 In this presentation, we will generate, analyze, print, and export to Excel a summary balance sheet within QuickBooks Pro 2019. For more accounting information and accounting courses, visit our website at accountinginstruction.info. Here we are in the home page. We currently have the open windows open. You can open the open windows by going to the view drop down and selected the open windows list. We're going to take a look at a summary balance sheet, and we want to compare and contrast it and analyze when we would want to use a summary balance sheet. And in so doing, we will compare and contrast to our standard balance sheet. So let's first go to the standard balance sheet, the one we've been working with all the time, the one you're probably going to be going to all the time when you enter data and you want to see what's going on with the data that has been entered. So let's go first to the reports drop down up top, we're going to scroll on down to the company and financial, and then down to the balance sheet standard. So reports company and financial balance sheet standard. This is what we're going to compare to, we're going to change the dates to 123119, the end of the time period where our data is entered. And this is going to be our standard balance sheet. This is where we default to go this probably the first financial statement we look at when considering options and what has happened when we enter data and what that data is doing. The balance sheet is useful because it's going to give us all the balance sheet accounts that have activity within it. So any account that's a balance sheet account that has numbers related to it will typically be included in the balance sheet, we're not condensing any numbers, we're not combining them. That's a little bit different than you would see on a balance sheet that may be given by a company. If you go look up a company's balance sheet, for example, as we discussed when we went through the balance sheet, there's a few things that may be different, including the fact that we're not going to list out all the different checking accounts, it'll just have cash within it. So we're going to have some different kind of grouping ideas that will be in QuickBooks. Then in standard reporting, the reason being is because most of us are going to use the balance sheet as the report that we go back and forth from, whereas standard accounting, we might use what we would call a trial balance and QuickBooks doesn't want to make us use a trial balance because it would have debits and credits. So the standard balance sheet is going to give all the reports in a way that we may not have them grouped possibly in a normal balance sheet we would give to external users and we may name them in somewhat different ways. So for example, the cash we would name as cash, not the checking accounts when giving to external users, but for internal use, we of course would want the name of the checking account. So notice the detail we have here, a lot of subcategories that we have that we can collapse within the balance sheet. And if we were to collapse, then we would give a lot less information. If I just want to give the cash, the accounts receivable, and the other current assets, we can collapse these items and say, Hey, here it is. Here's a straight balance sheet and with no frills to it, no details in it. I don't want to, I'm not trying to drill down or use the balance sheet as an auditing tool for me to go through and see what's actually in the account, just giving us the subtotals here. So that is one way we can get more of a summary type of balance sheet and more of a summary look is to use these dropdowns and get some of that activity. The reason we have it all again is because we want to oftentimes double click on one of these using the zoom feature, changing the date 010119. And that'll give us the detail of the activities that happen, common common use for practice, not so much for of course reporting. So then I'm going to close this back out. So we can compare this then to another type of balance sheet, which would be the summary balance sheet, which would be used more for reporting, more for reporting to those people who don't want to see detail. If we're dealing with somebody who just wants to see the overview either because they just want to know the bottom line or that kind of management that I just want to know the bottom line or someone that doesn't know financial statements much at all or both, then we might want to have a summary balance sheet that shows just as limited data as possible. And for presentation purposes, you probably want both. What you want to do is say, I'm going to give the summary balance sheet, give the overview of the data in a very summarized way. And so it's not going to overwhelm anybody. And that's probably what people want. First, they just go, they're going to say, I just want the bottom line, just give me the summary data. We'll give them the summary data, knowing that as discussion happens, they're really don't want the summary data. They're going to say, Hey, why don't you give me more detail about this, that and the other thing. And we'll have to predict that those types of questions will happen if we're presenting this data and say, Oh, well, that's thought that might happen. Here's the standard balance sheet that will give more data as we go. So getting used to when you're going to use these reports, how to present it could be useful. You probably want to start with the summary, not overwhelm anybody. And then as as discussions progress, go to more detail, possibly the standard balance sheet and then on from there. So the summary, then we're going to go to the reports, we're going to go to the company and financial and then go down to the balance sheet and then the balance sheet summary balance sheet summary. And we'll change the date once again to 123119. And then so you could see that this has a lot less detail involved. And it was a lot like if we were to just collapse everything that was that we saw on the balance sheet. So we've got the current assets, we've got the checking account, we've got the accounts receivable, we got the other current assets, basically the subcategories going back to the balance sheet in the open windows. Basically, we have the kind of subcategories, they're not really subcategories because we didn't create them as subcategories, but QuickBooks is listing them as major categories that we can collapse. And then if we go back to the balance sheet summary, we've got this information on the current liabilities and equity just one number. You'll note if we go back to the balance sheet over here, the liabilities, same kind of