Tricky Transactions & Rock Star Reporting in QuickBooks Online. Authored by Lauretta Finis Quick Bizness Bookkeeping Solutions

Transcription

1 Tricky Transactions & Rock Star Reporting in QuickBooks Online Authored by Lauretta Finis Quick Bizness Bookkeeping Solutions QuickBooks Connect Sydney 24 th May 2018

2 Copyright Copyright 2018 Intuit Ltd. All rights reserved. Trademarks 2018 Intuit, Inc. All rights reserved. Intuit, the Intuit logo, Intuit ProLine, Lacerte, ProAdvisor, ProSeries and QuickBooks, among others, are trademarks or registered trademarks of Intuit, Inc. in the United States and other countries. Other parties marks are the property of their respective owners. Notice to Readers The publications distributed by Intuit, Inc. are intended to assist accounting professionals in their practices by providing current and accurate information. However, no assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a client s particular situation. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit, Inc. does not render any accounting, legal or other professional advice, nor does it have any responsibility for updating or revising any information presented herein. Intuit, Inc. cannot warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. Readers should verify statements before relying on them.

3 QuickBooks Connect Sydney 2018 Table of Contents About Your Presenter & Author...2 Tricky Transactions...3 Customer Deposits / Retainer Including Rockstar Reporting... 3 Write Off Bad Debts... 8 Recording Loan Payments Step-by-Step: A. Record a Loan Payment via an expense Step-by-Step: B. Record a Loan Payment via the Online Bank Feeds Splitting Expenses & Deposits by Percentage % via Bank Rules Step-by-Step: Split by % via Bank Rules Daily Sales Summary - Including Rockstar Reporting Which Credit to use: Refund Receipts Delayed Credits Supplier Credit - Credit Card Credit 23 Step-by-Step Refund Receipt: Step-by-Step Delayed Credit: Step-by-Step Supplier Credit Step-by-Step Credit Card Credit Dishonored Cheque / Deposits Return of Payment sent Troubleshooting Bank Reconciliation Audit Log Opening Balance Journal Entry Rockstar Reporting Big Picture at a glance from the Home page NEW Look report library at our fingertips Customise Reports Professional Management Report Templates Advanced Reporting

4 QuickBooks Connect Sydney 2018 About Your Presenter & Author Lauretta Finis Quick Bizness Bookkeeping Solutions Lauretta is currently a member of the Australian Intuit Trainer/Writer Network, presenting courses, workshops and advising how to be efficient in QuickBooks Online from basic to advanced levels. To professional QuickBooks Advisors, and Business owner s in hundreds of training sessions throughout Australia. Quick Bizness Bookkeeping Solutions Lauretta s bookkeeping practice, commenced in 2005, was honored by winning the Australian runner-up, in Intuits Global Firm of the Future search in The office is located in Mitcham, a 35-minute leisurely drive down the eastern freeway from Melbourne CBD. Lauretta and her staff offer bookkeeping solutions to their clients, using cloud solutions and tailoring their needs to their business and specializing only in QuickBooks Online Lauretta lives in Doncaster, Victoria with her family and her King Charles Cavalier- Buddy and cat Danozzo. 2

5 QuickBooks Connect Sydney 2018 Tricky Transactions There are several complex transactions that you ll be required to handle for your clients. In this section you ll discover common but complex transactions. You ll also be required to troubleshoot client problems at times. In this handbook, you ll learn about some common client mistakes and how to troubleshoot problems. CUSTOMER DEPOSITS / RETAINER INCLUDING ROCKSTAR REPORTING If an upfront fee is required for a service, then a Retainer is required to hold that service, or a business may require to track their customer deposits. The two are treated very similar. STEP-BY-STEP: To Create a Deposit / Retainer 1. Create an account to track the Customer Deposit. a. Go to Chart of Accounts. b. Click on New c. Create a liability account > Category Type > Current liabilities then choose the Detail Type > Other current Liabilities d. Choose the Name required for your deposit either Customer Deposits or Retainer 3

