 QuickBooks Online 2024 Reports Overview Get ready because we're moving on up 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 that's okay whatever because our merchandise is better than their stupid stuff anyways Like our trust me, I'm an accountant product line Yeah, it's paramount that you let people know that you're an accountant because apparently we're among the only ones equipped with the number crunching skills to answer society's current deep complex and nuanced questions If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks selecting the United States version of the software and verifying that we're not a robot Opening up our major two financial statement reports like we do every time The reports are on the left hand side We're in the favorites We're going to be right clicking on the balance sheet and open link in new tab Right click on the profit and loss otherwise known as the income statement Open link in new tab Let's go to that middle tab up top Close the hamburger There's our balance sheet We're going to do a range change Going from 010123 tab 123123 and run it Then we'll tab to the right Close the hamburger Here's our income statement or profit and loss Let's do a range change 010123 tab 123123 tab Run it to refresh it Let's go back to the balance sheet this time Because now we're going to be looking at our reports in more detail So as we've been doing every time we open up QuickBooks Usually we think of the major reports as the balance sheet And the income statement would even call those the financial statement reports That's what we're trying to build at minimum If you're doing tax preparation for your company If you're in the United States You will need an income statement because we have an income tax And for any kind of decision making processes External reporting that you might be needing to give to a bank or something like that If you need a loan or something Then typically the two major reports are going to be the balance sheet Where we stand at a specific point in time And the income statement, the performance report How we did over a time frame Usually represented in months or in years So every other report can get a little bit confusing I mean it's a little bit when we look at all the reports that are available Oftentimes it's overwhelming to people But if you keep in mind that all the other reports for the most part Or the vast majority of them Are just going to give you more detail More information about one or multiple line items These major two financial statement reports The balance sheet and the income statement So keep in that in mind Let's just go through some of the reports in the reports area Other than those to get an idea of how they all tie into these major two reports For the most part Alright so up top we've got the standard view This is where all the reports are located They're grouped in these groupings down below We can actually search for a report Up top as we had done when we did our inventory reports In prior presentations And that will help us jump to a particular report We then have the custom reports We'll talk more about custom reports Possibly in future presentations But those are going to be reports that we have Usually created one of the standard reports And then made adjustments to it And then possibly we want to save that report as a custom report And then it would be housed here So for example if I go over here And if I made changes to this report We can then go up top and save the customization And then we can save the customization at a group And so on We'll talk more about how to do that And when we might want to do that in future presentations But that can save time from adjusting formatting information And we'll talk about formatting reports More in future presentations Then you've got the manage report tabs And these give you some neat report types Which will give you more of a professional layout Possibly grouping multiple reports Into a presentational format Which could be useful for example If you're a bookkeeper and you provide the reports Say to your client on a monthly basis Well how could you give those reports to your client Well we'll talk more about that in future presentations But you could print all the reports out And mail them to them Or give them to them in paper You could make PDF files of the reports But then when you have the PDF files You could email them But to email them you either have a lot of attachments Or you can possibly group them into a zipped file Another option is to You could actually export them to Excel Which we'll talk about in future presentations But that's not usually for presentation purposes Although it has its uses And we could use Excel to put all the reports on one document Or we could use a resource such as this Which gives you a little like an intro page If I go into here It gives you basically like an intro page A table of contents and then your reports So this is another way that we can provide the reports It gives it a little bit different look and feel So we'll touch on that also in future presentations Let's go back to the standard view for now though And give a quick overview of each of those sections of the reports So first we have the business overview section So we have an audit log Which gives us a type of history If I right click on that and open that report It's going to open to the right over here And so there we have our audit log Here's the date changed Here's the user, the event, and the history So this could be useful if you have multiple people Using the QuickBooks file, for example And you say, hey, what happened with this particular transaction Maybe it looks funny or something And you want to go in and then possibly be able to see Who did the transaction, for example And then possibly drill down from there So then we have the balance sheet comparison So note that the standard balance sheet Is going to be the balance sheet report here This is what I would call the standard balance sheet This is