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QuickBooks Online - Run These Reports Regularly

Published by Angie Douglas on 17 Jul 2018

There are multiple QuickBooks Online reports that you can and should run on a regular basis. However, there are 5 reports that you should at least run on a weekly basis.

When you log in, the first thing you will see is the QuickBooks Online Dashboard. This screen provides you an overview of your company finances. It shows you “at-a-glance” the recent information about your sales and expenses, as well as the status of your invoices. You will also see a Profit and Loss graph and a list of account balances. Then scroll down to the lower right and click on the See all activity button. This will open the Audit Log  and will show a list of all work that has been done as well as who did the work.

From this page, you will be able to get a lot of work done. For example, if you click the bar on the Invoices graph, a list will open that allows you to access individual transactions. Then click Expenses to see your related Transaction Report. Just below the list of account balances, you can click Go to registers and connect to new accounts.

Other important questions

The Dashboard gives you enough information to give you the ability to spot any potential issues with accounts, sales, expenses, and overdue invoices. However, you may have other tasks that will require your attention. Such as: How’s the status of your inventory? Are you still within your budget? How does your accounts payable look – do you have bills due soon?

There are many report templates available in QuickBooks online that will answer your questions. Take the time to explore the list. It will be difficult to plan your company’s future unless you understand its financial history and as well as its current state.

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                           QuickBooks Online has many reports that can provide real-time, in-depth insight into the financial health of your company.


Customizable and Comprehensive

In the QuickBooks Online toolbar, when you click on Reports, the view defaults to All. The report content is divided into 10 different sections. The sections include Business Overview, Sales and Customers, Expenses and Vendors, and Payroll. There are 2 buttons to the right of the name of each.

When you click the star, that report's title appears at the top of the page in your Favorites. This move will enable you to quickly find you most frequently used reports. When you click on the 3 vertical dots and then Customize you can view your customization options for the report. You will also have the ability to access this tool in the reports themselves.

Necessary Knowledge

Though most small businesses don’t require frequent intense scrutiny, you have the ability to run any report as often as you want. However, there are 5 reports that you do want to view on a regular basis. The reports are:

Accounts Receivable Aging Detail. This report will display a list of invoices that haven’t yet been paid, they are divided into groups such as 1-30 days past due, 31-60 days past due, etc. 

Budget vs. Actuals. This is a comparison of your monthly budgeted amounts and your actual income and expenses.

Warning: Some reports allow you to choose between cash and accrual basis, you must know the difference to make the right choice.

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                                                                       You can customize QuickBooks Online reports in several ways.


Unpaid Bills. This report displays what’s due and when to help you to avoid missing your accounts payable due dates. 

Sales by Product/Service Detail. This report lets you know what is selling and what is not. It displays the date, transaction type, quantity, rate, amount, and total. 

Product/Service List. This report is an accounting of the products/services that you sell. It has columns for the price, cost, and quantity on hand. 

Customization, Complex Reports 

In QuickBooks Online there’s a category of reports called For My Accountant. The site includes templates for reports that you can run yourself, though you may have difficulty customizing and analyzing. These are standard financial reports that include your Balance Sheet, Statement of Cash Flows, and Trial Balance. This may be useful if you need to create a business plan or if you need funding for your business. 

Although you may not need to generate these reports frequently, they will provide you with monthly or quarterly insight. At Summit CPA we offer QuickBooks consultation. If you would like further information on how we can assist you with your bookkeeping needs, contact our office at 866-497-9761 to schedule an appointment with our Virtual CFO.


                                                                                     WE SPECIALIZE IN VIRTUAL BOOKKEEPING & ACCOUNTING OUTSOURCING

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