6 QuickBooks Connect Sydney Setup a service called Deposits Held then Link the service item to the Customer Deposits Liability account, that was just created. 3. Recording the deposit / retainer on a sales transaction. a. Record the deposit on a sales transaction choosing from a Sales Receipt or Invoice. b. Use the Deposits Held service item to record the payment. 4

7 QuickBooks Connect Sydney 2018 TIP: Let the transaction type match what s happening in real life i.e. if the retainer is to be invoiced and paid by the customer later, I recommend using an Invoice transaction. TIP: However, if the charge for the retainer and the payment are happening at the same time, I recommend using a Sales Receipt transaction. 4. Viewing the total of the Customer Deposits account on the account report. a. Run a Balance Sheet. b. Click on the Customer Deposits account c. The report will have all customer deposits that have been paid during the period filtered. 5

8 QuickBooks Connect Sydney 2018 ROCKSTAR REPORTING TIP: TO FILTER THE REPORT BY CUSTOMER, ALLOWS THIS REPORT TO VIEW VARIOUS CUSTOMER S IF REQUIRED AND BECOMING A REGISTER FOR THE DEPOSITS HELD: CLICK ON CUSTOMISE > ROWS/COLUMNS UNDER GROUP BY > CHOOSE CUSTOMER 5. The deposit or retainer is ready to turn into a sale after the service or sale has been completed, by creating a sales transaction as per usual. 6

9 QuickBooks Connect Sydney 2018 a. Choose Invoice from the Create window, add the Product/Service that is being purchased b. Enter the amount of the deposit to be applied as a negative, choosing Deposits Held, this will deduct the deposit amount to the transaction and reduce the balance in the customer deposits account accurately. c. This will reflect the real amount outstanding by the customer. 6. The updated Customer Deposit Report displays the updated balance. 7

10 QuickBooks Connect Sydney 2018 WRITE OFF BAD DEBTS Clients may need to write off bad debt from customers for various reasons. QuickBooks Online includes a feature in the Accountant Tool Box called Write Off Invoices. It is recommended that you do not use this feature, it is not currently designed to handle the GST tax portion of bad debt. 1. Turn off the automatically apply credits features in QuickBooks Online. a. Click Gear Icon > Settings > Company Settings > Advanced > Automation 2. Clear the checkmark from Automatically apply credits. When setting up a file, I will always remove this checkmark as we do not want the auto to apply, so you have more control on the credits applied. 3. Create an account to track bad debt. a. Go to Chart of Accounts. 4. Create an expense account called Bad Debts with Category Type > Expenses and Detail Type > Bad Debts 8

11 QuickBooks Connect Sydney Create a Service item linked to the Bad debt expense. a. Click the Cogs wheel > Lists > Products and Services 6. Create an Adjustment Note for the debt to be written off for the outstanding amount using this Service item called Bad Debts. Use the Bad Debt service item created in Step 3. TIP: In the Description of the Adjustment Note remember to note the Invoice number and Date that is being written off saves time if investigation is required later. 9

12 QuickBooks Connect Sydney Apply the Adjustment Note against the invoice or outstanding amount by the Receive Payment window, by selecting the correct Adjustment note and Invoice 10

13 QuickBooks Connect Sydney 2018 RECORDING LOAN PAYMENTS Recording loan payments is a common transaction, but can be more complex than an everyday transaction. Recording a loan payment will depend on the type of loan your client has. This transaction may vary based on the type of loan. In this example, we ll assume that it is a declining loan balance, and that the principal remains the same but the interest will change each month according to a schedule provided by the bank. STEP-BY-STEP: A. RECORD A LOAN PAYMENT VIA AN EXPENSE 1. Create an Expense Transaction. a. I would set up the Payee name as the Bank paying the Loan off b. Enter the Bank Account that the payment is being made from and the Date of the transaction, Payment method if required but not necessary. c. In the Account Details section, choose the Loan account and add in Principal amount d. In the second line choose the Interest expense account and add the Interest amount e. The total of the principal and interest amounts should add up to the total amount of the payment, set this up as a recurring Template and change the Interest each month 11

