 QuickBooks Online 2024 bundle month one reports for a client. Get ready and some coffee because we're about to go on stage with QuickBooks Online 2024. First a word from our sponsor. Yeah actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us but but that's okay whatever because our merchandise is better than their stupid stuff anyways. Like our accounting rocks product line if you're not crunching cords using Excel you're doing it wrong. A must-have product because the fact as everyone knows of accounting being one of the highest forms of artistic expression means accountants have a requirement the obligation a duty to share the tools necessary to properly channel the creative muse and the muse she rarely speaks more clearly than through the beautiful symmetry of spreadsheets so get the shirt because the creative muse she could use a new pair of shoes if you would like a commercial free experience consider subscribing to our website at accounting instruction.com or accounting instruction.thinkific.com here we are in Howard get great guitars 2024 QuickBooks Online sample company file we set up in a prior presentation opening up the major financial statement reports like we do every time the reports on the left hand side i'm going to be closing this out we're going to right click on the favorite of the balance sheet open link in a new tab right click on the profit and loss otherwise known as the income statement open link in a new tab right click on the trial balance open link in a new tab if you don't have that trial balance in the favorites you could search for it let's go to the right to tab to see what we opened close in the hamburger and then we're going to go up top to change that range we're going to go 10124 tab 013124 tab we will run it to refresh it and repeat tab to the right and repeat close in the hamburger change in the range 010124 tab 013124 tab refreshing the report again and then tab to the right and repeat close in the hamburger change in the range 010124 tab 013124 tab and then we'll run it to refresh it again let's go back to that balance sheet now quick recap of what we have done thus far for month one which we're basically wrapping up with this presentation that being we set up the quick books file we then put together those foundational items that are found under the cog under the your company and lists things like the account settings the users we then set up the payroll we set up our lists like the chart of accounts and like the product lists we set up our customers vendors employee ease and then we entered our beginning balances imagining that we had some accounting system prior to this we added the beginning balances into the system and then we added once we had the foundation down one month of data input including the first few journal entries being those unique typically to the startup process or to when you're increasing the size of the business such as getting money from something other than customers because you don't have the utilities you don't have the stuff in order to generate revenue yet meaning we finance the company with a loan or with money from the owner so we could buy the inventory and the fixed assets which we then used to start to generate the revenue and we recorded the first month of our revenue in the system now we want to imagine presenting the financial statements to somebody at the end of the period our primary objective or our primary kind of scenario will be that we're a bookkeeper and we're going to batch the reports together to present them to a client now note whether you're working internally in the accounting department or you're working as a bookkeeper no matter where you're working these days you're going to have reports generally that you're going to be generating often from something like a database program like quickbooks and the presentation of the reports is a huge part of the process it's like half the battle as gigio would say but no one knows who gigio is anymore it's sad but in any case it's half the battle so what and that's because the people that we present the reports to often might not be financial professionals right because that's why they hired us they hired us to do the bookkeeping so for example in this business we imagine that the owners of the business are the guitar shop so if we're not doing our own books if i was doing books for this guitar shop then obviously they're not going to know exactly all the ins and outs of all of the reports they're not going to be an expert on the numbers what they will be able to tell is like hey does this report look good did they give it to me on time does it does it actually like tie out to a basic degree does it make sense to me and so on and so that's a lot of that is just going to be the presentation also note you might be thinking well they already have access to the reports because they have access to quickbooks online because everything's on the internet right now which is true but they might not be able to generate the reports basically as easily so you might still generate the reports put a package together and present that package so that they have something you know in a report format for them so that's that's going to be the basic concept that will put together here how often might you do this well i would think that you might do this at the end of the month right because a month in report you might also do it at the end of the quarter and you might also do it basically of course at the end of the year which is going to be the big one because at the end of the year you have to do external reporting or at least tax preparation if you're in the united states so oftentimes you might think of the reports in the middle of the year as giving assurance to your your client that you're still here right it's not like you're just letting the file go and you're you're giving them reports you're saying i'll be around at the time you need me at the end of the year okay so then the question is well what kind of reports might we give to a client and how might we give them those reports obviously we want some format of the balance sheet we want some format of the income statement and then we might have further reports that we could attach to it above and beyond that but i'm going to stick to mainly the balance sheet and the income statement report because we could have more complexity than just a balance sheet and an income statement because especially once we have multiple periods we could start doing comparative