might ask for that but usually that's something that might help us with internal decision-making processes so inventory valuation detail so the inventory and this flow of the inventory these records are important generally for internal reporting purposes and making sure that everything's running properly so inventory payment methods so that's going to be something for internal use because we're setting up the methods of payment in order to facilitate the transactions to be processed easier physical inventory worksheet that's so that we can count the inventory so that's going to be an internal report for us to facilitate the counting and comparison of the inventory product service lists that's a list of our products and services probably not something we provide to external users per se because it's something that we use internally, generally in order to construct our invoices sales receipts and possibly bills and checks when we purchase inventory sales by customer sales by customer summary sales by customer detail so now we're breaking out the sales line by who we sold it to typically not something we provide with the financial statements we might use it for footnotes and stuff but usually internal reports sales by product and service now we're breaking out the sales by the products and the things that we sell not typically something we provide for external use unless they request it possibly or unless it's part of a footnote or something like that but typically more of an internal use document time activities by customer detail transaction list by customers so that's going to give us a bunch more detail by customer which is again not usually the way that we would compile something for external presentation what you owe the 1099 reports that's a tax type of thing accounts payable aging details so these are the reports that are giving more detail on the accounts payable those being typically internal reports we don't typically provide those you know they're not what we think about at least as the end product they might be used to construct footnotes and other information but normally we use those types of reports for our tracking so we can collect on the billing the bill payment list and then the bills and applied payments the unpaid bills and the vendor balance detail and vendor balance summary these are like subsidiary reports for the accounts payable again not something we typically think of as the end product for external use but the things that we think about as the sub ledger of who we owe the money to so that we can facilitate payment in the future expenses and vendors the 1099 report again another 1099 report for tax purposes check details so this is summary like a kind of part of a general ledger in essence the decreases to the checking account expenses by vendor summary so now we got the expenses broken out by who we paid them to not typically the way we report to external users we typically report to external users by what we paid them for meaning the accounts by account open purchase orders so purchase orders don't even have an impact typically on the end product so they're not usually in other words they're not gonna have an impact on balance sheet and income statement no financial transaction related to them but we want to track them for internal use typically so that we can track that we get the products that we have ordered purchase by product service so now we've got the purchases broken out by the things that we bought not typically something that we're gonna have for external use typically internal process purchase by vendor details so now we got the purchases by who we paid transaction list by vendor and vendor contact so the contact list is clearly an internal thing typically as well sales tax sales tax liability reports and so on these are tax related items not typically something we provide to external users generally it's something that's gonna give us more detail to make sure that we're doing our sales tax properly and reporting the sales tax payable in the way it should be done employee all these employee payroll forms I won't get into them in detail but typically those are gonna be the internal reports that are helping us to facilitate payroll and all the obligations related to it from HR to tax withholdings and so on and then we've got the accountant reports which you can kind of tell by the name are typically gonna be kind of internal type of reports that are gonna help us with the facilitating of the transactions we got the list of accounts that's gonna be the kind of the general ledger the balance sheet compilation now these two these are also up in the top section so that I don't know why they put them down here too because they were up top but the general ledger that's gonna be all of the accounts and all the details so typically an external user isn't gonna want all that information but an accountant might wanna dig through it and then we've got the journals those are the journal reports showing all the transactions by journal so typically not something we provide externally a great internal tool profit loss again they put these two down here even though they're up top as well I'm not sure why they put them down here as well recent automatic transactions to show the automatic transactions we set up recent transactions reconciliation reports like bank reconciliation for example those are internal control type of reports typically for internal use recurring templates statement of cash flows that's also up top I don't know why they put it down here as well transaction detailed by account so in transaction detailed by date these also very long reports oftentimes showing all the detail of the transactions not something an external user will typically want they want those transactions formatted into financial statements balance sheet and income statement but for internal use could be quite useful transaction list with split and then of course the trial balance which is basically the balance sheet on top of the income statement but it's displayed in terms of debits and credits and anything that's displayed in terms of debits and credits is actually easier to read oftentimes if you understand debits and credits but not easier to read if you don't which means it's not good for external use but great report for internal use because it really condenses the data down to its bare essence in terms of the balance sheet and the income statement without any of the subtotals and so on.