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Have you been wanting to see what bills you’ve paid over the last months and don’t know which report to use? Don’t fret! Today, I’m going to walk you through a few different types of reports as well as some financial reporting tools that are available to you in QuickBooks Online to make this process easier for you.
It’s important to note that reporting is the core of all your accounting! It’s an easy tool that frames all your sales, expenses, and everything else that helps tell a story about the overall health of your business!
It’s important to note that reporting is the core of all your accounting! It’s an easy tool that frames all your sales, expenses, and everything else that helps tell a story about the overall health of your business!
Before we start, make sure that you’ve entered the following data into your QuickBooks account:
- Business income
- Expenses assets
- Liabilities
This will ensure that your reports are accurate and useful when trying to gain insight into your business.
Accessing your Reports
Since we’ve made sure that all your data is entered, let’s go ahead and get started on how to access and use your reporting tool.
To find all your reporting options, go ahead and navigate to the Reports Tab on the left-hand side of the navigation bar. From there, you can access various types of reports from the report center.
You’ll notice that you can also use the search bar on the top right-hand corner to look up any report needed.
You’ll notice that you can also use the search bar on the top right-hand corner to look up any report needed.
Accessing your reporting list is as simple as that. For a more comprehensive intro to using the reporting center, check out this Tolstoy video here.
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Now that you’re able to locate all the reports that are available to you within your QuickBooks Online account, let’s move on to learning how to use the different types.
There are 3 primary types of reports that I will cover with you today. It’s important to understand each one of their uses so you can get the most out of these when it comes to getting valuable insight about your business.
The 3 types are:
- Summary reports
- List reports
- Detail reports
Don’t worry, I will be going over each one of these in greater detail with you to make sure you’ve got all the info you need.
Summary Reports
Let’s start by reviewing Summary Reports. These reports are mainly used when you want to pull an “overview” picture of your data. You will find that this is the type of report that you use most often on a day-to-day basis. These reports also focus on very specific data points. Some examples of this would be your Accounts Payable or Accounts Receivable reports.
A neat thing about these reports is that it allows you to look for long-range trends over an extended period of time. You’ll notice that in the example below, the report was pulled for the dates of January 1st through June 19th.
Detail Reports
Now that we’ve gone over the Summary report, which gives you an overview of your data, let’s move on to the Detail Report.
This type of report provides you with the following:
- The nitty gritty details of your accounts
- Account summaries alongside individual line-by-line transaction details
Note: If you’re trying to pull a report that will be super useful for zeroing in on very narrow information or identifying a specific set of transactions, then the Customer Balance Detail and Sales by Customer Detail reports will be the ones you want to use. These are also some of the most commonly used.
You’ll notice in the Profit and Loss Detail report below, that all the transaction details are included. This is super helpful when needing to see all the different information.
List Reports
Woohoo! The last type of report we’ll cover today is the List Report.
This report is awesome because it allows you to look at everything in your QuickBooks system. This includes your products/ services, employee information, as well as payment methods used by your company.
You’ll notice that some of these reports are pretty broad, but others can get fairly narrow and detailed. For example, if you want to see all the bills you’ve paid in QuickBooks over the last 3 months, then you can do that using a List Report.
You’ll notice that some of these reports are pretty broad, but others can get fairly narrow and detailed. For example, if you want to see all the bills you’ve paid in QuickBooks over the last 3 months, then you can do that using a List Report.
If you want to clean up your data, this is the report to help you do it. Let’s say you are wanting to remove inactive customers from your books but you have a large sales team: pull a CSV for (or print) a Customer List Report, and use it to easily identify who is no longer a customer.
It’s as easy as that!
For more detailed info on these types of reports, check out this video on How to Use List Reports: Looking Up Customers, Vendors!
Customizing Invoices
Nice work! Now that you have a deeper understanding of the 3 different types of reports, you’ll now be able to feel more confident when making insightful decisions for your business.
Now you’ll want to make sure that you also know how to customize your reports so you can get the exact data and details you need about your business! Check out this article that will walk you through everything you need to know to be successful!
If needed, here are more resources for you to explore when it comes to customizing:
- How to Customize Reports: Basics, Sorting & Date Ranges | QuickBooks Online Tutorial 2018
- How to Filter Reports: Customers, Vendors, & Products | QuickBooks Online Tutorial 2018
- How to Add Columns to Reports: Comparing Customers & Time Periods, | QuickBooks Online Tutorial 2018
- How to Save Customized Reports | QuickBooks Online Tutorial 2018
That’s all for today! Thank you for joining me as we talked about all things reporting. I hope you found this guide informative in helping you understand the different types of reports available for you within your Quickbooks Online account. See you next time!