thing. Current liabilities is a major category. I just, current liabilities, long-term liabilities. And then in the equity we had draws and net income. Again, net income is really kind of weird. We wouldn't really normally have that on the balance sheet. And it would probably throw off normal readers. But QuickBooks is trying to tell us, is trying to say, Hey, this balance sheet is related to the income statement. There's a link there. So make sure you're cognitive of that. But when we report it, we may not want that. And so it's basically saying here's more of a summary balance sheet. So I've made in this case, the standard balance sheet look like a summary balance sheet without that detail, going back to the summary balance sheet. So that's in essence, what we have here, the equities for this company, this sole proprietor is just one line, it's equity. So that's a much, now it's a lot more difficult to use things like the zoom feature and try to figure out what exactly we're looking at, because we're not looking at particular accounts, we're looking at groupings of accounts. QuickBooks still allows us to do it. But when we think of it from an auditing tool, so say we're presenting this to somebody actually like on an overhead or something, a committee meeting or something like that. And they say, Oh, well, that's all good. But what's in other current assets, you know, I want to look at something within there, we could double click on it, we could double click and say, Well, that is consisting of this item, this item and this item and go into it with more detail. But that's probably where we would want to say, Oh, you want more detail than that. Well, let's go to the, the, you know, standard balance sheet over here, and then go into the more detail in the other current assets by dropping down and say here, consists of these three. And then it's a lot easier to go into the, to the zoom features from here. So in demonstration, if you were to have QuickBooks open, that would be one way, if you're going to print out the reports, then you probably want to print out the give first the summary and then go back to the, to the standard with any more detail that is necessary. So, so that's going to be this kind of information, very good starting point, very good point for again, so somebody that doesn't understand, or doesn't want the detail, and that could be someone who's very direct, trying to just make a quick decision based on summary data, someone who doesn't understand the summary data, or both any in depth confirmation or conversation about this information, however, we'll quickly get into information that will be beyond the summary data in which case you want to be ready to have the balance sheet, the standard balance sheet probably ready to look at. So we're going to go ahead and export and print this as we have with some of our main reports, just thinking about how we can sort this information, how we can give this information, and again, not overwhelm people with too many things in an email, and how can what what kind of order might we want to group our information when we present this information, depending on who we present it to. So I'm going to export it first to our Excel worksheet, we've been working with this section by going to export and create new worksheet. We'll then be able to export it to an existing workbook that we've been working on through this section, we're going to browse in order to locate that workbook by going to browse. And then selecting the drop down, it's going to the desktop, this is where our folder is my folders, the get great guitars, their company reports, it's going to go into section two is what we're working on. So I'm grouping this kind of like a project rather than by date by client. And then we're just going to double click on section two and export. It's going to open up Excel, and it's going to put this new data of the summary balance sheet into a new worksheet within that workbook. So here we have it notice it put it kind of like in the middle named it sheet one because that's the next sheet we were on because we renamed all of our other sheets. I'm going to grab it left clicking on it, pull it to the right. We're going to go up top to the view tab. We're going to go to windows, unsplit the pains, going to double click on the tab. And I'm going through this kind of quickly. If you want to look at this again, go through the where we exported the Excel sheet and we'll do this more slowly. And this is going to the summary balance sheet, something that will be distinct. These tabs aren't that long. So you don't you don't have a lot of information to put there you can't put the really long name there. So there is that. And then once again, if you go to the second tab, you'll see that the header is there. So that's good. Going back to this tab, we have our data. So it looks good. Now again, we can give this Excel sheet now with these three reports on it in this format. Every time we do this, it's going to create this first tab. And we can delete that going to right click and delete it. And then going back to the summary, if we were to give this, we can give these three reports now with this one document or we can go to file, we can go to print. And we can print just this one sheet or the entire workbook. And that if we print it to a cheap PDF file file, we'll give us one PDF file with multiple reports on it, what we've done so far in section two. And that's one way that you can group things together using this format, which can be a useful format to use. Going to close this out, save it. Yep. And then the other option, of course, is to print it or to print it as a PDF file, we could save it as a PDF file or use the Qt PDF printer. I recommend using the Qt PDF printer or some type of PDF printer just as practice for QuickBooks and any other software where you can't print it directly as a PDF, or there's some kind of malfunction with it as sometimes there is. So the Qt PDF printer works pretty much anytime you have a printing option. So I use that pretty much as the default. And then I just print that item. And then we're going to save this once again, as the summary balance sheet and note here now we have three forms starting to get a little bit longer. If we were to email it, we'd have to email three forms and we'd have to zip it, or we'd have to put it in the cloud somewhere, or we can use some of these other formats, which is to give one Excel file or one PDF file generated from that one Excel file. So we'll save that. And that's going to be the summary balance sheet. For more accounting information and accounting courses, visit our website at accountinginstruction.info