the report that's up top in the favorites By the way, you can see it's up top in the favorites Because it's got this little green triangle If you want to bring any other ones up to the favorites You could just click the triangle And it'll populate that one in the favorites But the default favorites are going to be That normal balance sheet and the income statement Because those are the primary financial statement reports So many of these other reports are going to be A variant on the normal financial statement report So for example this one, if I open it up We have a balance sheet that is a comparison of two periods This is something you can actually generate and create From the standard balance sheet using some of the tools up top Which we will do in future presentations But some of them are QuickBooks actually creates for you And puts into this field So that's good and it could be kind of bad at the same time Because it looks overwhelming that we have all these different reports But some of them are just variants Things that have been created from the standard balance sheet And the income statement The balance sheet detail report is going to be A more expanded version of the balance sheet The balance sheet summary report is going to be A condensed version of the balance sheet So these are all just variants of the balance sheet This one has just the account types Without the little drop downs and whatnot So it's gotten rid of basically the triangles Now notice that when you present this information To external users or to your clients Then you want to think about how you're going to group this stuff together So usually you're going to want the balance sheet in there In some way shape or form and a profit and loss report But the first report you might want to start with Is a balance sheet summary report Because it's going to be the simplest thing to look at If you're doing a presentation or something like that You usually want to start with the easy big picture item That doesn't have a lot of detail Then suck people in to be able to understand What you're saying without their eyes glazing over And then hopefully be able to move them along To the more complex and nuanced issues That you need to get into And so you might want to start with the summary The reason you usually want to use the balance sheet Normal balance sheet for internal practices And for more detailed information Is because the normal balance sheet Has all of the accounts on it So you can see this balance sheet here We can drill down on it with each of these accounts The summary balance sheet doesn't have the detail So it's more difficult to drill down on it For internal use purposes Then you've got the business snapshot So if we open up the business snapshot We have then not so much a report But some general kind of information charts And graphs that you can make adjustments for in here I don't use the business snapshot as much Because I feel like if I'm going to use graphs And what not the best way to do it Is to create your own graphs And we can export things to excel to do that We'll touch on that process in future presentations And then we've got the profit and loss As a percent of income Another report that's a variant On our major financial statement reports This time of course the income statement Or profit and loss report So if I go on over here And I change the range from 010123 123123 And run it Now we've got the profit and loss And we have the added percent over here This is something that we could do ourselves From a standard profit and loss But QuickBooks is giving you that report As well already created We've got the profit and loss comparison So this is similar to the comparison we saw With the balance sheet report Another report we can create From the standard profit and loss Profit and loss detail report More detailed profit and loss Profit and loss year to date comparison Another type of comparison report Noting that when we think about these comparison reports That you can get a whole lot of comparison reports So if you're thinking about how to group reports Monthly, quarterly, yearly Then you want to start to think What kind of comparison reports do we want Because you could have For both the balance sheet and the income statement You could have a month by month report Just running month month month How many months that we've had You could run the reports by quarters To have all the quarters that we have For 22 periods like one month to the prior month One quarter to the prior quarter One year to date to the prior year to date The current month to the prior month And so on and so forth So there's actually a lot of comparative reports Combinations that could happen Once you start digging into those And we can create all of those Not just the ones that have been given to us here By default from the standard balance sheet And income statement Profit and loss by customers And then we have the profit now Which is going to be an income statement Related item broken out by Who we sold it to by customer Which would only be there in instances Where we are recording income With the use of the forms Of an invoice or sales receipt Not with a deposit form most likely And then the profit and loss by month So now this is just going to be another form Of profit and loss but now breaking it out On a month by month basis Profit and loss by tags So if you have tag tracking on This is another kind of filtering option That we could see profit and loss by tag Here's the standard profit and loss The one that we have open That has the green box in it Quarterly profit and loss summary So now we have a profit and loss by quarter And then we have the statement of cash flows This one is the other main financial statement And I ask why don't I open this every time When I open the balance sheet and income statement Given the fact that the three financial statements I'll change the range up top 01, 02, 03, TAP, 12, 31, 02, 03 Are balance sheet income statement And profit and loss