14 QuickBooks Connect Sydney Make the Loan Payment Recurring. Instead of having to enter this transaction every month, you can make it recurring to remind you. b. Open the expense transaction after you have Clicked Save. Use the find button to search using the Advanced Search and finding in the Recent Transactions c. Bottom bar, click Make Recurring. d. Enter the Template name, make it something meaningful for your client. e. Choose from Type, Reminder. This lets you change the amount for the principal and interest amount instead of the transaction automatically entering every month with the same amounts. f. Choose the Interval for the date of the entry. g. Enter the Start date and End date, this can be found in your loan documents h. Save Template. 12

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16 QuickBooks Connect Sydney 2018 NOTE: To make changes to Recurring transactions, Click the Gear icon, and then under Lists click Recurring Transactions. Click Edit to make changes to the template. TIP: Some small businesses have been advised to put the total loan amount to the loan s liability account and only worry about the adjustments for interest at year end. I recommend the interest be recorded throughout the year otherwise you are essentially overstating the client s net income. The goal is to have the client s books as accurate as possible throughout the year and not only at year end. STEP-BY-STEP: B. RECORD A LOAN PAYMENT VIA THE ONLINE BANK FEEDS 1. Using the above loan and amounts as an example, when setting up a bank rule click on the Split button directly under the Payee field, you have the option of Percentage % or Amount(A$). a. Split the Principal amount which will be the same in most cases and leave the Remainder field blank as the interest amount will differ monthly this will be automatically calculated and recorded by QuickBooks Online 14

17 QuickBooks Connect Sydney 2018 b. Then matching the transaction in the bank feed section SPLITTING EXPENSES & DEPOSITS BY PERCENTAGE % VIA BANK RULES Situations will arise when the need to split an expense or a deposit by a percentage may occur, this can be done via normal transactions, expenses or sales receipt, but the quickest and more efficient is by setting up Bank rules, some examples could be: a. Fuel expenses split with Drawings b. Electricity home expenses split with Drawings c. Phone/Mobile expenses d. Loan split between Directors e. Deposit s, POS split between different income streams The list could be endless think outside the square when setting this up, this procedure is TIME SAVING! 15

18 QuickBooks Connect Sydney 2018 STEP-BY-STEP: SPLIT BY % VIA BANK RULES 1. Setting up your Bank rule: a. determine the criteria conditions up to 5 different conditions can be set b. click on the Split button found under Payee field, numerous splits can be set, up to 20 different splits can be set. 2. In this Money Out example, we use the M.V. Fuel 60% and Drawings 40% 16

19 QuickBooks Connect Sydney In this Money In example, we use the Deposit split of 45% Sales Dog Merchandise & 55% Sales Puppy Merchandise THIS WILL SPLIT YOUR SALES BY THE % TO SEPARATE INCOME ACCOUNTS 17

20 QuickBooks Connect Sydney 2018 DAILY SALES SUMMARY - INCLUDING ROCKSTAR REPORTING There are many small businesses that use a cash register or POS system that is not integrated to with QuickBooks Online. To record summary sales transactions in QuickBooks Online you can follow a detailed procedure. STEP-BY-STEP: RECORD SUMMARY SALES TRANSACTIONS OPTION 1 1. Create POS Settlement or cash register daily sales report (this may be less frequent but it is best entered daily). 2. Create Sales items in QuickBooks Online that represent that items or categories of sales your client wants to track sales on and report on using the Non-inventory item a. Link the items to appropriate sales accounts (you may have to create an item for discounts or coupons). 3. Select the appropriate default GST tax code and if inclusive or exclusive. 4. Repeat Step 2 for all items detailed in the POS report. 18

21 QuickBooks Connect Sydney Create a Cash and cash equivalents account as a clearing account, i.e. Daily Sales Clearing. TIP: I recommend not using the undeposited funds account for this transaction type but creating a new current asset account as mentioned above as a clearing account. This keeps the make deposit and the undeposited funds window easier to manage. 6. Create Customer called Daily (Weekly/Monthly) Sales. 7. Create a Sales Receipt. a. Customer is Weekly Sales. 8. Date is date of sales report you are posting. 9. Payment Method is irrelevant. 10. Deposit-to is Daily Sales Clearing account (instead of bank account) 11. List the items on the Sales Receipt in the order they appear on the POS report and set the appropriate GST tax item. 19