balance sheet and income statement reports and compare this year to last year this month to last month this month the same month in the prior year once we start doing those comparisons it gets quite complicated right there's a lot of different reports that we could make we'll see more of that when we get to the second month of reporting when we actually have two periods that we can do some comparisons for right now it's the first month of operations in the new system so we can't do those kind of comparative reports also note to make this as easy as possible you might then create a system where you can where you can have internal reports versus external reports and possibly customize them and you want to do that as easily as possible so at the end of the month you can easily just generate the reports and provide them to a client how would you actually give them to a client you can give them to a client by email but you have to be careful because you probably don't want just a mess of reports attached on an email so you might want to at least zip them if you email them you can print them most likely you might not be handing the reports in paper to people these days you can also export them as a PDF file allowing you to attach them to at least one email instead of like five emails for different reports and you could you could also use the PDF file to put them in a cloud drive like the google cloud or a one drive or something and give them access to it that way you might want a number of the reports so they can open them in one area you can also use excel excel can be used not usually to present the reports to others but possibly to further format the reports making them more fancy or different than other people might do with it and you can also use excel to either integrate with word or just simply to print all of them from excel on one PDF file and then you can also basically use the management reports as well which is a little function in quickbooks allowing you to put them in one PDF file basically with an intro page and so on so no matter what system we use the general idea would be let's first customize some reports so i'm going to go to the first tab again i'm going to go down to the uh reports on the left and close up the hamburger and look at our business reports note that most of these reports as we saw before are kind of repeats of the balance sheet reports and income statement report this one though the that not that one the balance sheet summary might be one that we want to start with so if i right click on this and open link in a new tab i'm going to pull this to my second report so this might be the second uh report that we deal with if i close this back out why because it's a balance sheet but it's it's now summarized it's going to be easier to look at this is often the leading report you might put into a presentation or a batch of reports because it's not too overwhelming so whereas the balance sheet report here has more accounts can be a little bit overwhelming now you could basically create the summary account by closing up all of the tags here but sometimes when you when you export this information it opens up the triangles so for example if you were to export to excel even though you collapsed the triangles it'll still basically expand them oftentimes and so that's why this summary is is useful so now you have each of the categories of group of account categories has its own grouping and it's a shorter report now the further customization i might do with this would be typically when we have a whole another course or section on customization so i won't go into it in detail but i'm going to say customize and we can then say i usually remove the pennies because we might not need pennies for decision-making purposes although internally it might be useful to have the pennies i like to have the negative numbers bracketed and red that makes them pop out a little bit we don't have a whole lot of control over colors and font styles within quickbooks but we can we can do that and then on the filters uh no filters headers and footer so this is going to be the logo good uh company name okay report title balance sheet summary that sounds good to me report period i don't really uh yeah i want the report period i don't want this date prepared time prepared and report basis on the footer so i'll typically remove those and then the alignment i'll keep it centered so there we have it so we don't have anything in the footer down here and it's a little bit cleaner without the pennies now i don't want to have to do that every time so i'm going to save the customization save the customization i'm going to number them i'm going to call this my first report the number one uh report i'm going to make a new group and i'm going to call the group these are going to be my month end reports now when we get to the end of the second month i'll already have some of my reports in there and we can continue uh from there i'll make it a little bit easier so let's add that we're going to put them in here month end reports and then let's save it boom if i go back to the first tab and let's see if it saved it we're in the reports i'm going to go into the customized reports and you might need to refresh the screen because we're in a second tab here and there it is so there's our month end reports under the little drop down and it looks great if you need to edit it you can edit it if you didn't put it in the in the proper category that's how you edit the categories too you can't edit the categories until you actually go into something to add the category all right so there's there's our balance sheet then you might want like a normal balance sheet this might be the second report that we have which is just simply a standard balance sheet however because we already had like a simple balance sheet maybe we make this one a little bit more complex possibly giving it like a vertical analysis to it so this time maybe i'll do something and this is where the decision comes in do what do you want to do how many reports do you want to give do you want to give another balance sheet and then another balance sheet that has a vertical analysis and then a horizontal analysis and then comparing this year to last year or this month to last month and so on so but for this one i'm going to say also note that when we have the external reports there's some zeros in here see there was a zero number here because there was activity in it don't need don't need to report that