And balance sheet income statement And statement of cash flows Profit and loss being another name For the income statement And the reason is that the statement of cash flows Although it's a major financial statement report It's a little different in that we don't actually Think of ourselves as creating The statement of cash flows as we enter Normal financial transactions Meaning when I use these forms up top I don't think of them if you were to build these From scratch you're not actually building The statement of cash flows You're building the profit and loss And income statement and then we typically Think of using the profit and loss As an income statement to then Construct the statement of cash flows So the direct thing that we're creating From the data input is The profit and loss and income statement The statement of cash flow gives us more detail We'll talk about it more later But the general concept would be We want the best of both worlds Oftentimes for both the benefits Of an accrual accounting system Meaning we report income when it's earned Expenses when they are incurred As opposed to when cash flows But we also think that cash flow is important So we would also like to see A statement that summarized the data In a cash flow basis And that's how we get the kind of the best Of both worlds We make our financial statements In accordance with the accrual system And then we got the statement of cash flows Has three categories operating activities Investing activities And the financing activities So keeping with our theme To think of the statement of cash flows Although it's another major financial statement Report as though it ties Into the balance sheet account Of all of the cash accounts Because that will in essence be The bottom line of the statement Of cash flows But we can also basically think of it as Taking the financial statements Balance sheet income statement And rearranging them in more Of a cash flow basis We'll talk about that more In future presentations Going back to our first tab The next set of reports Who owes you money So who's going to owe us money? Customers Why would they owe us money? Not because we made a sales receipt Type of transaction Because then we would have sold on a cash basis If they owe us money We possibly made an invoice And therefore this is going to be Tracking the balance sheet account Of accounts receivable Accounts receivable being An accrual account only used If we're on an accrual basis Invoicing clients It goes up with invoices down With the received payments So we've got the accounts receivable Aging detail report And the accounts receivable Aging summary Let's open up the summary Just to get a feel for that one It's going to give us our Information by customer Here and it also gives us then How old or outstanding The balances are by customer Which can let us see which customers We need to collect on Which customers we might not want To be selling to anymore Because they're not paying us And which accounts receivables Might not be collectible Given the fact that we haven't Received them in some time We have the collections report We've got the customer balance detail Which is the report we've been Looking at in prior presentations Whenever we looked at accounts receivable We've got the customer balance summary Let's take a look at that one And this is going to be Similar to the detail But instead of giving us detail It's just going to list out the customers The balance that they owe us The total tying out to 528152 Matching the balance sheet Hopefully of the accounts receivable 528152 So that's what the subledger does It breaks it out by customer Rather than the normal transaction Detail report Which would be what we get If we click on this Which only gives us the detail by date Back to the left We've got the invoice list Invoiced are the forms That increase accounts receivables That basically kind of ties into the AR as well We've got the invoice and receive payments The two forms that have an impact On accounts receivable It goes up with invoices Down with the received payments We've got the invoices The open invoices Open invoices are the ones That we have entered But which have not yet been paid Which once again Basically make up the outstanding balance For accounts receivable We've got the statement list Remember that the statements are The reports that we can send out For periodic reminders Rather than basically sending an invoice Out again as a reminder And that could be useful Because it allows us to Set the statements automatically Possibly set them to happen You know monthly Or to do that monthly For all customers for example And if there's multiple invoices Then it can group them possibly Into one statement as opposed to Two invoice reminders Terms list This is the terms like the net 30 And so on how long Or distance from the point We enter the invoice So we're going to expect payment on And then we've got the unbilled charges And unbilled time These are things like We entered time Or we entered an expense That we expect to then pull over Into the invoice And use as part of our invoicing process These represent those charges Expense forms that were billable And time input That we have not yet pulled over Into an invoice So we can track that Then we have the sales and customers So sales should sound like An income statement account It's basically an income Another term for basically Revenue or income So we would expect most of these reports To tie out to the income statement lines On the income statement So they're going to tie out to this In some way, shape, or form Now of course where did we get all that Income? We got it from customers So it might be related to customers As well So we've got the customer contact list Doesn't really impact the financial statements That's more like where the phone Numbers are and what not But it lists the customers We've got the deposit detail So this is going to give us a detail About the deposits Which deposits being actually A