22 QuickBooks Connect Sydney Click Make Recurring and set up based on personal preference (choose Reminder to help your clients make daily/weekly/monthly entries). 13. Balance the Sales Receipt to the total sales on POS report, ensuring GST balances. 14. To record the daily payments received (Visa, MC, Debit, Cash) in the bank statement, Other > Transfer The bank transfer should be set up between the Daily Sales Clearing and Bank for each payment received as per POS report (which should also balance to daily settlement report and, in some cases, they are one and the same). 20

23 QuickBooks Connect Sydney 2018 OPTION 2 1. Process from bank feeds the deposit coming through the bank account, as a Transfer to Daily Sales Clearing Account TIP: Set this up as a Bank rule to transfer to the Daily Sales Clearing account from the online bank feeds 2. Process the total SALES from the daily, weekly or monthly totals from EFTPOS Settlements or reports from Merchant software as a journal. Choosing the correct Income of Sales account with correct GST thus reducing the Daily Sales Clearing account 21

24 TIP: I recommend reconciling the Daily Sales Clearing account regularly. Write off amounts to cash rounding when needed. The only balance in Daily Sales Clearing should be the difference in timing on credit cards between charge and deposit, or end of month. Also attaching the POS report into the Transfer transaction for future reference. ROCKSTAR REPORTING TIP: RECONCILING THE DAILY SALES CLEARING ACCOUNT CHART OF ACCOUNTS > DAILY SALES CLEARING ACCOUNT > ACCOUNT HISTORY. THIS WILL BRING UP THE REGISTER FOR THIS ACCOUNT, CLICK ON THE RECONCILE BUTTON WHICH WILL TAKE YOU DIRECTLY TO THE START RECONCILING SCREEN. This should always reconcile to 0.00, if not an amount has been missed and needs to be investigated 22

25 WHICH CREDIT TO USE: REFUND RECEIPTS DELAYED CREDITS SUPPLIER CREDIT - CREDIT CARD CREDIT There are credits and then there are credits, but which one do you use? One of the most asked questions are: How can I refund a client after I have received the money? Can I show a credit against a client for the next invoice? How can I send a credit note so the invoice is reduced? My supplier has sent me a credit amount what do it do with this? I have received a Credit Card credit how do I enter this? And the list goes on. Let s look at the most common, the transactions that we will be using are all found under the Create button, then either under Customers or Suppliers, depending on the transaction required. 23

26 STEP-BY-STEP: REFUND RECEIPT: Used when a customer has already paid you for services/goods and for any particular reason this need s to be refunded to them directly into their bank account, or it could be an overpayment that has to be returned. 1. Choose the Refund Receipt transaction a. Enter all information required in relation to the transaction remembering: i. Refund Receipt Date: is date that the refund is being paid out of the bank ii. Refund From: choose the correct bank account that refund is paid from iii. Product/Service: choose the SAME service or product that is being returned. 24

27 STEP-BY-STEP: DELAYED CREDIT: A delayed credit is a non-posting transaction, so this will not affect a customer balance until this is applied to a saved invoice. You may be expecting some returns/credit from Customers. This is to record IN ADVANCE what s coming as a reminder. This then converts to a Credit adjustment when you raise the invoice. In this example, we have a regular customer that bought a doggy manicure package from the store and, they were not happy with the doggy manicure on the day, so to keep the customer a Delayed Credit will be applied to the customer for their next visit. 1. Choose the Delayed Credit transaction a. Enter all information required in relation to the transaction remembering: i. Product/Service: service/product to be returned ii. Description: add in details in relation to the credit 25

28 2. Invoice client when required, from the right-hand side drawer the Delayed Credit will appear a. Complete Invoice details with Product/Service purchased b. On the correct Credit click Add from the right hand side drawer 26

