April 14, 2022
One of the best features of QuickBooks Online is the ability to quickly generate reports. You can use a wide range of standard and customized reports to help you keep track of your cash flow and financial statements better.
Yet, if you are new to QuickBooks Online, you may not know how to generate or use financial reports. Use the following guide to get more out of your QuickBooks Online plan.
Overview of the Reports Tabs
The “Reports” section of your dashboard includes three main tabs: “Standard,” “Custom,” and “Management Reports.”
Standard reports include the complete list of reports available as part of your QuickBooks Online subscription. The “Simple Start” plan includes access to several dozen different reports. With the “Plus” plan, you can choose from over 50 different reports.
The Custom Reports tab includes standard reports that you have customized using the various customization options. When viewing a report, you can change the data and save the format for later.
The Management Reports section includes a collection of specialized reports intended for owners, board members, and managers. Decision-makers use these reports to gain a better perspective of a business’s finances.
Categories of Standard Reports
QuickBooks Online divides the dozens of standard reports into categories to help you find the right data. The main categories of reports include:
- Business overview
- Sales and customer reports
- Who owes you?
- What you owe?
- Expenses and vendors
- Sales tax
- Miscellaneous activities
The “Who Owes You” section includes an account receivable summary, a collections report, an invoice list, a customer balance summary, and other reports for tracking incoming cash flow.
The “What You Owe” section includes reports related to outgoing cash flow. Accounts payable, unpaid bills, and a vendor balance summary are a few examples.
QuickBooks Online also includes a section called “For My Accountant.” This section includes lists and reports that accountants and bookkeepers are most likely to need to review your company’s books, such as:
- Balance sheets
- General ledgers
- Profit and loss reports
- Recent transactions
- Reconciliation reports
- Cash flow statements
You can open any report by clicking on the title. You can also click on the question mark that appears when you hover your mouse over the title to view a description of the report.
A star and a set of three dots are found to the right of the title. Clicking on the star adds the report to your “Favorites” list. Clicking on the three dots opens the customization options.
Types of Reports Available on QuickBooks Online
Along with different categories of reports, QuickBooks includes various types of reports, including:
- Transaction Reports
- List reports
- Summary reports
- Detail reports
Most of the reports in QuickBooks are transaction reports. They analyze data related to financial transactions, such as the profit & loss report, balance sheets, and general ledgers.
List reports compile lists of data, such as products and services lists, customer lists, or supplier lists. You can use lists for a quick overview of data.
Transaction reports are also divided into summary and detailed reports. Summary reports offer a snapshot of information, while detailed reports provide a fuller picture.
How to Customize Reports in QuickBooks Online
After opening a report, you can customize the information that you want to be included in the report. You can edit any of the following details:
- Reporting period
- Accounting method
- Filter data points
- Rows and columns
The most useful options include changing the reporting period and filtering the data points. You can select a specific period for the report, such as the previous month, current month, previous quarters, or the entire history of your business.
Filtering the data points allows you to focus on specific sets of information. When you look at an accounts receivable report, for example, you might want to include a group of customers.
When you are done customizing the options, you can click on “Run Report” to view the results.
How to Share and Export Custom Reports
You can export or share reports when viewing them. The “Action” column of the dashboard includes a dropdown menu with several options, including “Export as PDF” and “Export as Excel.”
You can export the report as a PDF or a Microsoft Excel file and attach the file to an email. If you want to share the report with other QuickBooks Online users at your business, you can select “Share With” from the dropdown menu.
You can share the report with everyone or keep it to yourself. If you choose to share it with everyone, you will not be able to make it private later.
QuickBooks Online gives you a streamlined solution for generating and managing business reports. The least expensive plan includes access to over three dozen reports. You can also customize any of the reports to focus on the information that matters most to your business.
After customizing a report, you can easily export it or share it. The next step is to start generating your custom reports using QuickBooks Online.
If you need help with your bookkeeping and accounting, don’t hesitate to schedule a consultation with us!
Even though we are based in Albany, NY, we offer our expertise in business accounting, bookkeeping, and tax preparation all across the United States.