A Guide to QuickBooks Online Reports

Your Business at a Glance

When you first sign into your QuickBooks Online dashboard, your screen will display a comprehensive yet clear overview of your business finances. At a glance, you can view your recent expenditures, sales transactions and the current status of your invoices. A streamlined Profit and Loss graph is also displayed along with a listing of your company account balances. You can also review a full list of all your business activities on the site and which staff member performed each one. But what if you would like to get more information than what is given to you on the dashboard? With QuickBooks Online reports, you can do just that.

You can accomplish quite a lot of major work with the aid of this page and QuickBooks Online reports. For example, by clicking the bar located on the invoice graph, you can view a list of your client invoices and access individual financial transactions. You can click Expenses to examine the related Transaction Report. Below the account balances listing, you can access registers to connect your new accounts.


More Important Questions about QuickBooks Online Reports

The detailed yet well-organized information provided on the dashboard enables you to catch potential accounting problems. These issues may be relative to expenses and sales, accounts, or overdue invoices. Other major areas of your company finances that may require regular attention include your budget, accounts payable and foreseeable future monies owed.

The dozens of helpful report templates provided by QuickBooks Online supply clear, concise solutions to these and other issues and related questions. By examining this information thoroughly, you can be prepared to plan wisely for your company’s future. You will have complete understanding of the financial track record and current status of your business. By following a few clear, simple instructions, you will know how to use QuickBooks Online reports.


Comprehensive yet Condensed and Customizable Reports

By clicking Reports in the toolbar of your QuickBooks Online dashboard, you can access All, the default view. This advanced design website separates report data into different sections. These divisions include Business Overview, Sales and Customers, Expenses and Vendors and Payroll. To the right of each section name are two buttons.

When you click the star, the corresponding report title appears in your Favorites list at the page top. This feature saves valuable time, allowing you to locate your frequently used reports. By clicking the three vertical dots and Customize, you can view the options that can be customized for that report. You will also be able to access this tool directly from your reports.


Frequently Asked Questions from Business Owners


How can I track business income and expenses in QuickBooks Online?

Using the QuickBooks Online platform, you can scan receipts to assist you in tracking and organizing business expenses. Just snap quick photos of receipts with your smartphone, tablet or laptop camera and scan them into your QuickBooks account. The system will attach each receipt to the expense category that it matches. At tax filing time, your receipts will be available and ready for use.


How can I generate a monthly expense report by vendor?

To run a monthly expense report for an individual vendor, access Reports in your QuickBooks Online dashboard. Then search for, locate, and open the Expenses by Vendor Summary Report. After selecting Customize, set the desired report period by date range according to the billing dates. Then select the Columns drop-down menu and click Months. Select Run Report. You will soon have a good understanding of how to use QuickBooks Online reports.


How can I pull an expense report in QuickBooks Online?

To pull an expense report in your QuickBooks Online account, first access the Transaction Report, then click Customize. Under Filter, tick the box marked Distribution Account and then select All Expenses Accounts. Tick the box marked Transaction Type and choose Expense. Click Run Report. If you have questions, you can review the instructions for your QuickBooks Online set up.


How can I run the Profit and Loss by Month Report?

In your QuickBooks Online account dashboard, locate the Reports tab and enter Month in the search bar. From the data that appears below, choose Profit and Loss by Month Report. Under Report Period, choose Last Year-to-Date to show report data. Before long, you will feel comfortable, knowing the major aspects of how to use QuickBooks Online reports.


How can I produce a scheduled report in QuickBooks Online?

You can create scheduled reports in your QuickBooks Online account by going to the Reports menu in your dashboard. Access Scheduled Reports and Schedule Setup, then select the report that you want to send and click Next. Set your report schedule and compose your email message as explained in your QuickBooks Online set up. Then click Schedule to complete this task. You will soon appreciate the great convenience and value of using the QuickBooks Online accounting software


Essential Knowledge and Understanding of QuickBooks Online Reports

The sophisticated QuickBooks Online set up enables you to access and run any of your reports whenever you like. The majority of small companies do not need frequent and focused scrutiny of their financial accounting records. However, the following five QuickBooks Online reports are ones that you should review on a regular schedule:


  1. Accounts Receivable Aging Detail. This report displays a listing of unpaid invoices. The invoices are separated into logical groups, such as 1-30 days past due and 31-60 days past due.


  1. Budget vs. Actuals. This essential report simply compares your monthly budget figures with your actual income and expenses.


  1. Unpaid Bills. By displaying the amounts due and due dates, this report enables you to pay bills in a timely manner and avoid accruing late fees.


  1. Sales by Product/Service Detail. This helpful report alerts you to what is currently selling and what is not. It includes the display date along with the transaction type, quantity, rate amount and total.


  1. Product/Service List. This important list gives a clear and inclusive account of the products and/or services that you offer. It displays columns for price, cost, and quantity of your current inventory.


Warning Note: Be aware that some reports allow you to make the choice of cash or accrual basis. If you do not understand the difference between these two categories, consult us for professional advice. We will help you determine which one you should select for your business.


Complex QuickBooks Online Reports Customization and Analysis

Within a short time, you can become quite knowledgeable about how to setup QuickBooks Online reports and use the QuickBooks Online accounting software. However, in your QuickBooks Online account, you can locate a category of reports termed For My Accountant. This is where we can help.

This site contains report templates that you can easily run, yet you may experience difficulty in customizing and analyzing them. Examples of these standard financial reports are Balance Sheet, Statement of Cash Flows and Trial Balance. When you structure a business plan or apply for business funding, you will need these reports.

There is no need for you to generate these reports often. However, you should gain knowledge from the insight that they provide either monthly or quarterly. For this reason, it is of great benefit to your business when you know how to setup QuickBooks Online reports. We can offer the financial expertise to manage this aspect of your accounting tasks for you. We can also handle all other areas of the financial management of your business as needed.


Company Growth Means New Reports

We know that your business financial management and accounting needs are likely to change as your company develops and grows. At times, you will need new reports generated that you have had no need to create and access in the past. As your client base increases and your sales reach and market expand, you will need access to additional reports. Different types of financial data and analysis will need to be available to assess your company’s financial status.

Although you have gained some level of proficiency concerning how to setup QuickBooks Online reports, you will most likely need some advice from financial management and accounting experts. You may also need additional assistance with the use of the sophisticated QuickBooks Online accounting software.


New Employee Reports

When you create new employment positions and hire new employees for your company, your financial reporting needs will change. You will need to generate and review new types of financial data reports. At tax filing time as well, you will have need for more complex and detailed financial management and analysis of data. Our experts can assist you with all aspects of these new and varied reports.


What is Next…

Contact us today for a consultation to determine how we can best provide you with expert feedback, advice, and professional accounting services. Our goal is to enable you to make better informed financial decisions for the future success of your company. We are always available to address and answer any questions or concerns that you may have.

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