 QuickBooks Online 2023 Journal Report 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 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 going to be using the United States version of the software and verify that we're not a robot. We're not a robot. Scrolling in a bit by holding down control up on the scroll wheel currently at the one to five percent on the zoom in in the cog dropdown noting that we're 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 stuff's located in each of them. We're going to go to the tab up top right click on it and duplicate it as we do every time to put our major financial statement reports and the duplicated tabs right clicking again duplicating again tab to the middle opening up the reports on the left and then we're going to open the big balance sheet report as that's thinking tab to the right then tab to the left on the reports then open the profit and loss the P&L to the right that's the income statement closing the hamburger otherwise known as the hamburger changing the range from 010122 tab 123122 tab run it to refresh it tab to the middle close the boogie scroll to the top change the range 010122 tab 123122 tab and run it to refresh it that's the setup process that we do every time noting that these are the two major financial statement reports all other reports mainly are given more information about one or multiple line items in these two major reports this time we're going to open up the journal report so to do that let's go to the tab to the right right click on it duplicate the tab one more time so that we can go to the reports on the left hand side one more time so that I can close the hamburger up top possibly not for the last time and then I'm going to scroll all the way down to where we have the accounting reports which has been our focus the reports for the accountant we're going to be opening up the journal report in prior presentations we've been focusing in on these detailed reports that give us the activity that has happened through a period the classic one would be the general ledger that comes to most people's mind as the report that gives us all of the detail that breaks out first by account and then within each account it gives us the activity within it by date it's a similar report as we saw in a prior presentation to taking one of the accounts on the balance sheet in the income statement and drilling down on it except that it has all of the accounts kind of listed in it the great thing about software is that we can reorganize this similar data in different ways so we can take that activity and for example they have a report here the transaction list by date and then you got the transaction list with the splits so instead of breaking out this information by account and then date we got it broken out here by just dates we can look at all the transactions by date which can be useful for multiple factors and then we got the transaction list with the splits that gives us more detail and then the journal report also similar to it so let's do some comparing and contrasting with these three reports because they're similar in nature I'm going to right click and open the journal report in a new tab and I'm going to try to give a quick recap again of how this thing works so let's say that I just have the activity for December let's say so I'm going to go from 12-1-2-2 to 12-3-1-2-2 to 12-3-1-2-2 and so there we have it and so there's the activity for the month of December broken out by date now what that means from a financial standpoint notice if I go to the balance sheet and if I went up top I'm going to do one of those comparative reports comparing November and December so I'm going to first set the range for December 12-1-2-2 to 12-31 and then I'm going to say prior period and look at the dollar change prior period dollar change so now this is where we stand as of the December and this is where we stood as of November the difference between the two is the activity that's what has happened during the time frame so if for example we were looking at the November activity here and we knew that what that was and we can verify what that was and then we wanted to check our numbers on the December if we had the difference is going to be in this transactions all these transactions should be the difference so if we have the starting point correct and then we were to verify all of these transactions entered into the system we would get to then this ending point here that's the general idea now that of course is useful as with the prior reports to think about from a grading standpoint we'll use these kind of reports when we go through the practice problem because we can check where we started at then we're going to enter data into the practice problem and if your data is different than the data that we have you can look at these types of reports to see if your activity matches and if it does it should it should tie out or we should be able to find in essence the difference looking at the activity it's also a great report if you're kind of supervising someone else and you want to see how much act what they did right so you want to see how much activity they put into the system you can run a report like this you can basically charge see how much time it should take for charging that and you might use a report similar to this to bill like a client for example based on how many accounts were affected so you might count like this line this time to look at the number of accounts that are affected and you're going to set your billing range based on how many accounts were affected so if you had a hundred accounts affected I charge you this much if you had between a hundred and two hundred I charge you this month and so on and so forth those are a couple ways that you can use this it's also a quite practical report from just to learn the accounting because it gives you the debits and credits of each transaction so let's kind of compare it to the other two reports so if I go back on over here I have the transaction list by date report transaction list by date right click and open and I'm going to set the range up top on this one close on the hand boogie set the range from twelve oh one two two twelve thirty one two two and run it so there we have that it's a nice shorter streamlined report and so we start off with this cash transaction on twelve one for fifty two and there's the cash transaction here for fifty two let's look at the other one that's similar which is going to be the transaction list with splits right click on that duplicate and go to that report and then close the hand boogie scroll up I'm going to go from oh one oh one two two to twelve thirty one two two and run it and so now we have this one now this one's nice but it still gives it by by the account first the thing that's nice about it is it gives us the splits over here so it doesn't just tell us you know the other side of the transaction but gives us the multiple accounts that are impacted so if we had an account that has multiple things happening to it then you see the activity here but so it gives you the full transaction but it's but it's broken out by account so if we compare these then this this one we looked at last time is streamlined it gives it by date which is kind of neat I wish they'd give us this one by date that also has the splits but they've got this one by date and we can sort it by transaction type but we get where it gets a little bit tricky is that when you have these transactions that have a split in it such as this one well let's take a look at this one so because then you can see one side of the transaction but then there's more than two accounts on the other side so you get you lose a little bit of data but at the same time it's a little bit more streamlined of a report giving you all the transaction types in a nice tight kind of place if you go to the journal report then it's going to give you the detail in the format of debits and credits so that's nice because you can still see it by date over here and then you get the detail by date of all of the accounts that are impacted and you can kind of count the number of accounts in that fashion you can do so by exporting to Excel if you wanted to and use some kind of count if function in order to count the number of transactions if you wanted to use that it's kind of like a billing range that you can use because that will take into consideration these larger transactions that have more than two accounts affected also great tool if you're trying to understand the journal entries because this will give you not only the accounts that are affected it'll give you the accounts affected when more than two accounts are impacted and it's going to give you the debits and credits so you can start to look at these transactions and say okay what's an invoice actually doing in terms of increases decreases and debits and credits look at the transaction over here and then you can go verify that transaction what it's doing on the financial statements by going to the actual financial statements for example this one accounts receivable went up by 108 on 12 6 I can go into the accounts receivable and drill down on it and on 12 6 it should be going up somewhere by 108 I believe that's the one so we can kind of use this to get a better understanding of how each of the forms are entering a journal entry to create the financial statements and then we can kind of double check our debit and credit kind of format also understanding what these actual invoices are doing with a transaction you can see it can get quite complex the payroll transactions also can be quite complex so it's useful to go into these kind of transactions and understand them it's also possibly relevant from a billing perspective because you might want to say hey I'm going to charge more if I'm entering transactions that have a lot of accounts that are impacted for example and you can take into consideration that fact so like this invoice is obviously a lot more complex than entering an invoice that you just had to add like one service item or something like that so those are those general detail reports and we'll look at those and when we go through the practice problems to kind of verify our number let's go to the first tab I'm going to go to the cog dropdown switch to the business view just to see where we've been located and on the left hand side we've been just basically under the reports which is under the business overview reports up top