check-in, a balance sheet account Which is a check-in account So we could come up to a similar report Basically by going into the check-in account And then in our transaction detail We could filter By the transaction type Of deposits Right, we could do our filtering option So that's another way You can get to a similar report The reason I believe they put it over here And the sales and customers is because Hopefully most of the deposits Are coming from Our customers Let's just take a look at that one If we open it up We've got our deposit Detail report And let's see if we can say This month I'm going to say Let's say this I changed the range To a custom range of 2023 And so now we've got Our report here So there it is Let's close that one back out Let's go back to the first one We've got the estimate And progress invoicing Summary by customer So estimates are forms That don't really have an impact On the financial statements But ones that we still want to track Because we might make A invoice from the estimate The progress invoicing Is something that you're going to do If you're in a job cost system So that would only apply there Noting that normally When we make an invoice It's because we completed Some kind of job If we're not in a job cost system So if we did bookkeeping work Or something We issued the invoice But if you have a long job Like a year long job Then you might need to like Collect on the job Before the job is complete Which is a little bit different Than the normal revenue recognition system That would be in a contracting situation Where you might find that The estimates by customer So once again we have the estimates Broken out by customer Income by customer summary So this is going to take the income line here Our income accounts And break it out by customer So that's nice to do And that's one reason Like on your income statement We don't typically make multiple income accounts That are broken out by customer I don't list my customers under here Why? Because that would be a long Messy income statement And I can run another report Let's change the range 010123123123 Which can give me that detail Breaking out the income by customer This report should tie out To the income statement Income but may not always Be exact It's not being forced to tie out Such as the accounts receivable is When you look at its sub ledger Because QuickBooks restricts you From investing to it But if you record all of your sales With the sales forms That being the invoices And the sales receipts And you apply a customer It should tie out Note that if you're in a deposit system Or a Using the bank feeds And using a deposit form to record sales You might not be able to get access To this report So if you're in gig work And you're getting paid by platforms Like YouTube Or whatever Then you might actually want to list The customers in your income statement Or profit and loss Because you're not going to get the added detail Of the income by customer Because you're using a deposit form To record the transaction Instead of the sales receipt Or the invoice We've got the vendor balance Inventory Valuation detail Now this is an inventory report But I guess they put it under the sales area Because it's related You were selling inventory So this is going to be income So this is the Inventory valuation summary It should support actually a balance sheet account Because this is going to be supporting This is the one we've been taking a look at Let's take a look at the summary It should tie out to the balance sheet account Of inventory So it gives us our units of inventory Total inventory Let's make this as of 123123 Total inventory 59625 Balance sheet Inventory 59625 So that would only be useful If you one have inventory And two are tracking it on a perpetual inventory system Within QuickBooks So we have the payment method list This is the list of payment methods Cash Or check Or whatever We can add to that list So that when we receive payments With the received payment Like a sales receipt We can enter the type of payment Which could be an internal Use to track for example Physical inventory worksheet This gives us a list Of our inventory items So we can do a physical count Of the inventory possibly And we might want to do that periodically Even if we're using a perpetual inventory system Product service list This is our list of products or services The things that are going to be on the invoices Bills Sales receipts Sales by customer detail So now we have another This one Sales by customer Versus the income by customer Now if I open these two up You'll note that the sales by customer Gives us the sales line And the income by customer over here Gives us the income And the expense line So they're slightly different reports Because when we sell things We might have an expense related to it as well So although they look similar They're both basically tying out to The cost of goods sold They're I'm sorry Tying out to the income line item by customer They're a little bit different So we have the sale by customer detail Sales by customer summary Sales by customer type detail So if we have customer types And we've categorized the customer types Then we might be able to track our Income by customer type We have the sale by product service detail This sale by product Let's look at the summary So now we can break our sales out By the things that we sold Which are the items that we set up So if I change the range 010123123 And run it So now we've got our Sales by item And the total down below 01028050 You would think would tie out to The income statement 0102 doesn't exactly Because once again just like the other Sales report by customer We're not forced by QuickBooks To use an item whenever we hit The sales account as we are Forced by QuickBooks to use a customer Whenever we create the accounts receivable account Therefore the AR account Ledgers almost always match the AR here Not so With most of the other sub-ledgers Although If we use our sales Forms, the invoice and sales