If you are using QuickBooks Desktop to manage your business, you must have created and used reports to know about how your business is performing. A QuickBooks report basically is a group of information that is required for software to show your busines records. You can access all the available report from the Reports menu.
This blog series covers information for the reports feature in QuickBooks Desktop:
- Understand reports
- Set report preferences
- Customize reports
- Create, access and modify memorized reports
- Combine reports from two or more company data files
- Set up and modify Scheduled Reports
To know more about the additional features of QuickBooks Reports, you can connect with our QuickBooks ProAdvisor by dialing QuickBooks Customer Service Phone Number +1800-366-1468 toll-free.
How QuickBooks Generates Reports?
The reports shown in QuickBooks Desktop as set in the instructions in Report Set. It is basically a bunch of instructions what data file will be shown according to the set of instruction lines. With the report set, you basically get to know about the lines of transactions that will be entered to the report.
Following things are included in the report sets:
- Hard-coded report structure in QuickBooks Desktop.
- Part of this structure that is embedded
- Default filters.
- Display and Filter tab settings.
QuickBooks tracks every single transaction line when you create a report. All those lines will be included in the report if they are same as the report set and the report will add it. You should know that all the reports you created reads added transactions differently. This is the reason why two or more reports with different amounts for those you were considering as one.
QuickBooks works with Source and Targets concept to apply accounting principles and processes. You should have a clear idea about the Source and Targets to use best report filters while creating a report.
Source stores all the information of a transaction including source account, source name, source memo and source amount, etc.
Targets provides you the details of a transaction or transactions and it stores all your target data such as target accounts, target names, target memos, target amounts, etc.
Press the CTRL + Y keys to get transaction journal report for the all the transactions saved in transaction in form of invoice or check. The first line you see on the report shows source data and all lines are known as the target data.
All the transactions store a particular data other than general journal entries because you can only add a line prior to the first line. This allows QuickBooks to recognize every line on the Target data form.
Available Reports In QuickBooks Desktop
QuickBooks has various default reports that helps you in identifying the condition of your business. All those reports provides you crucial information regarding your company. You can refer to the following table to understand the default report groups in QuickBooks Pro and Premier:
|Report Groups||Description||Sample reports|
|Company and Financial||Find out how your company is doing financially.||Profit and Loss Standard, Profit and Loss Detail, Balance Sheet Standard, Balance Sheet Detail|
|Customers and Receivables||Find out how much your customers owe and when it is due.||A/R Aging Summary, A/R Aging Detail, Open Invoices|
|Sales Reports||Find sales information related to customers, items, sales reps, pending sales, and sales orders.||Sales by Customer Summary, Sales by Customer Detail|
|Jobs, Time and Mileage||Find out how well your company is doing at estimating jobs, how much time is spent on each job, and the mileage expenses for each vehicle or job.||Job Profitability Summary, Job Profitability Detail, Estimates by Job|
|Vendors and Payables||Find out how much your company owes and how much is overdue.||A/P Aging Summary, A/P Aging Detail, Vendor Balance Summary, Vendor Balance Detail, Unpaid Bills Detail|
|Purchase Reports*||Find information about purchases and open purchase orders.||Purchases by Vendor Summary, Purchases by Vendor Detail, Open Purchase Orders|
|Inventory Reports*||Find information about inventory value, stock status, and pending builds, including a worksheet for checking your physical inventory.||Inventory Valuation Summary, Inventory Valuation Detail|
|Employees and Payroll||Find information about your employees, payroll, and payroll-related expenses.||Payroll Summary, Payroll Item Detail, Workers Comp Summary|
|Banking Reports||Find information about your banking transactions.||Deposit Detail, Check Detail, Missing Checks, Reconciliation Discrepancy, Previous Reconciliation|
|Accountant and Taxes||Find information related to accounting activities and income tax preparation.||Trial Balance, General Ledger, Audit Trail Report|
|List||Find lists of useful information about your company.||Account Listing, Price Listing, Customer Phone List, Vendor Phone List, Terms Listing|
|Contractor Edition Reports**||Custom-built for contractors with advanced job costing to help them analyze data on which job they are making more money.||Job Cost by Vendor Summary, Cost to Complete by Job Summary, Unpaid Bills by Job,|
|Manufacturing and Wholesale Edition Reports**||Customized tools for manufacturers and wholesalers to streamline workflow and manage finances more effectively.||Sales by Rep Detail, Sales by Product, Open Sales Order by Customer|
|Non-Profit Edition Reports**||Customized tools for Non-Profits to help them manage their organization’s finances more effectively, efficiently, and easily.||Biggest Donors/Grants, Budget vs. Actual by Donors/Grants|
|Professional Services Edition Reports**||Perfect for Consultants, Engineers, Architects, Attorneys, Designers, Ad Agencies, and more.||Billed/Unbilled Hours by Person, Project Costs Detail, Project Status|
|Retail Edition Reports**||Designed specifically to help retailers manage sales, inventory, and customer information.||Profit and Loss Monthly Comparison, Sales Graph, Accounts Payable Graph|
* Available when Purchase Order and Inventory features are enabled.
** Available in QuickBooks Desktop Premier only.
You can get a graphical presentation of how you business is performing by following the steps mentioned below:
- Sign into your company file and from the Home screen, navigate to the Insight tab. There are various reports available in QuickBooks that can be used such as Profit and Loss, Prev Year Income Comparison, Top Customers by Sales, etc.
- These data display the data as per accrual-based reporting. Using cash basis can have a different result from expected one.
Get Technical Support For QuickBooks
Hopefully, this article was helpful for you in understanding the importance of reports in QuickBooks Desktop. Using these reports can be helpful for you in getting to know where your business stands. However, if you facing any kind of issue while working on all the reports or managing them, there are possibilities that some of the reports are having some issues. In case, you are facing any kind of error code, you can dial our toll-free QuickBooks Support Phone Number +1800-366-1468 and get instant solution for all your issues.