 In this presentation we will take a look at the balance sheet display options within QuickBooks Pro 2019. For more accounting information and accounting courses visit our website at accountinginstruction.info. Now we're going to open the balance sheet standard report and look at the display options within it. The display options will be similar for many other types of reports so we're going to spend more time on the display options here for the balance sheet because they will be similar and applicable to other reports. Also note that as we look at this display options we're really actually changing the balance sheet to other types of reports. We have comparative balance sheets and we can actually see other information than we would think of as just a standard balance sheet. So just keep in mind that when we consider what the balance sheet is in terms of the standard balance sheet that's often just a starting point or a launching point for us to then customize the balance sheet to something that may be quite different than just the standard balance sheet. So first we're going to go to the reports drop-down up top reports drop-down we're going to go down to company and financial and then within there we're going to go down to the balance sheet standard so this is going to be our starting point the standard balance sheet and oftentimes when we generate different reports and look at information this will be our starting point this will be the launching point that we will have. First we'll change the date here so I'm going to change the date I'm going to do it as quickly as possible and in the least keystrokes as possible by saying 123119 and then tab and so you could type it in there 12-31-2019 if you type in 123119 and then tab it should populate the report for us we can then refresh if we need to or just click down in the report and it should refresh depending on the options and settings that we have set up. So here's going to be our standard balance sheet notice once again it is as of a point in time. So first we'll take a look at a few of the options that are just on the screen here that we can use we've got the report basis its default will be the accrual basis versus the cash basis note that these two items don't necessarily mean that if we're on the accrual basis it'll perfectly be on an accrual basis or if we're on a cash basis the reports will perfectly be on a cash basis it really is driving when QuickBooks is going to report revenue or record the revenue so the difference in other words between an accrual basis and a cash basis is when revenue and expenses will be reported on an accrual basis we record revenue when it's earned expenses when they are incurred on a cash basis we record revenue when we get the cash expenses when we give the cash but the system doesn't always know that so the real question is how is the system driving when revenue is recorded and under an accrual basis the question is of course what document is going to drive that what's going to trigger the recording of revenue so if we went to the home page here the documents triggering revenue is the creation of the invoice because that's going to be us billing the client for work done usually and that's usually close to the point in time that we actually did the work so under an accrual basis this report is going to generate revenue under an accrual basis but not under a cash basis because we haven't gotten any money yet although we did the work here both the accrual and cash basis will record revenue using the create sales receipt because this represents us doing the work and creating the bill the invoice or the bill or the sales receipt at the same point in time and therefore the revenue and cash has been received at the same point in time or whatever payment we had so under an accrual basis recording an invoice would record revenue but not under a cash basis under an accrual or cash basis creating a sales receipt would record revenue under an accrual basis the receipt of payment would not be recording revenue under an accrual basis because it had already been recorded for the create invoice under a cash basis this would create this would be the time period in which revenue would be recorded so that's it's really these driving documents that are being recorded and note that it's quite possible for us to have earned revenue at a different time than we created the invoice maybe we did the work a long time ago and we just entered the invoice now so that means that if we go back to the balance sheet although these two are going to help to trigger when QuickBooks recognizes revenue and expenses and the accrual basis will be more on an accrual basis and the cash basis will be more on a cash basis uh don't get the idea that just because you have for example the accrual checked off that everything is perfectly accrual basis set up because we still might have to make adjustments to do so or modify the way we enter the data and the same is true for cash if you go to these two you can see accrual and then you can go to cash here and you can take a look at some of the differences that will be resulting in the balance sheet for those two you'll notice one change for example is the accounts receivable changes here if we go to the accrual basis we have a lot more accounts receivable if we go to the cash basis it goes down substantially and note that it should go down to zero if it was a perfect switch because accounts receivable isn't a cruel account it's only there if we're using a cruel accounting so the fact that it's not going to zero on a cash basis means again that these two aren't exactly perfect in terms of what an accrual is or cash is but it does adjust when quickbooks represents when it's going to record revenue and expenses back to the accrual side here we've got the customized reports up top we'll go there shortly we've got the comment on reports which is really pretty nice we can click on this and actually give some comments in within the reports we've