receipt To record sales and use an item Every time The total here should match What we have on our income statement And we can break out this report By what we sell So note if I go to my income statement Notice we have a lot of detail On our accounts here But as a general rule We don't want to put all the things That we sell, all inventory items On the income statement for the same reason We don't want a separate income account For every customer It would make a long income statement Number one and number two We can run a sub-report Which will give us that information So we don't have to clutter it up On the income statement However, you're only going to be The sales receipt As the forms that you're going to Record income with If you record income with the deposit form As you might do with the bank feeds You're not going to have that added detail Although you might not need that added detail Just beware Time activities by customer detail So now we can run The time activities by customer Transaction list by Customer, so now we have the transactions Mapped out They will give us a transaction by customer So all the transactions And then we got the transaction List by tag group The tags being that added Feature that we can have To further filter and sort our reports We have a whole another course or section On tags if you want to look at that So what you owe What do you owe, who would you owe money to Well you don't owe money On the expenses if you were to use An expense or check form You paid it off when you owe it You owe money when you enter a bill A bill is an accrual form On the balance sheet So there is our accounts payable Accounts payable is an accrual Account representing bills That have been entered that have not yet been paid So these accounts You would expect to be given more Information about the balance sheet account Of accounts payable 1099 contractor balance detail And summary 1099s Are reports that we need for tax purposes Specifically in the United States Related to contractors And it's for basically contractors That aren't incorporated And that they're Usually like sole proprietors or contractors So that's a report In and of itself for tax purposes Accounts payable Aging detail And accounts payable aging summary Let's take a look at the summary Similar to the accounts receivable Aging summary Now tracking the payables And how past do they are Now they are our payables That we are late on And this would give us an idea That we might want to actually pay The ones that are past do And so not as useful as the accounts receivable Report normally Because we would track that stuff internally In the payable center But you can see it's a mirror image Or a similar report to the accounts receivable Bills are the forms that increase The accounts payable So this is giving some support Of the AR account Bills and applied payments So the bills are the things that increase The accounts payable The payments are the things that decrease The accounts payable So this is giving us the detail behind The accounts payable Not by date but by bills and payments We've got the unpaid bills Bills are the things that increase And the sum of all the unpaid bills Should in essence be what's in accounts payable And then the vendor balance detail This gives us Our vendor Our vendor balances The people we owe money to In detail and then the summary Let's open up the summary This is our classic sub ledger account If I look at This is who we owe the money to The total adds up to 160667 That should tie out And should pretty reliably Tie out to 160267 Here because Like with the accounts receivable The accounts payable QuickBooks forces you every time you hit Accounts payable with something To add a vendor So it forces you to make the sub ledger Tie out unlike as we saw with the sales Reports Then we have the expenses and vendors So who are the expense What are expenses there on the income statement So you would think this would give us more detail Information about the expense forms Who do we pay the expenses to We pay them to vendors So we have the 1099 transaction Detailed report again 1099 being a report for taxes We've got the check Detailed report so checks Are kind of a balance sheet account Like with the deposits you can get to an Approximation of a check Account by going to the balance sheet Going into the checking account And then filtering it By the transaction Type that decreases checks And expense forms This might give you another look at that And it's on here because Most of the time when we pay Expenses and checks we're paying them for The expense side of things We're paying them as an expense Expense by vendor summary So now we have all of the expenses Now we're thinking about the expenses Broken about out By who we paid it to As opposed to on the income statement By what we paid it for Over here we paid it for advertising Fuel and so on But we also want to know Like we wanted to know on the income statement Possibly we wanted to know who gave us the money Customers Over here we want to see who we paid the money To that would be the Vendors So we have expenses By vendor open purchase In the list the purchase order Are the requests for inventory Would only be used if you have inventory And even if you have inventory You might not be using the purchase orders If you are internal document You'd still want to track the open purchase orders Even though this one has no impact On the financial statements Like the estimate form It's an internal document Open purchase order detail Again the purchase orders Purchase by product service So now we can look at the purchases That we made purchases usually kind of Referring to inventory that we bought By product meaning The inventory item lists that we have set up Purchase by vendor detail So again we're looking purchases This time by who we purchased it from Inventory in essence usually with purchases Transaction List by vendor So now we're thinking about all of our Transactions that are listed out By vendor