 QuickBooks Desktop 2023, Memorized Profit and Laws P&L Income Statement Reports. Let's do it, we're then to its QuickBooks Desktop 2023. Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category, further broken out by course each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it. Here we are in QuickBooks Desktop Sample Rock Castle construction practice file provided by QuickBooks going through the setup process we do every time maximizing the homepage to the gray area going to the view drop down noting we've got the hide icon bar and open windows list checked off open windows on the left hand side going to the reports drop down company and financial opening up the P&L profit and loss income statement range change from 010124 to 123124 January to December let's customize it fonts and numbers to change the font to 12 okay yes okay and then we're going to go to the reports drop down again and go to the company and financial this time take a look at the balance sheet standard changing the date but this time with the drop down this fiscal year and then customize to the fonts and numbers to change the font to 12 and say okay and then say yes and then say okay there's the setup process we've been doing every time our focus has been on the profit and loss so now we want to think about memorizing these reports we talked about how to memorize reports on the balance sheet reports so we won't go into as much detail on that process but now we want to apply the same system thinking about how can we possibly use the memorized reports so that we can systematically provide a set of reports to say clients on a monthly basis or a yearly basis you might have a similar kind of question if you're providing reports to say to a supervisor or something like that we might want to customize these reports possibly customizing them for internal use which might have different needs different customizations then for external use those presentation purposes for the end user the end customer to memorize the reports we can hit the memorize button here and we can memorize the report but we want to first consider the categories that we have set up which we have set up in prior presentations will review how to do that and then we'll come back here and start to memorize some reports so I'm going to close this out I'm going to go into the reports drop down let's go into the report center and within the report center I'm going to maximize it so it's not minimized again because it does that every time for some reason go to the memorized area and then we have our memorized reports now we set up the categories of the memorized reports meaning if you just open up like sample rock castle construction it might have different categories where you might not have any categories if you're starting your own file and practicing with them you could then go to the edit the memorized reports list here this is where we set up the categories you can remove categories if you would like and reports themselves by clicking on them right clicking and deleting and deleting so we went in through here before and deleted all of the reports and then put in these categories for our reports by going to the drop down rise up adding new groups and then memorizing the balance sheet reports within those groups and now we're focusing in on income statement reports our concept would be that we're thinking that we're going to provide reports to our clients possibly at the end of the month or the end of the year and trying to think about how we can format our reports so that at that time frame we can then just generate them possibly have someone else generate them even and format them and provide them to the client as quickly and easily as possible one way we might do that is to set up a category possibly month-end reports for example and then format each of our reports possibly numbering them so that we can then order them in some way shape or form possibly numbering them when we generate the reports so that when we attach them they'll be numbered or put them in a zipped file of they'll be numbered possibly putting them into an Excel file so we can put them in one PDF file in an organized fashion so that's what we will be practicing here and once we save the reports we're going to put them into our folder which we set up and we'll do this in future presentations the rock castle construction we might save it by client and then we will we will save these reports in the same place that we saved basically our balance sheet reports and go through that process so now we just want to memorize the income statement reports to do that I'm going to regenerate the income statement reports and I'm going to put all the income statement reports after the balance sheet reports in terms of our numbering system we're all are now on number seven so if I go to the profit and loss report then we might say what kind of income statement reports we want one starting point we might want to put out and say hey maybe I should just collapse all of these expanded items if I am using a lot of subcategories and you could do that easily by going up top here and say collapse the rows so that collapses all the rows and it makes a much shorter smaller report and that might be your summary report so maybe that's kind of like the first report that you might put together the easiest report to look at the idea being that we'll start with an easy report with less detail and then when they ask questions we can expand on that detail that's usually how you might want to be presenting things to say a client so we don't overwhelm them at the start and then we'll customize that report let's go to our normal customization and I'm going to say okay let's go to the header and footer let's call it an income statement so we'll get in the practice of calling it an income statement for external reporting purposes and we'll say this is a summary report so let's call it an income statement summary report and then I'm going to get rid of the date prepared time prepared report basis these three items I'm going to put my name in the footer and then I'm going to go to the fonts and we changed the font to 12 so we'll keep that I guess and we'll say parentheses around the red numbers and we'll get rid of the pennies take the sense off and we'll say okay so there we have it that looks good and then if that's the format we want I'm going to make the red numbers or the negative numbers read too by going to customize fonts and numbers we've been making the negative numbers read I knew I missed something I couldn't think of what it was but there it is now let's let's memorize it I'm going to memorize the reports I'm going to call it an income statement summary I'm going to call it report number 7 I believe is the one we were on I'm going to save it into a memorized category these are the categories that we have already set up we're going to save it into the client month and reports and there it is we're going to say okay and if I go into my memorized reports and I refresh it I can do that by closing it back out possibly going back into the report center this way and then into the memorized reports I'm going to show it by list and so now we've got one through seven there's the income statement so then we might do a full income statement so if I if I go into that one now if I was to open that one up here it's it already has everything collapsed right so then the next one I'm going to close that I'm going to go back into the income statement we put together and this time I'm going to expand everything so I'll say let's go here and we'll expand all the rows so now we have all the detail and we might save this one as like the income statement standard let's say so I'm just going to change the name to the income statement standard or something like that customize header footer