got the share template so if we had a template that we set up then we can share it there memorizing reports if we change things as we'll go through and we'll take a look at some changes we can memorize those changes so we can get there more easily in the future we'll talk more about that later printing options we're we're going over that as we go email we can email the reports as we go which is nice because then we can go right to that emailing then we've got the hide the header which means we can get rid of the header up top so that gives us a little bit more real estate if we choose to do that collapse means that if we have subcategories this will collapse the subcategories now you might think that these are kind of subcategories but these are these are just the main categories that quickbooks has if we create accounts with further subcategorization then this collapse and expand will expand or collapse those items and then refresh if we have our settings here that it refreshes automatically so i don't really even need this button anymore i can just click down here but if you have the settings set up so that it doesn't refresh automatically and you may want to do that you may want to click the refresh so you know what the changes are you can see what happens before and then know exactly when you're going to select this item and see what the changes will be i like to just have the refresh happen automatically then we've got the customs here the dates and this can make things a lot easier when we go to the reports especially when working in real time we can go to do we want this fiscal year do we want this fiscal quarter do we want this fiscal year actually fiscal quarter year the fiscal year to date the fiscal year to date month the fiscal year to date the yesterday last week last week to date so these would be all like the normal ranges that we would think it now in this problem we're going to have to work in the future or in the past typically and therefore these are not as relevant to us in practice when we're if we're working real time then these are really useful because they can get us there right where we want to be right where we want to go now note that some of these you might be asking why do i even need a fiscal quarter to date fiscal year to date last month fiscal year to date when there's only one date here on the balance sheet there's only one date why do i what's the point of having a date range like a month or a year or last year i just need to put in one date because it's as of a point in time and the reason is because you can if you select the data here and want to drill down on it by double clicking on it it'll give you this transaction by account and notice there's no activity here because it's only got one date in the date range so really on the balance sheet it's nice to have a range not because it's going to be displayed on the balance sheet itself where range doesn't matter but because of the zoom feature because if you double click on it then you'll get more activity we'll also see some other areas where the range will help when we modify the report and want to see different types of report that are based on the standard balance sheet so i'm going to close this back out so that's that's that we've got the dates here so then we can just put the custom date here show columns so we can have totals uh show total only the day the week the month we'll see this option as well when we go into the customized reports and we'll talk a little bit more about this and this will interchange and play when we have different dates here notice we only have one date here again so when we say total only doesn't really make any difference if we say a month because there's only one date in the range however if we chose an entire year and we then chose month then quickbooks can say okay you want a year and we'll break that out for the last day of each month within the year so we'll look at that in a second and then we have sort by uh default or the totals and we'll keep the default here and then we've got the show filters and if you go to the customized filters it will go into this filters tab which you can also find in the customized reports so to me this is a little kind of repetitive we'll actually look at this within the customized reports which i would just go there so i'm going to close this back out now we'll go into the customized reports so let's go to the customized reports up top and we're just going to consider the display options and some of these we've already looked at because some of them are repetitive the display options already being here on the ribbon somehow so first we've got the dates once again we saw the dates same options for the dates as you saw here and this is going to be similar for most reports and you might think that it's not applicable to the balance sheet they just maybe they just put the same stuff in there because the balance sheet only has one date but remember that there are many times when we want the date range and mainly for almost every time we go into the balance sheet because we can double click on it and use that zoom feature and a date range is very helpful within that so let's change the date i'm going to change the date manually now and now we can change a manual date range which we cannot do up here so so now this is where you have to go if your range of dates does not fit the dates drop down here so we're going to type in 01019 123119 January 1st 2019 to December 31st 2019 and if you type it in there without any dashes and just like 01019 and tab that's probably the easiest way to do that then you've got the accrual versus cash here's the accrual versus cash which we already had up top accrual is the default and that's probably what you want to keep on working with uh because whether you know it or not a lot of people say well i want to keep it on the cash basis but whether you know it or not many concepts we work with are probably accrual like we said accounts receivable is an