 QuickBooks Online 2024. Sales by customer and income by customer reports. Get ready and some coffee because we're looking at some quick tips with 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. The reports on the left hand side in the favorites were right clicking on the balance sheet to open link in new tab. Right clicking on the profit and loss once again opening the link in a new tab. Going to the middle tab closing up the hamburger we're going to change the range up top going from first a word from our sponsor. 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If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. 010123 tab 123123 tab run it to refresh it and then we'll tab to the right close up the hamburger once again and change that range alter the base another time 010123 tab 123123 tab running it to refresh it again these being the major two financial statement reports we're now looking at other reports most of which are going to give more information about one or multiple line items on one of these major two financial statement reports this time we're looking about at more information related to the income line items of the profit and loss as we consider sales by customer and income by customer reports let's first open those up going back to the first tab down to the reports on the left hand side close it up let's close up the hamburger and scroll down to the sales and customers so just a quick look at some of these reports here these because it's sales and customers you would think that the reports in this section would be giving more information about the income statement account of the sales or income accounts as well as possibly the accounts receivable account for those sales that were made on account that need to be tracked although most of the accounts receivable type of accounts would be in the category up top we looked at before of uh who owes you money where we have the AR aging reports let's give a quick recap of the reports in the sales section so where was I sales we got the customer contact list that's just a contact list that has the phone numbers and addresses and so forth not really tied into a financial statement report just a list of the contacts we've got the deposit detail now you can think about that one as kind of like an income statement supporting report because we're hoping most of the deposits are coming from the customers however it's a balance sheet account the deposits are ultimately going into the cash account on the balance sheet and you can probably look at the deposits as well if you went into the balance sheet and you sorted using your filtering option going into the checking account here for example using our filtering options up top here's our filter we can add a filter and look at the transaction type and look at it equals two and then the deposits boom and so then we can see so that's one way that you might format hold on a sec the transaction let me do it again the transaction type not equal it should be equals not not equals and so that's one way you can kind of look at the deposits and you can also look at that other deposit report so I won't go into that in detail that's kind of a cash supporting report and then the estimates and progress invoicing summary by customer so that has to do with estimates being a report that doesn't impact the financial statements it's it's going to possibly be used to create an invoice so we can track the estimates their progress invoicing having to do with a job cost system for longer projects where you might want to invoice possibly recognizing some revenue as the work happens which is a little bit unusual because normally under revenue recognition principles we recognize revenue when the work is done then we've got the estimates by customer once again tracking the estimates which aren't actually an income line item these are reports that are tracking internal forms such as the estimate which doesn't have a financial transaction here we have the income by customer summary that's the one we're going to focus in on shortly let's just go through them first though and then we have the inventory valuation detail now this report has to do with inventory so I'm not exactly sure why they would put it into the sales area although maybe it's because obviously when the inventory goes down it happens with sales but we'll possibly take a look at that later inventory valuation summary the payment method list this is the list of payments that are going to go on internal reports and the physical inventory worksheet once again inventory supporting worksheet that can help us to track the inventory into a physical count product service list this is a list of products and services so it's basically just a list and then the sales by customer detail so now we have once again the sales by customer which is going to be breaking out the income statement account this time by the sales or revenue line sales by customer summary sales by customer type detail which would only which would be useful if you had different customer types and then sales by product service detail we'll take a look at that later this would be sales income statement account broken out by what it is that you sell time activities by customer tracking the time information if you're inputting time into the system transaction list by customer so we could just have all the transactions listed by the customer and you would think most of those customer transactions would be related of course to the sales cycle transaction list by tags tags being those special added feature that you could use if you wanted to turn on the tags we have another course or section on that if you want to look at that in detail so now we're looking at focusing in on the income by customer summaries income by and then the sales by customer summary reports that's going to want and the sales by customer detail that's our focus let's first open the income by customer summary i'm going to right click on it and open that tab and it opens to the right let's close up the hamburger and bring it back to two thousand twenty three oh one oh one two three tab twelve thirty one two three tab run it to refresh it there is that one i'm going to go back on over let's just open all three of these reports so we can see them side by side we've got the sales by customer summary let's right click and open that one in a new tab and just format it we'll go on over to it close up the hamburger and change that range back to oh three oh one oh one two three tab twelve thirty one two three tab run it to refresh it there is that one back to the reports on the left and then we've got the sales by customer detail report let's right click on that one and open link in a new tab and check it out so we're going to open that up and then let's see if we could we've got the new view on this report so let's try to deal with the new view we could go back to the classic view but let's keep it on the new view so we can practice that because this i think they'll keep this one because it has some nice things to it so let's go to the custom dates up top and go from oh one oh one two three two twelve thirty one two three tab and there's our detail on this report i'll close up the hamburger so when we look at the income statement if i'm looking at my income lines you'll recall that the income lines we're going to have less detail in the income line than in the expense lines in other words on the expense items we're usually going to have more types of things in categories that we need to be paying for than on the income side of things because we're specializing on income and doing what we do well therefore the types of income accounts the things that we do to generate income are usually going to be fairly finite so what we want to avoid doing on the income accounts is usually not try to record our income accounts by customer which is a tendency we might have meaning we might be saying hey i'm i'm going to record income customer number one or income customer number two income from this person so that i can track who paid me on the income statement you don't want to typically do that because it'll make your income statement very long number one and number two you should be able to track that information elsewhere on another report so instead we should have the