QuickBooks is one of the top-rated accounting software and it is preferred by businesses of all sizes around the globe. QuickBooks can be divided into two categories: Online and Desktop. In QuickBooks desktop category, you can choose from QB Pro, QB Premier, and QuickBooks Enterprise.
All the version of QuickBooks have one thing in common which is Reports. In this blog post, we will cover all the aspects of Reports in QB and show you how your business can benefit from them.
If you do not have the time to read the entire article then you can contact the Intuit certified QuickBooks Experts of Errorsupportnumber. You can reach them by dialing their toll-free QuickBooks Customer Service Phone Number +1-866-644-7717.
QuickBooks Reports is a detailed document which depicts the transactions of your business. You can access all your reports by going into the Reports section of your QuickBooks.
In this blog series, we are going to cover different topics related to QuickBooks Reports like:
- Understanding basics reports
- How to set report preferences in QuickBooks?
- How to customize reports in QB?
- Creating, accessing and modifying memorized reports.
- How to combine reports from two or more company data files into one?
- How to set up and modify Scheduled Reports?
How QuickBooks Generates Reports?
QuickBooks is a combination of different pieces of code and it displays reports as a set of instructions which we call Report Set. These set of instructions, when executed, extract information from all the data available and displays it in an understandable format.
A Report set is formed from the following elements:
- Programmed report structure in QuickBooks Desktop.
- Part of this structure that is embedded
- Default filters.
- Display and Filter tab settings.
QB works with a record of single transaction line while creating a report for your business. The single transaction line will only be added to the report if it matches with the report set. It is important to understand that no two reports will read a transaction in similar way. This will result in reports having different amounts.
Intuit has designed QuickBooks to work on the concept widely regarded as Source and Targets for its accounting processes. If you are well-versed with Source and Targets methodology then you will face no problem in inserting the best filters while creating an effective and efficient report.
We have explained some of the terms below:
- Source: All the source data like source account, source name, source memo and source amount can be found in the Source.
- Targets: Targets depict well explained information of a transaction and it also has all the target data (target accounts, target names, target memos, target amounts, etc.).
- Hit the Ctrl and Y keys on your keyboard to view the transaction journal report for all the saved transactions like Invoice or Check. Go to the top line of your transaction journal report to view source data and all other lines.
|Report Groups||Description||Sample reports|
|Company and Financial||Find out how your company is doing financially.||Profit and Loss Standard, Profit and Loss Detail, Balance Sheet Standard, Balance Sheet Detail|
|Customers and Receivables||Find out how much your customers owe and when it is due.||A/R Aging Summary, A/R Aging Detail, Open Invoices|
|Sales Reports||Find sales information related to customers, items, sales reps, pending sales, and sales orders.||Sales by Customer Summary, Sales by Customer Detail|
|Jobs, Time and Mileage||Find out how well your company is doing at estimating jobs, how much time is spent on each job, and the mileage expenses for each vehicle or job.||Job Profitability Summary, Job Profitability Detail, Estimates by Job|
|Vendors and Payables||Find out how much your company owes and how much is overdue.||A/P Aging Summary, A/P Aging Detail, Vendor Balance Summary, Vendor Balance Detail, Unpaid Bills Detail|
|Purchase Reports*||Find information about purchases and open purchase orders.||Purchases by Vendor Summary, Purchases by Vendor Detail, Open Purchase Orders|
|Inventory Reports*||Find information about inventory value, stock status, and pending builds, including a worksheet for checking your physical inventory.||Inventory Valuation Summary, Inventory Valuation Detail|
|Employees and Payroll||Find information about your employees, payroll, and payroll-related expenses.||Payroll Summary, Payroll Item Detail, Workers Comp Summary|
|Banking Reports||Find information about your banking transactions.||Deposit Detail, Check Detail, Missing Checks, Reconciliation Discrepancy, Previous Reconciliation|
|Accountant and Taxes||Find information related to accounting activities and income tax preparation.||Trial Balance, General Ledger, Audit Trail Report|
|List||Find lists of useful information about your company.||Account Listing, Price Listing, Customer Phone List, Vendor Phone List, Terms Listing|
|Contractor Edition Reports**||Custom-built for contractors with advanced job costing to help them analyze data on which job they are making more money.||Job Cost by Vendor Summary, Cost to Complete by Job Summary, Unpaid Bills by Job,|
|Manufacturing and Wholesale Edition Reports**||Customized tools for manufacturers and wholesalers to streamline workflow and manage finances more effectively.||Sales by Rep Detail, Sales by Product, Open Sales Order by Customer|
|Non-Profit Edition Reports**||Customized tools for Non-Profits to help them manage their organization’s finances more effectively, efficiently, and easily.||Biggest Donors/Grants, Budget vs. Actual by Donors/Grants|
|Professional Services Edition Reports**||Perfect for Consultants, Engineers, Architects, Attorneys, Designers, Ad Agencies, and more.||Billed/Unbilled Hours by Person, Project Costs Detail, Project Status|
|Retail Edition Reports**||Designed specifically to help retailers manage sales, inventory, and customer information.||Profit and Loss Monthly Comparison, Sales Graph, Accounts Payable Graph|
* Only available when Purchase Order & Inventory features are active.
** Available in QuickBooks Desktop Premier only.
Do you know that you can get your reports represented in a graph?
Yes, you read that absolutely right. Follow the steps given below for getting graphical reports:
- Open your QuickBooks and go to the Company window.
- Now, click on Home Page and Insights option.
- Go through the different reports like Profit and Loss, Prev Year Income Comparison, Top Customers by Sales, etc.
- All the insights which are visible on your screen display the data as per accrual-based reporting.
- For cash basis, the reports will depict different data.
QuickBooks Desktop Tech Support Services
We hope that you found our blog post insightful and were able to learn a thing or two about QuickBooks reports. Remember to bookmark Errorsupportnumber for more such helpful blog posts. Our QuickBooks Technical Support Team is working round the clock to answer any questions that you might have and resolve any error which you are encountering. Do not hesitate to connect with us via the toll-free number or via our QuickBooks Live Chat Support Service.
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