QUICKBOOKS ONLINE 2021 CLIENT TRAINING

Course 4

Reporting

Copyright

Copyright 2021 Intuit, Inc. Intuit, Inc.

are the property of their respective owners.

The publications distributed by Intuit, Inc. are intended to assist accounting

professionals in their practices by providing current and accurate information.

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

QuickBooks Online Test Drive ........................................................................................................................ 5

Introduction to Reporting ............................................................................................................................... 6

QuickBooks Online Simple Start: 20+ Reports........................................................................................... 10

QuickBooks Online Essentials: 40+ Reports ............................................................................................... 11

QuickBooks Online Plus: 65+ Reports ........................................................................................................ 12

QuickBooks Online Advanced: 65+ Reports & Smart Reporting powered by Fathom ........................ 12

Favorites .......................................................................................................................................................... 18

Who Owes You ............................................................................................................................................... 21

Sales and Customers ..................................................................................................................................... 26

Inventory Reports under Sales and Customers .......................................................................................... 32

What You Owe................................................................................................................................................ 33

Expenses and Vendors .................................................................................................................................. 36

Employees ...................................................................................................................................................... 38

Payroll .............................................................................................................................................................. 38

Sales Tax .......................................................................................................................................................... 38

in the world. She has also been named to their Top 10 list on two occasions: as Top International

ProAdvisor and Top Trainer/Writer ProAdvisor.

Based in Toronto, Canada, Esther has the unique distinction of holding ProAdvisor certifications in

educational and certification courses for Intuit in all those countries, as well as Australia where she

conducted live QuickBooks Online training. She has spoken at Scaling New Heights, QuickBooks

in Marketing and Finance from York University’s Schulich School of Business.

or 416-410-0750.

accessed through the following link to a sample QuickBooks Online Plus company:

Craig's Design & Landscaping

You don’t have to create an account or sign in to access the test drive file; just complete the security

courses use a QuickBooks Online Plus company.

assets, liabilities, equity, income and expenses that are directly related to an organization's financial

position.

figures. These reports are also used as part of management's annual report to the stockholders.

When you want to find information, the best place to start is a report. From basic financial reports to

reports for specialized business activities, being familiar with what’s available allows you to locate the

information you are seeking quickly. You can use the link on the left navigation bar to access the

reports, which we will see more of later in this module, along with saving customizations in reports

Layout – Choose portrait or landscape; QuickBooks Online will send a suggested layout to each

QuickBooks) and a footer (http address to the report and page x / y)

If some of the columns in your report do not print, try the following:

Preview the appearance

Make the margins smaller

Change the orientation to landscape

Print on legal-sized paper

printer setup properties to see if your printer

driver supports scaling)

Export the report to Microsoft Excel®; in a

formatting and print settings

Accrual-basis reports display income at the time it was invoiced and expenses at the time they were

incurred, based on the dates on invoices and bills. It is important to understand the differences

good to view accrual-based reports to see income earned and expenses incurred, but it can also be

From the left navigation bar, click Reports. This brings you to the Report Dashboard where you can

access multiple types of reports.

Standard – The most common preset reports business owners use are here in their categories

(see below for more information): Favorites, Business Overview, Who Owes You, Sales and

Customers, What You Owe, Expenses and Vendors, Sales Tax, Employees, For my accountant,

and Payroll. There are many reports, including (depending on your subscription level): Profit and

Loss, Balance Sheet, Accounts Receivable Aging Summary, Expenses by Vendor Summary,

reports, complete with cover page, table of contents, preliminary pages, reports, end notes and

other custom content. Management reports are perfect for sharing a financial summary of your

Company Overview, Sales Performance and Expenses Performance.

categories of reports available in QuickBooks Online Plus and Advanced (as not all of them are

available in Simple Start or Essentials), we will explore ways to customize reports to provide the user

with more specific data.