income line items that are just reporting the kinds of things that we are doing similar to the expense items which aren't being reported by vendor but rather by the things that we're paying for so so that's that's the idea now on the sub ledgers so these are basically sub ledgers if i go to let's go to this one first the sales by customer summary this is the classic sub ledger meaning now i have my sales broken out not by not by when they happened or not by what we the category of thing that we sold but rather by customer so these are the sales that were made for for each customer through the time period on the income statement note that the the date up top has to be arranged because this is a performance report and the total down here 10 280 05 should tie out to what's on the income statement for total income 10 200 it doesn't you're like wait a second doesn't tie out why doesn't it tie out well the these sub ledger reports quickbooks does not force you to to every time you record something to an income type of account any of these accounts quickbooks does not force you to add a customer so it's possible for you to throw off the sub ledger by posting something to these income accounts that doesn't have a customer related to it note that the sub ledger is similar to the accounts receivable on the balance sheet the accounts receivable and the accounts payable had sub ledgers those tied out exactly that's far more likely that those will tie out exactly because quickbooks does force us every time we post to ar or ap accounts receivable or accounts payable to have a customer or vendor selected because quickbooks is is is going to make us have the sub ledger tie out that way so they don't do that with the income which means we could throw off the sub ledger but if you record all of your financial transactions with invoices and sales receipts related to income when you sell stuff you use the sales forms in other words of invoices and sales receipts it should tie out because you will be applying customers every time you do that now the exception to the rule then would be what if you're just doing bank feeds you have gig work you're getting paid by youtube and other platforms whoever's whatever platform is paying you you're waiting till the deposit goes through and you're recording it with a bank feed well in that case or a bank deposit in that case you might not have the added detail of these sub ledgers because you're not using the income forms of invoices and sales receipts it might still be a good system to use because it's easy in that case and sacrificing the added detail might be well worth it and therefore in that case you may well say i'm just going to create each income line and call it youtube income or whatever platform income right because because in that case you're not going to have a sub ledger and most of your income is coming from these large one customer or platform areas so so that so that would be kind of the exception to the rule but if you have if you're selling other stuff like bookkeeping services law firm or if you're selling inventory or things like that normal businesses where you have to use invoices and sales receipts then you're not going to want to list out your income by customer and you're going to want to make sure that that you get the more detail or you can get the more detail with these uh sub ledgers so these sub ledgers are great as well the sales sub ledgers to then use to create pie charts which we might take a look at uh in future presentations too so there's that one so then we have this one now this one isn't is an income by customer summary so what's the difference between it seems pretty much the same sales by customer we're using the term sales as a revenue line sales revenue income they're basically the same term as they are being used here the top line of the income statement this one says income by customer so i i believe the idea here is they're trying to say kind of net income what's the net impact on the income statement per customer and you can see here that we have the expense column so now we've got these customers that had an expense related to it most likely it's going to be a cost of good sold expense right so we had income and expense so the net impact on net income or you might say gross impact gross income would be nine six eight three forty one right if i go back on over here and we look at the gross income nine seven nine five seventy seven it's not exact but if we used the invoices and sales forms and the items correctly it should be exact and if you're off on these accounts you're saying oh man it doesn't tie out so i'm never going to get that to work that's not the case really because remember the income statement starts over every year so if you had a mess last year and you want to do it different this year using the sales and then this this number will tie out in the current year because the income statement is a is a temporary has temporary accounts that all close out and then start over you know in the next period so that you can tie everything out uh so so so so in so like i said the income statement then is an area where it's easier to kind of fix the changes or fix things going forward by saying okay i'm going to draw the line stuff was messy before but now i'm going to make it right in the current year going forward because the income statement rolls out to the balance sheet the balance sheet is more difficult to do that because if your accounts receivable is messed up or if your accounts payable is messed up and your sub ledgers are just a mess or your inventory then it's more of an issue you have to clean it up more carefully because uh or you can't use the method at least of saying i'm going to i'm going to recognize it's been messed up up until this point and i'm going to fix it going forward because these are permanent accounts that will always be there right so if there's a sub ledger issue that doesn't tie out in these ones then you've got to take your time to properly fix it and do it in such a way that you don't mess up the prior period and that kind of thing so uh so there is that and then we have the last one which is in the this is the new format uh which they're using on some reports the new look so just a quick look at this we've got the switch to the classic you can bring it back to the classic view you have the actions email report add to management report export so here's your export to excel the cvs you can export to which is basically like an excel format without the formatting uh export or print we can save it we've got the date changes here we've got the groups we've got our filter uh the general options on the right that's where our cash are cruel so they don't have it showing twice this way which is kind of more efficient in some ways so i think this view is actually pretty good and then you have your columns that you can adjust the columns possibly and then this report sales by customer detail similar to this report but now it's giving us the detail by customer so now it's listing the customer and showing the transactions for that customer and so i wish the one thing on this one is it seems like the the ribbon takes up a lot of space like this backspace they should move it the whole thing up a bit but in case uh uh so you know because you anyway so so so now you've got the drop down of the customer and then the invoices and the detail for that customer within it so that's going to give you the detailed report of course so in future presentations we might take this uh sales by uh sales by customer and make a pie chart out of it or something if you want to make graphics or something out of it this would be one of the ideal reports to do that with because we're focused on sales is the goal of the business revenue generation so we might make some fancy charts on that by exporting it to excel now the other thing that often happens with the income line items is people want to record too many lines by item the different things that they sell goods and services which again isn't what you typically want to do you want to have the major grouping of items that you sell usually why because once again you can have another report which is going to be revenue or sales by item by things that you sell we'll take a look at those in future presentation