externally although it's very useful internally when i'm using this report so i might then say over here i want to say non-zero numbers run it and it gets rid of all the numbers that are that have a zero so that is good okay and then maybe i'll go here and i want to do a percent of column percent boom and then i'm not going to do this up top we'll do that in the second month because i have no other period to compare it to by the way that's one of the problems when you when you use the system of starting a new accounting system and you don't pull in the detail from the prior accounting system you get to clean things up but you don't you can't run the comparative reports in one system because you didn't pull in the prior numbers right so so just something to keep aware of there's pros and cons to any method so this is just basically taking each of these numbers divided by the total so if i take the accounts receivable for example one four six eight seven point five divided by the total two two seven six nine five point seven seven moving the decimal two places over will give us that six point four five percent about so that's going to be the idea of the vertical analysis and that's quite useful especially if our benchmarking to like another company which is typically larger than us so let's do that and i'm going to say let's go ahead and then do the customization and i'm going to get rid of the sense negative numbers bracketed and red and then we're going to say in the header and footer i'm going to make this to do no date time report basis and then i could change the name just in here so instead of calling it just a normal balance sheet i'm going to call it a balance sheet like vertical analysis i spell that right i doubt it i don't know if i spelled that right but i'm going to keep it as it is because you get the idea and then let's save customization and there it is so i'm going to change the name here i'm going to call it number two and i'm numbering the reports so that they're going to show up in order that i want to be presenting them in and then we'll save that one so there it is moe b to the n b n all right if i go to the first tab and i refresh the screen i should have two reports and they're numbered so they'll be in order in my customized reports let's go to the third let's go to the profit and loss report now in the profit and loss you you might try to do a similar kind of summary thing where you basically collapse the each of the each of the segments but again that doesn't always work because if you export the reports for example it'll it will expand them again however if you have these kind of subtotals in here where you have a lot of sub accounts which some people do like this one you can collapse them by using the collapse up top so that typically still sticks because the triangle has been removed basically entirely from the sub accounts but not from the different account type categories so so that might be something that you want to do at least as the starting report and then maybe you have another one that's going to be a more detailed profit and loss you know after that one so let's save that let's now i'm i'm going to do my customization up top we'll customize this one get rid of the pennies negative numbers bracketed and we're going to say headers and footers get rid of the date time report basis like we normally do and then instead of calling it an income statement on profit loss i'm going to say it's an income statement and that's one thing that you can do that might and this let's say summary that's one thing you can do that makes it a little bit different than possibly they've seen in other other bookkeepers just changing the name from a profit and loss to an income statement some people might like that some people might not but it might be a differentiating factor than what you know other people are doing just to because no one changes the name and you could do that if you want to so then we can save customization and i'm what that's not saving it save customization just calling this number three report now and selecting the drop down month in reports to do it and then save it and so if i go to the first tab again and refresh it so now we've got our three reports in there boom boom boom and let's do one more i'm going to right click on this and duplicate it and then maybe you want your expanded report possibly so i could then say now i'm going to expand it and so now that that drop down is back we don't have a lot of stuff in here because it's only one month of a practice problem but then maybe i once again do the vertical analysis so maybe i say i want percent of income which is the most common vertical analysis on the income statement meaning we're comparing everything now not to the bottom line not to net income but rather to income that's why this is 100 percent so we're comparing everything to the goal of the business which is revenue generation so for example cost a good soul three seven two four two divided by income five three eight five seven is if we move the decimal two places over about 69 percent it's you would think it'd be closer than that i don't know why i think i let's do that again three seven two four two divided by five three eight five seven so 69 uh point one it's interesting let's do another one let's do gross profit is going to be one six six one five and then divided by the income of the five three eight five seven that gives us about 31 percent okay yeah all right so that's going to be the idea let's do our analysis or customizing so i'm going to say negative number it's already done there i'm just going to change the name to it now let's go into income statement but not a summary this time we're going to call it vertical analysis to call analysis i spelled it wrong analysis let's copy that and then we'll save customization i'm going to change the name this time to four income statement vertical analysis let's save it and then if i go back to my first tab again we've got four reports now so now you can see it's pretty easy to generate those reports if we needed to because now in the following month i can just open them up change the date and then and then save them so let's close all these now i'm actually going to close all these and pretend that now the month ends here we already have these they're in order i'm just going to generate them and then do what we want to do with them so i'm going to right click on it and all they won't let me do it that way i can't right click that's