income statement let's say standard income statements we'll say something like that and everything else looks good I'll say okay and then let's memorize that I'm going to make a new category this time because I changed it new category this is going to be number eight that we have income statement standard going to put it into not the payroll reports but the client month in reports and okay let's check it out by going to the report center I'm going to refresh it going to the prior tab current tab and now we've got number eight there's the income statement standard all right let's do some comparative reports if I go back on over here we could do some comparative reports so let's say we want like the four quarters of the report and then the total years so I could say let's go from January to December but then I'm going to I'm going to change it from totals to let's hit by quarter and then okay so now we've got the four quarters and then summed up in the total we would then want to adjust the the name here so I'm going to customize up top fonts and numbers we're going to call this income statement by by QT or quarter let's say let's just name it that for short for now for practice purposes we'll say okay so we might want this report which will give us that information on a quarter by quarter basis and then the total summing up all quarters I'll save that will memorize that I'm going to make a new one and this was number nine I think that we're on I'm going to save it to the category of the client month and reports okay let's check it out in the report center going back to the standard tab and then to the memorize tab so there's report number nine that we could have so notice all the myriad reports that we could have with regards to just an income statement and then the balance sheet report so you may not want all of these reports these are just some ideas that you can put together and how you might want to group month in reports that you can be providing to someone at the end of a period of month or a year to a supervisor or a client for example okay so we got the month in we could do the same thing for for the months I could break this out by month I won't do it but you could you could do that right you could say okay what if I broke it out by month for all those months now let's do a comparative report that is comparing the last two periods maybe the last two quarters or the last two months let's do the last two months so I could say okay let's go from the last month which is 1201 to 4 to 1231 and then look at the previous period and the change and the percent so I'm going to look at December and then the month before it which is November so this is our comparative report we saw how to do before so there it is that looks good so let's then change the name income statement month comparative report or something like that customize and we'll say fonts we'll say income statement month comparison comparative maybe and we'll say okay let's keep it at that so that's a kind of comparison that we might want to take a look at that we could do a similar one comparing it a quarter a quarter by quarter comparison which now shows the difference the current month of the prior month we could do the current quarter and the prior quarter the dollar change and the percent change and notice that this doesn't make sense too much up top the December December I could take that off so I could say I don't really need that that doesn't really possibly help as much so we could remove that okay let's memorize it I'm going to memorize and make a new one and we're going to say I think we're on number nine I think we're on and I'm going to save this into our month in reports and save it if I go to my reports and check it out prior and then this one scrolling down I've got two number nines so I totally did that on purpose so we can fix it here so in any case we're going to go to edit the memorized reports so I can edit it up top if I want to change the name of that memorized report and then I can delete it or I could try to rename it so I'm going to right click and I want to edit the memorized report so I could delete it and save it again if I want I'm going to go ahead and edit and I'm going to make it number 10 so that's number 10 and then okay so so now it moved it up here so I could then pull it down so I'm going to take this one and pull it down so I can organize it you know manually so I'm going to say okay let's hit the hit the diamond and that's going to return it to its original order and then I can go in and manually reorder it so I can pull this down to the bottom for example but let's first go back and do the last one more report before we do that so I'm going to close this back out I'm going to go back to the income statement and the other kind of report we might want to do is comparing the current month or the current quarter or whatever to the same period in the last year so December of 2024 compared to December of 2023 for example so we can customize the report to do that and I could say instead of this one I'm going to use the previous year percent change in dollar change and I'm going to say this is December that looks good so we'll say okay so now we've got December 24 compared to December of 2023 we'll change the name up top so we'll say header and footer statement statement month comparison to prior year I'm just going to say prior year so we probably want to think about the name a little bit more to if you're going to provide this to someone but I'm just giving some examples of some different kinds of reports that you may want to put together and note again you could also do prior quarter to prior to the prior year or the prior years quarter of the fourth quarter for example and so on and so forth so let's go ahead and memorize that one the last one to memorize let's say this will be the last one we'll stop it here this time I'm going to make a new one we're on number 11 now number 11 I'm going to save it to the client month in reports and okay so now if we go into our reports we've got them in there let's go to standard and then memorize so I can see where that one shows up there it is but is it in order it looks like it is in order if it were not in order then we could adjust it by going to the edit item here and I could then kind of adjust the orderings now sometimes it might make you re like refresh it and then adjust the orders but but once you once you have the capacity you can take these little icons I'm just going to make it one two and then three four five six seven eight nine ten so there we have it now we have them ordered here and in future periods so now every month we can go through this full thing with the balance sheet reports we did last time and then the income statement reports you can see we have a pretty large list of reports we may or may not want this many reports and we might have other reports we want to include which would be subsidiary reports reports that might be given more detail on some specific line items of these accounts like income by customer income by item what we sold we might have some more by client detail in terms of the accounts receivable by client that kind of stuff that we can put together we'll talk more about them in future presentations but the general idea being you can kind of group your reports memorize reports so that you can use reports internally use reports externally and possibly be able to group your reports as fast and easy as possible to then be able to attach them to an email zip them and attach them to an email or put them in a cloud file so that they can access it by one drive or one note or possibly use excel and a PDF printer to create one PDF file with all the stuff in it and have one attachment to an email or one item in a cloud drive or something like that we'll do that in future presentations