29 c. The Delayed Credit will then be applied to existing amount on invoice and in this example, our invoice is now 0.00, as the selling amount and credit are the same amount. STEP-BY-STEP: SUPPLIER CREDIT If you have purchased items/products from a supplier, and a return is required, your supplier should send a credit, so you can apply this against your bill, this will reduce your expense. 1. Choose the Supplier Credit transaction a. Enter all information required in relation to the transaction remembering: i. Account details or Product/Service: accounts which needs to be reduced or the Item details purchased ii. Description: add in details in relation to your RETURN 27

30 b. Apply the Suppler Credit against the bill outstanding, my secret tip is click on Expense add the suppler name, then on right hand side drawer choose the bill and the credit to be applied 28

31 c. both the bill amount and credit amount will be offset against each other, with the new amount outstanding as the amount to be paid to your supplier STEP-BY-STEP: CREDIT CARD CREDIT There are times when purchasing goods/services on a credit card, need to be returned. The credit received is easily allocated in QuickBooks Online. 1. Choose the Credit Card Credit transaction a. Enter all information required in relation to the transaction remembering: i. Credit Card: choose credit card account ii. Payment Date: date the credit amount is received in Credit card account iii. Product/Service or Account Details: add the item or account that is being returned iv. Description: add in why you returned goods 29

32 DISHONORED CHEQUE / DEPOSITS Occasionally either a Cheque presented may bounce or these days as we are in the electronic world, a Direct Debit may dishonor and be reversed if there are not enough funds in the bank account. Let s look at Dishonored Cheque s, if the Cheque bounces this will reduce the bank account, your accounts receivable will increase since the customer s payment did not go through so this needs to be reflected under the customer card and there will be more than likely a bank charge associated with this bounced Cheque. Balance sheet A/R and bank will be effected also. 1. Recording the reversal in the bank account is required to reflect the bounced Cheque. 2 separate items need to be set up for this process, the Dishonored Cheque and Fee involved a. Dishonored Cheque: Set up in Gear icon > Lists > Products and Services > New > Non-inventory and called i. Dishonored Cheque / Deposit or similar, ii. entering a description, iii. Income account will be the Bank Account. 30

33 b. Bank fee charged for the Dishonor as above > Non-inventory called i. Fee-Dishonored Cheque or similar, ii. enter a description, iii. Income account will be the Bank charges/fee account in your expenses iv. and GST free 2. Enter in an invoice to reflect the bounced Cheque a. date the deposit was reversed and amount b. include the fee that the bank charged in the dishonor process I RECOMMEND YOU BILL YOUR CUSTOMER THE FEE 31

34 3. The impact of this recording and how it effects the client account and bank account. a. Looking at the client register of Danny Dalmatian; the original invoice has been closed and the new invoice Overdue including the bank dishonor fee of $ b. The bank register reflects the first payment going in on the 20/4 $ increasing the bank, then reversal on the 21/04 $ has decreased bank account. c. Accounts Receivable has also been impacted by this transaction, payment of the original invoice on 20/4 decreased the A/R, then on the 21/04 adding the new invoice has increased A/R once again the original amount of $ Fee of $25 32

35 Please note this procedure will not reverse out GST on the original payment, if client does not pay the invoice, this will turn into a Bad Debt, follow procedure for Bad Debts and the GST will be reversed out. RETURN OF PAYMENT SENT There will be occasions where your payment sent, may be returned either you have written a Cheque or the funds are insufficient, as above this will effect the bank and also your supplier (Accounts Payable) account. The best way to deal with this is through a journal 1. Create button > Other > Journal Entry a. Enter date that your payment was returned b. Entering in Journal No: a description c. Entering bank account affected d. Choosing Accounts Payable account e. Adding in the supplier under the Name column This will return the amount owing under the supplier card and when payment can be made the outstanding bill can be paid, this reverses out the amounts in your bank account so reconciling the bank will be easy. 33

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37 Troubleshooting Client files often require troubleshooting and problem solving. There are common problems that often require troubleshooting help. BANK RECONCILIATION There are several reconciliation problems that clients cause. They are often caused by editing, deleting or making any other changes to reconciled transactions. A common problem is when the beginning balance does not match the previous month s ending balance. STEP-BY-STEP: Troubleshoot a Bank Reconciliation To troubleshoot this type of problem, use reports and built in tools to discover the problems. 1. The Bank Reconcile window is where its visible to see if clients have made changes to previous reconciled transactions. a. QuickBooks Online records any changes made in the Changes column on the account reconciliation window, b. Also showing if the bank account has been falsely reconciled by choosing the Auto Adjustment option. 2. Click the hyper-link to review the change made under the Changes column 35