annoying i'm going to right click up here and duplicate and then i'll open them back up i'll say boom balance sheet and then i'm going to export it as a pdf file so i'll hit the drop down export as a pdf file and we'll say to do save as a pdf and then i'm going to put i'm just going to drag and drop it into my folder right here i'm just going to drag and drop so we'll take it and just goes ah drag it out get over here and then we'll put it right there boom it's in our reports folder and then we'll do that again so i'll close this back up close this up i'll duplicate this again right click and duplicate pull it to the right for my second report close up the hamburger and the next one we could just open it we would change the date if we needed to and then i can just say boom export to pdf and then save as pdf drag and drop boom there's my second report and then repeating the process first tab and then right click up top duplicate pull it to the right and then we're going to close the hamburger open the income statement and print that one dropping it down export to pdf save as a pdf drag and drop boom so there we have it and so we might need to renumber them in our folder over here which is kind of annoying because it didn't pull in the number on the name but there it is let's do one more and then right click and duplicate pull that to the right and then i'm going to open up what not that one i'm going to open up the income statement the last one and then basically simply export it pdf save as a pdf and then drag and drop it boom now if these were out of order because the names were different i might right click on here rename it and then say this is going to be the first report and then the vertical analysis this is my second report so i'm going to right click on it rename it for report number two and then this is my summary so i'm going to right click on this one and make it number three uh oh i'm going to delete that it does that sometimes it's very frustrating number three and then this one is going to be right click and number four ah you did it again deletes it like that okay number four four so now when if we were to attach these to an email even if we attach them separately at least they're numbered right and so they can download them and if we can then give them to someone on a one drive if we wanted to provide the reports that way if we were going to give them to it i'm by an email or some or or deliver them electronically we might want to zip them so i'm going to put them in another folder and i'm going to say this is going to be month one reports or probably should call them you know january reports and then i can put these into the folder i cannot attach the folder to say an email but i can right click on it and i could zip the file to do do do do zip zip file and i could attach the zipped file to an email so those are the ways once we have them on the computer share it on a one drive google drive or one drive some kind of cloud storage drop box or you can then zip it and then possibly deliver it possibly by email or something that way okay so that's one method that we could use i'm going to close this back out close this back out now you also might go internal to this little management report thing so in the management report i'll do this fairly quickly because we had another course or section on it but you could create a management report so i might just copy the overview by selecting the drop down and duplicate it so i don't mess up the default one and then you can say okay i want to edit this one and then it gives you like a kind of generic but useful intro page and then a table of contents and then you have another page that you could include to give like an intro page and then your actual reports now it's pulling in the profit and loss and balance sheet standard i want the custom ones so i'm going to add a new report here and then when i look at these i'm just looking for the ones that are not standard the ones that are custom so here's report number one and then i'll add a new one boom and then this is going to be the report number two and then add a new report to do and then this is going to be report number three and then author of ace another time and we're going to say this is going to be report number four and then i could go into each of them and adjust the name so i'm going to delete these two i don't want that one i don't want that one i want to go into this one again and down here i don't want i just want it to be called balance sheet summary so i'm going to get rid of the location and here i'm going to want this to be get rid of the locate get rid of that and then i want this one to be to get rid of the number on where it's found in our system and one more time boom and get rid of the numbering and then that looks pretty good i think and then we have the end notes so that's pretty nice uh you can say let's preview it so it gives you kind of this intro page it's pretty you know you can't do much with it but it's pretty clean and it looks it looks nice it's a level up from just attaching the reports to an email gives you a nice title page if you wanted to use another page i think it has an intro page if you wanted to use it and then you've got the balance sheet looks a little bit different than than what we had if you print the reports out this way you could see that if i if i look at the reports in here there's a bit different look and feel to it than this pdf so there's there's no color in this one for one maybe that's the only difference but it looks it definitely gives it a different look to have the color in there and there's the uh the income statements to do and there we have it so pretty nice but there's not a whole lot of flexibility to it if you wanted to make further changes if you want to you can do a similar thing by exporting these reports to excel and then you can add some little touches in excel if you wanted to and you can also print them all on one pdf file so let's just show that method so this time i'm going to go into the same reports i'm just going to export to excel and then i'll open this first one up and then i'll try to put all of the reports on this file so let's open this up and i'm just going to say enable and we're going to put it into here copy the location and i'm just going to say file save as boom and then in this location and i'm going to call this the month one reports reports but this time in excel so so now uh it didn't do it month one reports maybe i'll put a period after