Vendor contact list Giving us the vendor phone numbers And all that kind of stuff Sales tax So the sales tax in the United States It's a kind of usage tax It's going to be applied on the state And local level Therefore not uniform across the entire country We talked about the fact that you have to Set up the sales tax first Set up the items that are going to be The primary component or resource That's going to be driving Sales tax and then you deal with the customers So once it's set up you can run reports Like the sales tax liability report It's telling us How much sales tax We've collected that we need to pay out To the government Taxable sales detail So these are the sales that we have On the detail which could give us information Possibly to help us fill out Any kind of sales tax forms That we need to fill out possibly And then we've got the taxable sales Summary So the sales that are going to be taxable These reports probably can be found As well in the tax center If you go down here when you're managing Your sales tax more likely You might find them from there As you're doing your sales tax We've got the employee reports Now the employee If you're running payroll within QuickBooks Then you're going to have Probably more reports that are showing here We might look at payroll In more detail When we go into the section On our practice problem Or section or course on practice problem We might have other courses On payroll in particular As well it can get quite detailed Because we have a lot of reports We need to basically think about With the payroll Because we have to track each employee We have to track each employee By pay period And at a year to date basis And we have to Track if there's any caps that are involved We have to track the withholdings Both federal withholdings Social security, medicare, federal income tax And state withholdings If there are any As well as Voluntary withholdings 401k plan Or retirement plan of some kind And so on So we have to track all that detail So generally there could be More reports if we do that internally Here If we have an external person doing the payroll And then we input that stuff Into our system We're still going to need to import it In some way to our system To make the financial statements correct But we don't need all the added detail In our system because that's what The payroll company will hopefully be doing So we'll talk more about that later But there's multiple accounts dealing with payroll That it would be supporting The payroll service payroll system Set up Then of course the payroll Would most likely have A liability account For the payroll liability For the withholdings we have had That we have not yet paid And it's going to have the income statement Accounts of payroll Or expenses, payroll expense As well as payroll tax expense That we'll have to deal with Talk about that later Some of these might be duplicated down here We've got the account list So this is the list of the accounts Kind of like all of the General ledger accounts In a list So we've got the balance sheet Comparison, so we've already seen that Up top, so they kind of repeated it down here A normal balance sheet, they're repeating it again I think the idea that In their mind was like Well, these are the reports that you might give to the accountant At the end of the year, so we're going to put them In one spot down here But nowadays it seems like the accountant Should actually have access to your quick books Possibly, because you can add them as an accountant To do your taxes and whatnot So I don't know, they got some repeat This is the general ledger If I go into the GL This is going to be similar to when you go into An account and drill down And you get that transaction Transaction report Because this is giving you the transactions By date, but it's only giving you One account at a time The general ledger If I change the range from 010123 To 123123 and run it Is going to give us all of the accounts Right, so now we've got the checking account And we've got the detail and it names it You know, a general ledger But this trend, you can see the transaction report Is in essence the same thing It's also So that's, it's basically a similar Kind of report in that Fashion, and then of course You can filter the report You could possibly trim it down And the filters are up here This time, customize And then you've got your filter items So I'm going to close this back out So that's our general ledger It used to be that we had to Print this general ledger oftentimes And give it to someone if there's a problem But now, these days Oftentimes the way people will drill down Is to go to the actual balance sheet Or income statement or trial balance And then drill down on the account That they're particularly looking at That way, which is very nice And then we've got the journal So if I open up the journal report This will also give us all of the detail Of the activities that we've entered Into the system But it does it in a journal entry format Let's change it to a custom date I'm going to go from 010123 To 123123 and Okay So this report, notice Is really nice if you want to learn The debits and credits So you can see all the transactions And you can see the transaction type Deposit, bill, invoice And you can see it in a debit and credit format The accounts that are impacted In a debit and credit format So that's nice Another use for this report would be That if you're reviewing somebody's work Like if you're supervising someone Or it's works good in the classroom And you want to see what they did You can then run the report And you can see the transactions That have been put into Into the system So that's nice Another use might be that When we think of the billing system We talked about setting up your items For a billing and you might have Just an hourly billing system If you're a bookkeeper Another way you can try to do that Is run a report like this possibly And then count the transactions And say I'm going to bill