 QuickBooks Online 2022 Report Formatting Basics 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 searching for the United States version of it and verifying that we're not a robot Sample company, Craig's design and landscaping services holding control Squalling up just a bit to get to that one to five percent We also have the free 30-day version open just so we can look at the business view as compared to the accounting view If you don't have access to this at this time, that's okay We're not going to use it too much until the second half of the course Just looking at it to look at that business view Jumping back on over to Craig's design and landscaping services We're going to be opening up our financial statement reports Focusing in on the balance sheet But looking at options that are available for many different reports So we're going to go up top and right click on the tab and duplicate that tab We're going to do it again, go to the first tab, right click on that tab, duplicate it again I'm going to go again, go back to that first tab, right click on it, duplicate it again I'd like to see the balance sheet, the profit and loss And then the trial balance in these three tabs Having the first tab still remain So that we can just kind of maneuver around to any kind of forms we might want to look at This is my typical kind of layout when I'm doing data input So I'm then in the second tab, we're going to go down to the reports on the left hand side We're going to choose one of our favorite reports The report we're focusing in on that being the balance sheet Woo! Going into the balance sheet, closing the hamburger Date range up top from 010121 to 123121 And then to the tab to the right The other big report that we use quite often, a financial statement report Needs no introduction The profit and loss Going up top, changing the dates 010121 to 123121 Running that report, closing the hamburger And then to the right, scrolling back down Taking a look at the most famous accounting type report Which is called the trial balance Testing it, typing it into the search area Trial balance, closing the hamburger Range change up top, 010121 to 123121 And running it So we're going to go back to the balance sheet now We're going to focus in on the balance sheet We're looking at these options up top On the formatting options of the report So these options will be applied to the balance sheet They'll also be applied to many other different types of reports You'll have many of the similar kind of reporting options So we have these items that are kind of outside of the customizing area Then we have these items down here, collapse sort and so on That are kind of within the report And these little links that we can do as well Then we've got the customize button up top Which has further customization options in here So we're going to focus this time on basically these items That are outside of the customization button So let's go through these We've got the customize option here So if I hit the drop down, these are our date options So I've always been going in and hitting the date range As a custom date range But remember that you have the options for the date range To have like the default date range in place as well It will typically default when you open a report To like a year to date kind of date range So it'll go into the current time frame Now note that when you're looking at the dates You want to be having an idea of whether you're looking At a balance sheet type of report Or a profit and loss type of report In other words, balance sheet types of reports Are where we stand as of a certain point in time Income statement reports or profit and loss reports Are performance reports and they need a beginning and an end So in other words, if I was to change this date range up top To simply 123121 To 123121 One day, same day and run it Then you'll note that I have no change to the report totals here I still got the 2433629 And the 2433629 in the total If I put this at 010121 And run it Then I still have that 24336 So notice, you might say well why do I have two dates up top You'll note that in the report I only have one date down here What's the point of having a date range In a balance sheet type of report Which is as of a point in time Let's do that again if I say 123121 123121 And run it Also just realize that every time you make a change And every time you make a change say to the data input For example, or into the format of the reports We need to run the report, refresh the report So we will refresh it here You could also kind of refresh it with this refresh button up top I believe that will basically do the same thing Refreshing the whole screen It might take a little longer to do that So you probably want to use the run button So I'm going to hide that And so there we go Now if I drill down now on the checking account That usually takes me to like the general ledger What I would call it They're calling it the transaction report And you'll notice that there's nothing in it right now Because this now we've drilled down onto a performance type of report And it doesn't have anything in it Because we only had one day So that's one reason why the date rangers are important On a balance sheet Even though the balance sheet is as of a point in time I'm going to go back to the report summary So in other words if I change this date range To 0121 Then run that report Then I could have more detail in the checking account For example if I was to drill down on the detail So now we've got some actual data in the system So that's one purpose of the date range Is so that you can use the zoom function To zoom on the applicable data Even if you're using a balance sheet report Let's go back to the report Now note that's different on an income statement report So just to take a look at the comparison If I go to the profit and loss And if I change the date range Notice my total net income down here is 167646 Obviously if I change this to 123121 And have one day like we did with the balance sheet There's a big change There's nothing there Because the income statement is a performance report And it needs a beginning and an end Just to give us the data on the income statement Showing us how we did over a time frame The balance sheet represents where we stand As of a point in time So the income statement You have to have the two dates 0121 So the first thing you want to understand When you're looking at the reports Is this a balance sheet type of report Reporting where I stand as of now As of this point in time Or an income statement type of report Which is showing performance over a range of time And these kind of differences Especially with the timing differences Will then act differently based on those two major categories Going back to the balance sheet So then we can also use these dropdowns So we can say we can have just today