be found. However, you don’t have to scroll down to a grouping to find a particular report. If you

favorite, click the empty outlined green star next to its name in its category. The star will become

solid and that report will also appear with the solid green star in the Favorites category for easy

access in the future. You can remove a report from the Favorites section by clicking the solid green

star next to its name.

group are your major financial reports: Balance Sheet, Balance Sheet Detail, Profit and Loss, and

Statement of Cash Flows, with supporting reports Balance Sheet Summary and Profit and Loss

and Loss by Customer, Profit and Loss by Tag Group, Audit Log and other reports. If multicurrency

money!” Reports show you the money. They show you where a company’s money came from, where

There are three main financial statements:

Balance Sheet – Shows what a company owns and what it owes at a fixed point in time

Profit and Loss – Shows how much money a company made and spent over a period of time

Statement of Cash Flows – Shows the exchange of money between a company and the outside

world over a period of time

Assets are things a company owns that have value. This typically means they can be sold or used

property such as plants, trucks, equipment and inventory. It also includes things that can’t be

touched physically but have value, such as trademarks and patents. And cash itself is an asset, as

are the investments a company makes.

Liabilities are amounts of money a company owes to others. This can include all kinds of

obligations like money borrowed from a bank to launch a new product, rent owed to the

landlord for use of a building, money owed to suppliers for materials, payroll a company owes to

1. Reports  Standard  Sales and Customers  Sales by Product/Service Detail.

2. Report period: Last Quarter.

3. Click Run report. Notice the columns showing Date, Transaction Type, Number, Customer,

Memo/Description, QTY, Sales Price, Amount, and Balance.

other reports. Business owners are required to maintain accurate on-hand inventory records. For

basic inventory tracking, QuickBooks Online provides the reports needed to track the inventory and

have insight into the sales of those products.

much you’ve paid in total for those quantities (the asset value), resulting in the calculated average

cost per product. The total asset value should match the balance sheet inventory balance as of the

owner, managing cash going out of the business is crucial. Weighing whether to pay something

early, on time or late can only be considered if you know what is coming by running these reports.

Notice the columns showing vendors, current, past due by days late and totals.

of time and energy to evaluate how they can control and cut down on costs. Use these reports to

facilitate better flow of information for more effective decision making.

2. Report period: All Dates.

3. Click Run report.

Notice the easy-to-follow layout, transaction type, memos and amounts.

that vendor. Click Edit in the top right and the Vendor Information screen opens for you to edit.

Upon saving, if the Vendor Contact List is already open in another tab, you’ll need to refresh the

browser so this report is updated with the new information.

Customize the columns to display the info you would most like to see.

Tax Liability, Payroll Tax Payments, Payroll Billing Summary, Payroll Details, Employee Details, Payroll

Tax and Wage Summary, Workers’ Compensation, Total Payroll Cost, Payroll

Deductions/Contributions, Paycheck List, Total Pay, Vacation and Sick Leave, Retirement Plans,

Multiple Worksites and Employee Directory.

Sales Tax reports allow you to manage the sales taxes you have collected then report and remit

those taxes to the appropriate tax agencies. The reports include: Taxable Sales Summary and

Taxable Sales Detail, and Sales Tax Liability Report. All business owners must be aware of the

potential for sales tax collection and payment in their place of business and as they deal with other

locations. Based on the details entered in QuickBooks, Sales Tax reports help prepare monthly,

For My Accountant reports include many reports that reside in other groups, but also include reports

of particular interest to accounting professionals and accounting-savvy business owners. The

available reports in this group are Account List, Reconciliation Reports, Trial Balance, Journal, Profit

and Loss, Profit and Loss Comparison, Profit and Loss by Tag Group, Balance Sheet, Balance Sheet

Comparison, Transaction Detail by Account, General Ledger, Recent Automatic Transactions,

Transaction List with Splits, Statement of Cash Flows, Transaction List by Date, Recent Transactions

and Recurring Template List.

If you set this report for automatic distribution on the second of the month to yourself and

5. Choose Smart page breaks to keep groupings together on multi-page reports.