38 3. Click into the transaction 4. Edit the transaction to recreate the original transaction, if it as simple as an edited transaction. QuickBooks highlights the change needed. If a client deletes a transaction, you ll be able to see that it was deleted in the change column (see below). A deleted transaction cannot be opened. To correct the error, recreate the transaction and re-reconcile for the transaction to correct the beginning balance. Use the Audit Log to find the original transaction if your need to replicate it. TIP: Use the bank register to flag a transaction as reconciled without having to undo and redo reconciliations TIP: Do not forget to re-reconcile your bank account to the last date reconciled, once edits have been completed. 36

39 AUDIT LOG The QuickBooks Online Audit Log contains a list of all the changes made to the company data. For this reason and for security purposes the audit log cannot be disabled. Lines displaying changes to transactions within the log cannot be deleted. Dates and times in the Audit Log reflect when events occurred and are displayed in local time. On the QuickBooks servers, the events are recorded in GMT (Greenwich Mean Time). When the times are displayed to you in the Audit Log and Audit History, software on your computer interprets the GMT time and changes it to reflect your time zone. The voided/deleted transactions report in QuickBooks Online is a pre-filtered version of the audit log. The Audit log can be found > Gear Icon > Tools > Audit Log, Filter by Users, Date and Events 37

40 OPENING BALANCE JOURNAL ENTRY Instead of doing a full conversion from other software to QuickBooks Online for various reasons: the file is too old, large or messy, if your client is a new startup, or they could still be using Excel spreadsheets, one method to get them started is referred to as a Fresh Start. The Customer, Supplier, Chart of Accounts and Product & Services lists can all be imported to QuickBooks Online using Excel or CSV files, if an existing file exists. After the import of these lists, you re now prepared to make the opening balance journal entries. STEP-BY-STEP: Fresh Start 1. From the Create menu, click Journal Entry. 2. The Journal date of the journal should be the last date of the prior financial year or date of cut off from old file. 3. Enter an appropriate description under Journal no., i.e. B/Fwd. Figures 4. Select the account at the top of your Balance Sheet from previous software or last financials from Accountant, entering the balance in the journal entry in the same way it appears in the Balance Sheet. 5. Continue working your way down the balance sheet, selecting accounts and entering balances as you go. 38

41 6. When you arrive at the AR section, refer to the customer balance listing and select Accounts Receivable as the account and select the appropriate customer in the Name column and their balance. 7. Continue working your way down the AR list and then commence with the remaining Balance Sheet accounts. 8. When you reach the AP account, refer to the supplier balance listing and enter the details in the same manner for AR, in the Name column 9. Continue working your way down the AP list and then commence with the remaining Balance Sheet accounts. TIP: Add your balance sheet to the Attachment field in the journal for review if required If you wish to view the Receivables and Payables in an Ageing Detail format in a report, you will need to enter in individual transaction for the Receivable s via Invoices, and the Payable s via Bills. These amounts are to match to A/R and A/P Ageing Reports from previous software. Do not forget to deduct these amounts from your balance sheet amounts. The above example of Opening Balances does not affect any P & L accounts, but put the total balance in Retained Earnings. If you wish to add the P & L detail, you will need a year end P & L Report. STEP-BY-STEP: Add P & L balances if conversion is during the current year and year to date figures will be required 1. When you reach the Retained Earnings section of the Balance Sheet you are entering the Opening Balances from, omit that account. 2. Instead, refer to the P & L report and begin to select each P & L account and enter the balance as it corresponds to the report. 3. Continue entering all totals until complete and your journal entry should balance in full. If it doesn t, review your P & L entries. Another option, instead of using both Balance Sheet and P & L, is to use the Year End Trial Balance. 39

