 QuickBooks Online 2024 Summary Balance Sheet. Get ready and clear your mind because we don't overanalyze. We Intuit with Intuits. QuickBooks Online 2024. 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 financial statement reports like we do every time. Reports on the left hand side in the favorites. We're going to be right clicking on the balance sheet report to open link in new tab. It's going to open up top right clicking on the profit loss to also open link in new tab. Let's go up to that tab up top. Close up the hamburger. There's our balance sheet. We're going to bring it back to a range change 2023. 010123. It's like, oh no, I don't want to relive 2023. 123123. But we have to look at it. Run the report. We're going to go to the tab to the right. Do the same thing. Close the hamburger. There's our profit and loss. Do that range change. 010123. Tap 123123. 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 accounting rocks product line. If you're not crunching cords using Excel, you're doing it wrong. I must have product because the fact as everyone knows of accounting being one of the highest forms of artistic expression means accounts have a requirement, the obligation, a duty to share the tools necessary to properly channel the creative muse. And the muse, she rarely speaks more clearly than through the beautiful symmetry of spreadsheets. So get the shirt because the creative muse, she could use a new pair of shoes. If you would like a commercial free experience, consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com and then run it again. Let's go back to the balance sheet. That's the report that we've been putting our focus on in this section. We talked about what it does in general, comparing and contrasting it to the profit and loss report and running some comparative balance sheets as well as a vertical analysis balance sheet. Now we want to think about a summary balance sheet just to see some comparing and contrasting to the standard balance sheet. So for example, the balance sheet here, like we talked about before, the categories of the balance sheet have the categories that are normal financial statement categories, such as assets being a normal financial statement category, any kind of balance sheet you would have would have that subcategory generally, same with the current assets. That's a general category. That's why these triangles are here. But then when we get to the bank accounts, we have a category that's not really natural to normal financial statement reportings because normally it would be something like cash and cash equivalents that we would group together. Why do they have it as a bank account? Because let's go to the first tab. Let's go into the transactions. Let's go into the chart of accounts and close up the hand boogie because when we set up each of the accounts, those are the account types. A bank account is one of the account types. It would be a current asset, but QuickBooks needs it to have its own category here because that's how they're going to differentiate how the accounts will act in terms from a software standpoint, meaning you can connect your bank feeds to it. We saw the same thing here with the accounts receivable, where we have this subtotal and it's like, well, this made it a lot longer than it needs to be because you only really need one account here under other current assets. If I was doing external, just a balance sheet for external reporting, instead of having this drop down on account and then a total, which is kind of long longer than necessary. And then all the other current assets are in another category when all of these should just be under just current assets, right? So now I've got these other current assets, which possibly I shouldn't really need another drop down, which is making another two lines here. And then with the fixed assets, we made our own drop down here with a sub account, but you have a similar thing with the fixed assets. And then the liabilities same thing. Liabilities is a normal category. Current liabilities is a normal category. But with the accounts payable, I only have one account. So why so I have three lines, even though I really only need one line that would be under current liabilities, same with the credit card. And then the other current liabilities, you would think everything would just be a current liability line item. So you could collapse that stuff. If you had your normal balance sheet, you could say, well, I don't, if I want this for external reporting, I could say, let's close this out and let's close this out and let's close this out. And then maybe on the fixed assets, maybe you don't even want to close out the fixed assets. Maybe maybe that one is fine, but you could close that out. And then we could go to the liabilities and close out the accounts payable, the credit card, and then possibly the other current liabilities. If we so choose, or maybe we keep that one open, right? And then the loan, the long term loans payable, we could keep that one open possibly in equity. You might want to keep that open or close out. So you kind of change it that way. And that looks great from this standpoint. And if you were to print it, that should work. So if I go to the, the print up top, and I take a look at it, it does look like it's keeping those collapsed items that we collapsed. In other words, it's not opening it up if I was to then print it. So that's great. So if I save it as a PDF, we can open up the PDF. And it looks like it saved it with those collapsed items there. So that is nice. But if I export it, let's say I'm trying to do a little bit more formatting, and I export it to Excel, and I hit the drop down here and say export to Excel. And then I open that one up. Then I believe it's going to open it if I'm enable the editing. You could see it basically, it basically opens them back up because Excel wants to show each of the line items. So then if you did it that way, which we'll talk about how it will use Excel in future presentations in conjunction with a PDF printer to try to get multiple reports on one on one PDF file. So if you used that system, now it's like, okay, well, now I'd have to go in here and adjust these accounts, because it opened them back up, right. So the other report that you could use then is to say, well, I'll use the standard summary balance sheet. So if I go back to the left hand side, into the to the hand boogie, and we go down to the reports, then close in the hand boogie, we have a summary balance sheet here instead