On our dropdown and run it So now we've got the current date Which will be different for you than for me Of course this week And we can run it So we might just want the week's worth of information We've got this week to date This month to date Which is probably more likely Of something that you might look at The month to date As opposed to the week to date This month to date This quarter And then this year Which is probably quite likely Or this year to date Is quite likely something that you would be using If you're entering the data in real time So now it's entering the information Up to the current day here And then I can go and say We've got this year today Yesterday, recent last week So now I'm looking at the past Right, last week, last month Last quarter And then last year to date And so on and so forth Now oftentimes if I'm not working In the current time frame I just use the date range I just type in the date range I think that's pretty fast too Because if you type it in just like we did here 010121 tab 123121 It's a custom range But that's pretty fast to type it in In my opinion almost as fast Probably more fast than the dropdown If you know the dates Next we have to display columns by So we've got the total only Is going to be the default And then we can display the columns by days Most likely you're more likely to display them Possibly by months here So we might break out the months And run the report And because this is a point in time This is showing us where we stand For each month of the range That we're looking at So there's data that starts here in August And it's going to show us where we stand As of those points in time And so let's do it again Let's go to the dropdown up top And let's say that we want the quarters So we've got quarters There's 12 months divided by 4 So we've got 3 month quarters January, February, March April, May, June for example And so we're seeing on balance sheet reports Where we stand as of a point in time Notice again we're dealing with Date kind of issues So that will also be a little bit different If I go to the income statement type of report And I've got the same range from January to December But if I was to say I would like to see this information by quarter Notice it's breaking out this range Which is the year And taking it out into a quarterly basis Divided by 4, 3 month chunks And running that report Now we've got the first, second And the data starts in the third and fourth quarter But they also give us a total over here Because the total is accumulating All the months together When you're talking about a performance report Still giving us the year to date numbers On the right hand side Whereas when we're looking at the balance sheet It's where we stand as of a point in time So we're not going to sum up the columns Because we're talking about all the accounts Showing us where we stand Now these columns down here Are going to kind of play in Like if I did weeks up top Then I probably wouldn't be looking At a full range of the full year I would probably be looking like Let's say 120121 So these two date range And the columns down here Are going to kind of play together To show you exactly what you're looking for So these are the weeks basically In December that we're breaking out now Let's go to the dropdown again Let's break it back to the totals And back to the default From 010121 to 123121 And run it again Show non-zero or active only So I hit the dropdown You've got the rows and the columns We're going to be focusing in on the rows here The columns could be more applicable Within different types of reports That you would be using We're showing the active items The items that have activity in them And then we've got all items or non-zero items So let's first move to all items If I was to go to all items Then I'm now including basically All the accounts that would be involved And it looks like most of the accounts Are used here But if I went to the tab to the left And we looked at then the general ledger Going down to the accounting The general ledger These are all the accounts that are being used In order to construct the balance sheet And the income statement But typically you only want to use Those accounts that are active However, for some cases Might want to pull in all the accounts And it will be more clear If I go to the income statement for example And I was to say Let's move this down to all accounts And I took the date range From January to December And I brought it back to totals only And run that And so if I was to scroll down now You could see this big A lot of items down here That don't have any activity in it Which you wouldn't typically want On the income statement Unless there was some specific reason for it However, there is a difference Between active and non-zero So if it was a non-zero account You're going to be looking at All the accounts that don't have any That are actually zero Meaning if I was showing this For external reporting purposes I wouldn't want accounts that have zeros In them on the report Because they don't add any new information However, if I was doing this For internal uses I might want those zero accounts I might use active That's why active is the default Because I might want the zero accounts Such as undeposited funds Which might be zero But I can drill down on it The activity in it And that might be more easily seen Back on the balance sheet If I go back to the active items I could still find some items here Or I may still have items That have zero balances Did I run this? That have zero balances in them So here's a zero balance account If I drill down on it I could still get to the detail Which is nice So even if it's zero I'd still like it there For internal uses Because I want to drill down on the data So let's go back on over Those are going to be Those you got the same kind of options For columns Which would be useful Depending on the types of report That you're looking at Select the periods So we got These are going to be items That you can use to create Basically comparative reports And we'll talk more about them In more detail in future presentations When we focus in on comparative reports Some of the comparative reports The QuickBooks gives you By default like a comparative Year over year report But you can construct them Doing it this way So you might say Like I got this current year If I chose the previous period Which would be January through December Of the prior year Then I can choose a prior report And I can look at the differences Between those reports as well And run that report So now I got the current period And the prior period And it might be better to do that If you're going to do that To use your custom Your custom So if I said this year to date For example And then do the prior year It might be better to use those fields When you're doing these comparative reports But you get