QuickBooks Advanced. Basic Reports. For most reports use the Report Center button. That will lead to a screen like this:

Transcription

1 QuickBooks Advanced Basic Reports For most reports use the Report Center button. That will lead to a screen like this:

2 There are a ton of report options, but there are really only 3 that you need: Profit & Loss Standard: This is your basic report. For a given time period, it shows category totals. Profit & Loss Detail: This shows every transaction for a given time period, but organized by category. This is useful in reconciliation. Profit & Loss Budget Performance: This compares the Profit & Loss Standard report to the budget the consultant enters at the beginning of each year. Running a Report:

3 1. Click on the type of report you want. 2. Select the date range. For MPRs you will use Last Month or for APRs Last Fiscal Year. 3. Click the Display Report button (the red box above):

4 *Note that the signs are switched in QuickBooks reports, so a positive Net Income actually signifies a Loss* Modifying Reports:

5 This bar at the top of the report gives you options about the report organization. While you can specify date ranges before creating the report, if you realize you want to change those, the same drop down menu is accessible. You can also specify a specific date range if none of the presets meets your needs (particularly useful if you need a report from more than one year ago). After manually changing the date range, you must click the button. While the Profit & Loss Report often default to a single year column, the Budget Reports will usually display in columns by month, so to switch to a particular view, use the Columns menu. The menu lets you change the report to display the highest (or lowest) totals in each category first, but this is generally not used. QuickReports Sometimes you just need to look at one vendor or source of revenue at a time. That is where you want QuickReports. This is what they look like:

6 There are 3 ways of accessing a QuickReport. 1. From a Summary Report

7 When you hover your mouse over a particular category dollar total, the pointer will turn into a magnifying glass ( that category. ). Double click the total to select a report of 2. From the General Ledger While you have selected an entry of a category you would like to explore more, simply click the QuickReport button at the top of the General Ledger. (This will by default give every entry in this category from the beginning of time, so make sure to specify dates once the report is created) 3. From the Chart of Accounts

8 Simply select the account that you would like a QuickReport about. Modifying a QuickReport: Each column in a QuickReport can be resized by dragging one of the diamonds around each column heading. By dragging one diamond to the other, the column is removed from the report. This is useful if you want to only look at dates and amounts. All modification available in Basic Reports is also available in QuickReports. Budgeting This is a larger process (see Budgeting), but here is the practical information on entering a budget into QuickBooks. (For accessing old budgets, see Basic Reports)

9 Under the Company menu, find Planning & Budgeting, and click on Set Up Budgets. A copy of your most recent budget will be displayed (so that you do not write over an existing current budget). Click the Create New Budget button, and the following menu will appear:

10 Make sure to select the correct year for your new budget, and specify a Profit and Loss budget. If you wish to edit your existing budget, simply specify the current year. The next two windows should already be filled in appropriately: You will now come to the budget entry page. Simply add the budget you have prepared month by month into the provided form. You can navigate via the Tab key, or just clicking on the item you want to enter.

11 *Note* If you press the Enter key, the budget will save and close, so remember to navigate with Tab, arrow keys, or the mouse. If you press budget will be cleared, so be careful. Once everything is entered to your satisfaction, click instructions., the entire. See above for editing Tips and Tricks Exporting: All reports can be exported to Excel via the Export button on the Report menu bar It will bring up the following dialogue box:

12 You can either create a new Excel document for the report, or you can append it to an existing spreadsheet, such as an in progress reconciliation. Searching: The General Ledger offers a search function that is useful at times. To access this function, use the Go to button on the top menu:

13 This will bring up the following dialogue box: This allows you to search in these four fields for either the next, or previously occurring matching item ( Back and Next buttons) from the selected journal entry. Payee/Name: This is to search by category. For example, if you can t seem to find the last time your business paid the Student Farm, you can search for that. Be careful, as your business may have entered a vendor in a particular way that may be hard to find; for example, Earthfoods has the Student Farm listed as UMass Extension Vegetable Program. Number/Ref: This allows you to search by the initials of the person making the entry. Perhaps one co- manager has been entering payroll with the decimal in the wrong place; search their initials and hit the Back button until you have found all of the errors.

14 Memo: This is mostly useful for looking up a purchase based on a specific invoice number which the bookkeeper should have added in the Memo line. Amount: This is very useful in reconciliation when an amount shows up in Summit, but you cannot figure out what it is for. Simply enter that amount into the search box and locate the entry. Memorizing Transactions: Let s say you want a reminder to enter a full costing estimate each month. You can create a list of memorized transactions which will occur at regular intervals. Right click on an entry in the General Ledger that you want to memorize: Click on Memorize General Journal and the following dialogue box will open:

15 Here you can change the name of the reminder (for example to include the rate of full costing), and modify how often the reminder occurs, or even automate the entry (only use that for fixed amounts such as telephone charge or copier lease). To view or modify your memorized transactions, find the list in the Lists menu: This will bring up a list of all memorized transactions and their details. By right clicking on an individual transaction you can edit or delete that entry. You can also group transactions with the New Group line when right clicking on a memorized list entry:

16 Use this to link entries that occur at the same time, such as monthly entries of telephone charges, MICROS fees, and full costing estimate. After creating the group, edit individual transactions to add them to the appropriate group.