of the standard balance sheet. The summary balance sheet is not usually something that we use for internal. Let's go ahead and range change it again. Oh, one, oh, one, two, three, 1230, one, two, three, and run it. Not often something we use for internal reporting, or to help us with our internal data input. Because normally when I do the data input, I want to see all of the accounts, I want to see them expanded over here so I can drill down on them and look at the detail within each of the accounts. And I can't really do that as easy over here, because they've been grouped together. Multiple accounts have been grouped together, they've been grouped together by the account types. So when we set up the accounts, instead of having the drop down now, they're in here, you could still go in here, by the way, but now there's multiple accounts in here, instead of just one account that so you have to deal with that issue. But if I go back, so, so now, this is grouping all of them together. So there are no triangles. So if I was to export this one to Excel, if I went up top and said, okay, I'm going to export to Excel this one, and you were going to use Excel to put them all in one report, then this one should give you that nice summary that doesn't then expand the columns out again. So we might take a look at that a little bit more in future presentations. Also, just realize that when you're presenting to somebody, we have the same idea as a bookkeeper. Presentation is going to be one of the big things, like with many jobs, including oftentimes bookkeeping and accounting, because we want to get we want to give the reports in such a fashion that that they're obviously correct, technically in terms of the numbers, but also that they give some confidence of competence, as we add to whoever we're giving them to, whether that be our clients, or our our supervisor. And if we're presenting the data, and we're trying to convince someone of something about their business and action that they should take, or if we just want them to actually read their financial statements, usually we want to start with that was something that's not too daunting, not to over not too many numbers on it. So if it's something on the balance sheet, you probably want to start off with like a summary balance sheet, so you can give a general sense and you could draw people in and say, look at this isn't this isn't craziness, I'm not going into two walkie numbers on this, here's the balance sheet, see if you can get your general point across. And then once that has happened, once people are accustomed to that, and they say, that's not that bad, I understand this thing. Then of course, you can go into the to the more extended balance sheet. So you can drill down on actual line items within the balance sheet, tying out to each of the accounts. And then once you've gone and done that, then you can expand on that and add more detail in terms of comparative balance sheet, vertical analysis, horizontal analysis, and hopefully be able to dig into the to the real details and nuances of things without totally losing people. Also, if you go to this summary balance sheet, you have another set of questions that come up, just like we had with the standard balance sheet, meaning I could do everything we did with the standard balance sheet with this one, right? So I could say, let's do a, a quarter by quarter comparison. So now the question is, do I want to give people the normal balance sheet with all the accounts, or maybe I give them a summary balance sheet that has the quarter by quarter comparison, which will be more daunting, more confusing, more information in that it has more columns, but be easier in some ways, because it's got less categories here. Also note, when you do the, when you do the, the squishing up of the, of the triangles here, the non expanding, you have the option to not, to not do that to some of them, right? So if you, so that's kind of nice on this side, maybe I don't want to do it on equity, for example, whereas if you do the summary balance sheet, it forces you to, to remove the triangles by account type. So again, there's pros and cons to either of those two methods. But you could make, again, these, the summary balance sheet like this, you can also do the comparative balance sheets comparing two, two time periods, like we saw before, let's say November and December. So let's make this for the period of December, 120123 to 1231. And then I can say, look at, wait, that's the wrong one, this one, look at the previous period, November, and let's give a dollar change and a percent change and run it. So again, you have a, the question would be, maybe for this comparative balance sheet, I don't do it with the long balance sheet, but with the summary, because although there's more numbers horizontally, it's at least a little bit easier to see in that it's a little bit shorter. It's not as long because it doesn't have any as many accounts involved in it, right? Or you could do both, right? You can give them, if you want to come overwhelm and have a thick package of reports, you could do all these comparative reports for both the summary balance sheet and the full, full length balance sheet and so on. And then of course, we can also do the comparison. That's the wrong one again, what are you doing? We could do the comparison for the previous year, change in dollar and percent, run it and boom. So now we have that one comparing December to December of the prior year, we don't have any data in this particular file for the prior year. If I go back to the standard, wrong one again, and undo that and then run it. So now we're back to normal. We can also do the vertical analysis with this one, which is another, every time, every time you hit the wrong one for crying out loud for sobbing silence, for sobbing silently sake, I don't like to cry out loud. I like to sob silently for sobbing silently sake for crying out loud. Okay. So then again, so same kind of idea. So maybe the vertical analysis, if you think it's going to be overwhelming, you could do a vertical analysis with the summary balance sheet, which will which will give you that vertical analysis, but not as much detail in terms of the number of accounts. So we'll talk about batching up reports a little bit more and memorizing them and whatnot and future presentations and possibly some techniques to have your your lineup of reports that you might think about providing on a monthly basis, quarterly basis and yearly basis in future presentations.