a nice comparative report You notice we had a similar comparative report When I chose this column But this comparative report's a little bit different Because it shows The most current period first The prior period second And it only compares two periods Allowing us then to do a change And a percent column Over on the right hand side as well So it's a little bit different Of a comparative report So you got those two options We'll talk more about those In future presentations This is the previous period You've got a similar thing For the previous year And then you've got these items For the percent of the row And percent of the column So if I did for example Percent of the column And run that item You get these percentages Which is the percent of each line item Compared to the total Another very useful report Which we'll talk more about Just in and of itself later on But just note how you can construct Those reports basically From a basic balance sheet Using the balance sheet or any report Balance sheet and income statement The most likely common starting points To do a lot of different variations Of the balance sheet and income statement Comparing the prior period Percentage reports, vertical And horizontal analysis type of reports Then we've got the cash Versus the accrual information up top Now note that unless your accountant Says otherwise I would always be Defaulting to the accrual Because the only time you If you're going to use cash What QuickBooks is going to try to do Is kind of remove the accrual Components that are put in place But usually when you're on a cash Basis due to the way you enter The data into the system In other words if I go to this first tab And I hit the bar up top And hit the plus button If I'm on a cash system For the revenue cycle That means I'm not using invoices But instead I'm using the sales receipts And I'm recording the revenue At the same point in time that I Earn it with the sales receipt And or I'm just simply using bank statements That would mean the process That I'm using is on a cash basis If I'm using a cash basis With regards to the payables That means I'm not entering bills But rather I'm not entering bills And pay bills but rather I'm just Paying things as they become due With expense and checks So I have no accounts payable In that case So there could be specific reasons Why you might want to click over To the cash basis to analyze Something so if I clicked over to the cash basis You would think it would reduce The accounts receivable down to zero So accounts receivable is now gone And accounts payable is now gone Because it's basically Those are accrual basis accounts But you would have to have a specific need As to why you would want to do that If you're on a cash basis It's going to be driven by the process Of the forms that you're entering in place You're not going to be using accrual forms And like the bills So I would always keep it over here On the default for the accrual items And if you're not using accounts receivable Then it won't be there Because you didn't enter any invoices and so on So that's going to be that item And then we've got the collapse So if I hit the collapse That's going to collapse some of the items in the report Notice that the items That are still related to The account types are not collapsed It's just the sub accounts that are collapsed Which is probably easier to see On the income statement So if I collapse this item Collapse Then all those expense categories That were expanded down here Are now collapsed and you have a much smaller report Because we used a lot of those sub accounts If I expand Then we've got a much longer report With all those sub accounts with more detail So it gives you that nice play Between those two Going back to the left We've got the sort Default total ascending order Or descending order So I could put it in place by ascending order Here So now it's got the lowest to the highest And this one Let's go to the other one I'm sorry sort And let's go from total descending order Now this can be kind of useful Because it actually does that Within each category So now instead of being in alphabetical order Within each category It's showing the highest number on top So like right here it shows retained earnings On top That could be useful for the income statement too If you went over here and say I want to sort this By the Descending order And you go down and look at your expenses Down here Then your expenses might be more categorized With the higher ones on top So that could be kind of A useful tool to get a little bit more Control over How you're reporting your information Without the use of account numbers Which would be the other way you get some control Over the order of the accounts And then we've got the adding of the notes So we could put a note At the bottom of the report Which could be great especially for like internal usage And so on And then we can edit the titles So if I edit the titles Here These are the titles of the columns So usually you would want to call that assets Current assets to common name This one you might change it You might say I want to call these cash accounts Cash and cash equivalents Or something like that Accounts receivable Other current assets is a standard name You might call this one like Property Plant And equipment Realities, current assets, credit cards Long term equity You might call this one instead of retained earnings You might call it If it was a sole proprietorship Owners Equity And then net income and we can save that Saving your changes this could take a minute So I'm going to say alright Take your time Take your time So it's taking some time to apply that out I don't use that that often The differences in the names that we've used For internal reporting and external reporting It would be sometimes kind of nice If you can adjust those subcategory names And then up top We've got the email We can of course print it Which we'll do multiple times in our practice problem We can export it to Excel Which we'll talk about doing And there's certain things we can do in Excel Which could be of course useful as well We'll talk about that in future presentations And we can display density Compact So I can undo and have it less compact In terms of how the more spacing That you have within the report Compact being the default So I'll compact it again You can change the title up top So we can change the name, the balance sheet And here we don't have the capacity To change the date Which is kind of a problem sometimes Because when you do these comparative reports For example it would be nice If you can change the date It's applicable if you're doing those comparative reports So that can be kind of an issue With regards to that sometimes Those are going to be the general items Next time we're going to go into the customize area And look at some of the customize formatting