accrual account if we need to track accounts receivable we should probably have it on on the accrual basis or we might get things messed up so although you know the cash basis is something that people often say i want to run it just on the cash basis we're usually not running everything on a cash basis and QuickBooks is defaulting to our accrual basis and if we're using accrual accounts such as accounts receivable or accounts payable then we should definitely want to use an accrual basis display columns once again we've got the total uh totals only that's going to be the default that's what we're on now now that we've changed the range let's see what happens if we choose say a month so if we go to the month and say okay you'll see now that it reports the data for each month so the january 31st february 28 march this is as of the end of each month so if i if i just had the total it still just got the one date up here but i've named the range now within the range and then by saying month which you can also see here it's going to pick up the end of each month because it still needs to pick up a point in time which is the last day of each month so we'll go back to customize reports up top we're going to change that back to the total and clearly that'll be the same for day week and and whatnot so on and so forth so that's one way we can see kind of a comparison what's happening over time or where do we stand at different points in time and then we've got these items down here which are add sub columns four these are going to be very useful we'll talk more about them when we change reports have comparative type reports so for example we might want to compare the current balance sheet to the prior balance sheet and this will be similar for any other type of report so if i change this this back to the to like one month for example let's say 022819 to let's say let's say one more time 020119 February 1st 2019 to 022819 then that's one month February 1st to February 28th 2019 we can then choose the previous period which will be the previous month and we can have the the change in dollar and the change in percentage now that can be really useful just be be aware when you do these that you gotta you gotta know what kind of date range you're talking about here if i'm talking about a current month or a current year i want to put the current year here and then it'll be able to replicate the prior year so if we then were to say okay then it's going to give us February the current month and it always lists the current must first in this way as opposed to when we chose the month by column last time where it went in the other order in occurrence January through December now it's it's picking February then January picking what we would think to be the most applicable month first and then the and then the least applicable then the dollar change and the percentage change we'll talk more about this option later this is really a different type of report now because we're doing a comparative report and so it's still labeled balance sheet we can change the name of it we'll talk about that later so that's one option we have if we go to customize reports again the other we can just go to the previous year which is similar to the previous period but it could we can use the the year default to help then we have the percentage of rows which will give us a kind of horizontal analysis and the percentage of columns which will give us a vertical type of analysis i'll just pick one of these percentage of columns and say okay and you can see that it'll give us then these percentages over here these are given as percentages of the total so if we were to take a look at this and we'll look at this in more detail these types of reports as an example we have this 98995.56 divided by the total assets which is 228389.56 and that'll give us if we move the decimal point over 43.34 or about 43.3 percent the reason this is useful is we can kind of compare these percentages to other types of industries that have different number total dollar amounts and so it's really useful to compare different things that have different dollar dollar amounts by looking at ratios the ratio comparison so we'll talk more about that later when we look at different types of vertical and horizontal report analyses but notice we can get all that information just from the standard balance sheet then we're going to go back up to the to the customized reports once again then we have the sort by and the sort by default versus the totals here so we can sort by the default or the totals and then we we sort by within there the ascending order or descending order so typically if we look at the sorting options then i'm going to say okay then it's usually going to sort by the the default is going to be the sorting by the accounting equation meaning assets liabilities and then equity that's going to be the norm that we're going to have within assets liabilities and equity then we sort by liquidity which is current assets and then within current assets the checking account counts receivable other current assets and then fixed assets within those categories then it's going to sort by alphabetical order so inventory prepaid insurance undeposited funds so alphabetical order is kind of third in line of the sorting those are going to be some of the major items that we can use to to sort and adjust the balance sheet report the standard balance sheet report and notice we've gone from the standard balance sheet report to some other kinds of things that we probably wouldn't consider the standard balance sheet report and as we do so we probably would want to change the name and then possibly memorize the report so that we can get just to those settings in a future time next time we're going to go to the customized reports and look at some of the other options including the filters the headers and the fonts and numbers for more accounting information and accounting courses visit our website at accounting instruction dot info