it's because maybe okay so now so now we can format this in excel so if you wanted to do other formatting usually i'll go to the layout and back on over here so i can see it now one of the problems is it doesn't really center it it kind of puts it up in the corner but you could center it by just adding a column right click insert a column i won't spend a lot of detail on this time because uh i want to we've talked about this before but if i put these last two margins this is one way that you can try to get it to fit and then i just have it like in the middle because of these two margins which are evenly spaced on the side that's one way you could do it you could change the titles and whatnot if you wanted to like maybe you want the title up top to be black and white this is what we did last time maybe you want to format it a little bit differently uh in here like putting grid lines around it and then you'd have to put little underlines under all the underlines just you can make it look different i'm not an expert on making the thing look pretty but you know you a little bit goes a long way you can do a lot more with the font style and the colors and stuff like that if you if you wanted to do that remembering that you'll have to do that every month because because you can't save those changes as you generate another report so you don't want to get too crazy on it but you can add a lot more that other people aren't doing just by a few touches could go a long way because you can't do much of anything really in this system here you can't change the text or you can't change the the colors that much you can't change the format a lot much at all so a little thing a little things could go a long way and making it look nice which i'm not an expert at but i just want to point that out all right let's do the next one let's export this to an excel file i'm going to open it up but this time i want to take the new tab and put it into the other workbook that i already have open so i have to have the two workbooks open i'm going to right click on the tab down below and move it and i want to move it to the drop down the month one reports so i'm just going to move it over there and then i'm going to drag it to the right and then i'll do the same thing i'll do this fairly quickly it won't drag what is wrong with you i told you okay and then i'm going to check out the side and then this side so then let's insert a column over here and so now it's kind of centered that's good i'll just make the title black and white and then i'll put some brackets around it just so it looks somewhat similar uh and then i again i would have to put all the underlines in there to make it look uh nicer but i won't do that right now just to give you an idea because we're running long again the producer is going to be pissed man okay that's okay this is worth it people are going to people need to know this stuff can't just you can't cram it into like i'm sorry i can't cram it into a five-minute presentation okay it's impossible okay i'm going to right click on here and then move it again and then we're going to say move to the report and then i'll drag it to the right and once again we'll go to the tab here and back over and then i'm going to insert right click insert on a column right click insert and this one i could probably make well wait a sec let's do this one on this side all right let's make this black and white all right and then we'll say let's put some borders around this and let's just do the last one and we'll say drop it down export it to excel open up the last one and then then we have to stop after this one because the fun must end sometime right click on the tab move it putting it into the month one report we'll drag it to the right drag it to the right and then go to my view this side that side and then select the a column right click insert and then that looks fairly centered we'll make this title black and white to make it fancier and or show you how you might an approach to make it fancier put some borders around it not sure if that's totally fancy and then we have it so then i can print all of these i could also create a header page in excel if i wanted to or i can try to integrate it with word if i wanted to integrate it with a word processor so i can get everything on one pdf and then i can use a cute pdf print or some pdf printer to simply print it all on one file so if i go back to the first tab and print it now for example i'm using a cute pdf printer which you can search for and i believe it's free i'm not affiliated with them or anything but that's what i'm using and then you can select the drop down an entire worksheet and there's the entire worksheet so there's the first one boom again you could format it a little bit better mostly than i have like i might not i might not need these massive margins i might make it larger in the middle or something but in any case i won't get into that now you could you could so you could get more fancy with it but let's just do this now and i'm going to print it but it's not going to go to a printer it's going to go to my cute pdf printer and then i'm just going to put it into my folder here the month one reports save it so then i can open it up this way and say where did you go and so boom so now i can open it up this way and i have them all on one report so i can put one report as an attachment this way and i could create a header like we did with the management report pretty easily to be as nice as the one that's in that's in the management report thing right and so we have this look and feel to it so this look and feel to it versus you again this doesn't you it's probably kind of ugly you can do better than that but that's the idea versus this look and feel right this is the pdf that they created this is one report of the pdf versus the internal report method of this look and feel advance print preview so there we have it so now the only one of these you can choose one of these are the others that looks great that that you think is the best but the only one that you actually have flexibility with to change to any large extent is this one so this one might look the worst right now because i'm not good at it but but the only one that you could change and make like really fancy is really this one once you have it into an excel you can add whatever header page you want you can add a you know another intro page you can integrate it within word and you can change the fonts and whatnot and make it look uh fancy