people Based on how many How many transactions Or how many accounts were impacted And that might even be more Better than doing it By the number of transactions Because some transactions are longer than others So if you have payroll Or something that you're processing You can have a long complicated journal entry As opposed to just some bank fee transaction Paying an expense which will be very easy So if you actually say To bill people based on how many Accounts were impacted in a month Then that could be a good use Now you might say what am I going to do Count all these You could export this to like Excel And then use the counting feature To basically count the transactions A little bit difficult because you got Subtotals and stuff But I don't think it would be that difficult I won't actually do it right now Because we're running long on time But just a thought Well I'm going to close that out And then we've got the profit and loss comparison We looked at that already Profit and loss by tag We saw that up top Profit and loss We've got the receipt Automatic Recent automatic transactions So these are the transactions that happen Automatically because you set them up To be reoccurring Recent transactions Could be useful if you're looking at the transactions That have happened recently Once again if you're trying to figure out Pretty recently or If you're auditing somebody else's work Reconciliation reports This is normally going to be a bank reconciliation Now even if this is one of the myths That I've heard out there Like if you have a bank feeds You don't need a reconciliation You don't need a bank reconciliation But that's not really true The bank feeds help you to do the bank Reconciliations Or possibly they create the books Which based on the bank That still means that you want to do a reconciliation Just to make it'll be an easy reconciliation With no differences But you still want to do it To make sure that your books are tying out To the bank's books And it'll be very easy in that case But anyways this is a report That's a little bit different It kind of ties out to the checking account Here but we're not actually creating The bank reconciliation As we're doing the data input Entering these forms As we are with all the other reports Instead we finish the report And then we're double checking It's an internal control process The bank reconciliation process So we can double check our books To the bank's books So we'll talk about that In its own section or course later Recurring template lists So this is a template A list of the template We already saw the statement of cash flows Transaction detailed by account So this will give us similar To the general ledger But in a transaction detail format And then we've got the transaction list By date Now this is another one That you could use Possibly to help you out Maybe with your billing Because now this will give you Your list of transactions Let's give it a custom date From 010123123123 This will give us a list Of the transactions that took place But doesn't give us all the details It only gives us the transaction And the other split account It doesn't give us all the accounts Affected if there were more than two of them But it would be easier to count this up If you're like, I'm going to bill somebody Based on how many transactions I have done within a month You can export this into Excel And count the transactions With account function pretty fast and easy And that's one way You might set up a process To see how much work has been done Transaction list with splits So this is going to be a similar report But it has the splits Involved in it now So if I run this from 010123123123 Run it So now we've got the activity With the splits in it this time This one's a little bit different though Because it runs it by account And then date Right So that's interesting So I'm going to close that one back out And then we've got the trial balance The trial balance is actually a really useful report Because you could use it to replace The balance sheet and the income statement So these are reports that the That they say it's for the accountant 010123123123 Because it has debits and credits But even if you don't know the debits and credits Notice how much smaller this This report has everything that the balance sheet And income statement has in terms of the accounts It doesn't have all the subtotals But it has basically the balance sheet On top of the income statement So if you want to drill down on these accounts You can just go to the trial balance So here's all the checking account The liabilities account Equity accounts Income accounts Cost of goods sold And expense accounts all on one form Why is that great? Because then I can have this open Instead of these two When I'm working And if I want to look at the impact Of a transaction That impacted both cash Or income statement and balance sheet I can go into this one form And check out the detail on the checking And I can check it out on this side And I can go back And then I can check out the income statement side Down here In one form And I don't even have to scroll as much Because it doesn't have all this Subtotal detail stuff in it So we might start using that a little bit more In the future And then you've got more payroll reports Payroll contact list Time activities We'll talk more about payroll a little bit more In the future That's an overall review Hopefully that gives you a little bit More of a feeling that all of these different reports Mainly Shouldn't be too scary Because many of them are just basically A variant of the financial statement Balance sheet income statement Comparative reports And because The rest of them mainly are going to be More detail about one or multiple line items On the balance sheet or income statement And the ones that aren't There's just a few that have some different Kind of use Such as obviously the statement of cash flows And the bank reconciliation For example, that one being An internal control type report