 QuickBooks Online 2022. Journal report. 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. We're going to be looking for the United States version of it and verifying that we're not a robot. Sample Company, Craig's Design and Landscaping Services holding down control. Scrolling up just a bit to get to that one to five percent. We're also going to have the free 30 day trial version open just so we can take a look at the business view as compared to the accounting view. If you don't have access to it at this time, that's okay. We're just using it for a reference at this point. Going back to the sample company, opening up a few tabs by going to the tab up top, right clicking on it and duplicating the tab. Back to the tab to the left, right clicking on it and duplicating the tab again. Back to the tab to the left one more time, right clicking on it and duplicating one more time as that's thinking. Going to go back on over here to the 30 day free trial just to note where the reports are at in the business view, which is in the business overview section and then into the reports. If you were to change the view to the accounting view, which you can do by going to the cog drop down and going down to the switch to the accounting view, you would have a view similar to what we're seeing here in the sample file. Back to it, we're on the second tab, Sample Company reports in the accounting view in the left hand side reports here. Closing up the hamburger, opening up that balance sheet report and then range changing it. Ranging changing 01, 0121 to 12, 3121 and run it. Let's go to the tab to the right and then go back to our reports on down below and do a range of the change. Again, after we open it, let's open it first. Profit and loss, P&L, profit and loss, getting ahead of myself, sorry about that. Back up top, now we're ranging on the change in 01, 0121 to 12, 3121 and run. And then let's go to the tab to the right where the new stuff is happening. This is where the action is, this is where we want to be. We're going to the reports on the left hand side, closing the hamburger, scrolling all the way down to get to those accounting reports way down below, way down, way on down. So for my accountant, last time we looked at the transaction list by date, which is a nice report that gives us all the detail of the activity by date, but it's in kind of a condensed type of format. We noted that we can use this report as well as the journal report, which will be similar in nature, giving all the transactions by date, except that the transaction list by date is much more condensed because it gets one line item in essence for all the transactions, which is perfect if there's only two accounts that are affected. But when you have more complex transaction, it can be a little bit more, you might want a little bit more detail such as the journal. Also note that these two reports can be used for reviewing people's works, like if you're a supervisor and you're trying to see how much work was actually done, how much data input was done by someone. These reports are good for that. They're good for reviewing on an instructor kind of situation. And there also could be used for billing purposes in that if you want to move away from a billing structure of just hourly billing of yourself and your staff, you could try to say, hey, look, I'm just going to set and say, I'm going to charge you per how many transactions. So if you're within this range of transactions, then I'm going to bill you based on the range of transactions. And that could be a little bit more concrete. It could lower the billing time as well. And you could do that with a transaction list if you did it on a transaction by transaction basis. If you wanted to get more detail and say I want to do it by account that's affected and put a range on the accounts, you can use the journal report that we'll take a look at now. Let's open it up. You can also use the journal report to kind of figure out the debits and credits. So whether you have a handle on debits and credits or you're learning debits and credits, this is a great report to go in and look at all the kind of forms in place and look at the actual financial transactions in terms of their core basis of them, just the debits and credits to the accounts. So let's do a range change up top from O10121 to 123121 and then run that one. And so now you can see, now you might when you see the report called a journal report, think it's going to be just for journal entries that are input into it. In other words, if I go to this first tab and I hit the dropdown, we know that every kind of form that we have or most of these forms are going to result in some kind of accounts being affected journal entries to a particular account. And they're going to be driven by these forms and usually we enter these forms if it's a normal transaction and if not, then we have to default to the journal entry, which are often used for adjusting entries at the end of the period, for example. And so you would think if you run the journal report, it might just have journal entries in it, but no, it has all the transactions in it for whatever form that we used that had a financial transaction for it and then it gives us the journal entry on the right-hand side. So it's a great report then to kind of get a feel for what the journal entries are for each of these transactions. So if I want to see a payment transaction, we can see that undeposited funds is debited, accounts receivable is credited. I can find these accounts by going to the financial statements and drilling down on these accounts, either undeposited funds or accounts receivable, checking it out by date and I'll find the transaction type of the payment. Note that these two reports, this report is not a report that's really giving more detail in one particular account on the balance sheet and income statement. This is more like all the transactions that have not yet been organized into a balance sheet and an income statement. It's just a list of transactions and they are transactions that are used to just taking the same data, just like every other report, but instead of getting more condensed data, we're actually just taking less condensed data, transaction by transaction. This is just basically the general journal which in normal accounting purposes would then be posted to the general ledger then make a trial balance and then create the financial statements from it. So this is kind of a broader type of report instead of drilling down any case. Invoices, notice that the invoice can be quite complex when you have longer invoices, especially if you're dealing with sales tax and if you're dealing with inventory tracking. So it's really nice to be able to see these transactions on a debit and credit format and see these more complex transactions here, check form, the invoice, invoice, invoice, fairly long invoice, the bill form, accounts payable, and the expense being impacted here, sales tax, and we've got the expense forms and so on and so forth. Now also note that if you were to do billing, for example, and you're trying to do a billing process based on the complexity or how much work was done, instead of charging, for example, by hour, you might say, hey, look, I'm going to do it by transaction. However, some transactions might be more complex. You might say, hey, look, if I'm processing payroll, I want to charge more for that, for example, and you might be able to just add the complexity by looking at the number of accounts that are being impacted. So then you might basically charge by a range of accounts that are impacted as you're getting in this report with more detail in it. And again, you can do that not by counting every line possibly, but possibly by exporting it to Excel and then using, like, a count formula in order to count all the lines very quickly. And then you can use this as your backup data kind of to support what your billing is. That's one, just an idea that you can take a look at. Now, this is another report that you can filter with oftentimes. We will create this report at the end of our practice problems, at the end of the month, or at the end of the time when we do our adjusting entries, because the adjusting entries, we're going to enter with an actual journal entry, and then we can filter this report by actual journal entries. So let's do that, customizing. Again, you're typically going to filter by transaction type. So if you were to filter and you were trying to say, hey, look, I want to see what the impact is on invoices and you're focusing in on that, looking at the journal entry, you can do that. We're going to look for actual journal entries. So these would be no other form was used. And therefore we defaulted into a journal entry, an actual journal entry form. So these are the only transactions out of all those transactions were entered just with a journal entry. And these are the original, these are the opening balance transactions. So these are the transactions they used to enter the first balances into the system. Those are the only ones they used this journal entry for. And the other time you would use it is when you had adjusting entries at the end of the period. In other words, every transaction that's making all those financial statements are using one of these forms in the customer vendor or employee section instead of the journal entry, which you would typically only use if you're properly using the system. If there's no other form that can be used, although every form that is used will have a journal transaction to it meaning debits and credits, you can format what is done to the financial statements, the accounts that are impacted in the format of debits and credits. So that's going to be the journal form. You can practice as another great form to practice your filters as well. And it's a great form to just practice your debits and credits and look at the impact on the financial statements in terms of debits and credits, bouncing back from here possibly to your balance sheet and income statement to get a feel of how everything is being constructed. And you can think about this part again as if you were thinking about it in order of the transactions, when you enter the form, when you enter these forms, then this journal entry is what is being created. If you were doing it by hand, this would be the general journal that's being created that would then be used to post to the general ledger, which is kind of like if I was to drill down on this account, it would be the detail, the transaction by date detail. This would be like the general ledger, which would then be used to create a trial balance, which is basically just the balance sheet and the income statement on top of each other, which is then used to be creating the financial statements, balance sheet and income statement.