42 Rockstar Reporting BIG PICTURE AT A GLANCE FROM THE HOME PAGE See the big picture at a glance from the home page, select individual periods required for each module Profit and Loss Expenses: Invoices Sales 40

43 NEW LOOK REPORT LIBRARY AT OUR FINGERTIPS Over 100 customisable reports available in the Plus version, All, Custom Reports or Management Reports is where your reports will be found customise and write your own reports, saving these into separate group s schedule these reports out as an when required for Directors meetings, end of month reporting to end of year reporting to your accountant or Advisor. Any report is customisable. It depends on the report that is required, you can choose straight out of the Library you will find them under their own headings such as: Favourites: just click a star on any report that you use frequently, and it will be found under Favourites 41

44 Business Overview: Who owes you: Sales and Customers 42

45 What you owe: Expense and Suppliers: Manage Taxes Employees For my Accountant 43

46 Payroll CUSTOMISE REPORTS Customising a report is quite simple, there are various options for you to choose from: Top row: Report Period: choosing any period you require Second row: Display columns by Show non-zero or active only Compare another period Accounting Method Third row Sorting your report Adding Notes on bottom of report , print, export, cog wheel And Run report 44

47 OR click on Customise top right corner when in a report TIP: Personally, I prefer this method as it gives me more options to tailor the report it becomes a mini report writer 45

48 Rows/Columns 46

49 FILTER: Header/Footer 47

50 A Profit and Loss can look like this, straight out of the Library Or it can look like this, same report, just a few customised selections 48

51 Some of the selections that have been selected are seen below: 49

52 Saving this report for next month/period will save you time in customising Choose Save customisation TIP: Grouping your reports is also a great idea to locate separate reporting Adding a Group name on the fly when saving your customised report is also a great time saver Report can then be found under Custom Reports and the Group Name you have selected 50

53 TIP: How easy would it be to automatically these group reports automatically, in Quickbooks it can be done! Setting this up is quite simple but my tip is just ensure that the date you choose for ing your reports, books are competed and reconciled. Scheduling your group to on a recurrence is simple click on Edit under the action column next to the group of reports you would like to schedule Choosing Set schedule to On Setting your recurrence, ability to CC and tailor the heading and body of that will go out monthly/period selected. 51

54 PROFESSIONAL MANAGEMENT REPORT TEMPLATES can be customised to suit individual business s and their reporting needs. Choose from the existing templates under the Management Reports tab, click Edit under the Action column, tailor to your client s needs by adding reports, choosing Cover style, Logo, Title, Subtitle, Report Period, Prepared by and Disclaimer and of course adding a new name for your template to be used. Once the new template has been saved you will be able to choose each month or period required, choose from ing, exporting to PDF or as a DOCX file copying and deleting if you no longer require the template 52

55 Table of Contents will include a Monthly Review and Summary of Accounts, adding Reports: you will be able to add comments, review s and advise or summary required that you need to notify your client add any report to this Management Report, then only dates are required to changed. 53

56 TIP: In our firm we set up a management report to suit the individual business owner in their file, then end of month, end of quarter we will send this management report to client, looks more professional, easier to manage and saving us time ADVANCED REPORTING with Business Snapshot, Budgets, Classes & Locations Business Snapshot report: Graph Report showing Income, Expenses, Previous Year Income, Expenses and who owes Me and Whom I owe Great report to view snapshot of business period can be changed 54

57 Budget Reports: If running Budgets in file, Budget Overview (see below) and Budget vs Actuals are also found in Quickbooks Classes and Locations: if running Classes or Locations or both, great reporting options to tailor to each class or location a Profit and Loss TIP: fine tune the business to work out margins within a department within a department, a state, a service, a store, a sales person, this can be quite tailored, TIP: my tip is think outside the square when setting the classes and locations 55

58 Sales by Product/Service Summary: review your sales on a constant basis, inventory products have a gross margin % 56

59 Recurring Customer Invoices report: This is set up for clients to receive monthly, that have invoices scheduled on a recurring schedule to their customers, this enables them to review each month for any edits to the invoices before they auto out to their customer TIP: review and get to know all the many reports found straight out of the library, if a different report is required customise the straight out of the box report, and help your client read the health of the business. 57