The dust has settled and you’ve successfully set up your QuickBooks Online in just 15 minutes. Now, let's start building a robust company file and ensure all the parts are aligned. By the end of the hour, you’ll have everything in place and ready to handle the fundamental account tasks for your business. Your first 15 minutes with QuickBooks Online Your first day with QuickBooks Online While we recommend certain time-frames, please go at a comfortable pace - - what's important is following the series in order. If you prefer an activity-based setup workflow, check out our series “ Setting up for Success with QuickBooks Online ." Minute 15: Customize your Invoices (and Sales Forms) (Gear Icon [ ] > Custom Form Styles > New) You can start sending invoices using the default template, but you should spend time designing and personalizing them. Even small changes can have a big impact. Sending your first invoice is a milestone for your business, so invest a few minutes towards making a good first impression. The Custom Form Styles module is where you create and manage your invoice (and sales form) templates. There are lots of tools that will help you enhance different aspects of your invoice. You can make basic layout and design modifications from the "Design Tab." The "Content Tab" is where you can adjust column widths and data fields – not all data fields are enabled by default and there are some you may want to omit. You can also customize the message customers receive along with their invoice in the "Email Tab." Once you’re done, save the template so you can use it again and again. You can create and save multiple templates for Invoices, Estimates and Sales Receipts. For the complete guide, check out “How to Customize Invoices in QuickBooks Online.” Minute 20: Decide how you want to get paid for Invoices (Gear Icon [ ] > Custom Form Styles > New) Don’t leave the Custom Form Styles module just yet. Out of the box, customers can’t pay you electronically for invoices until you enable QuickBooks Payments. QuickBooks Payments is the easiest way to accept invoice payments. Once a payment is received, the system will automatically update your books. While there are nominal fees for processing credit cards, consider signing up for the $0 “ Pay as you go ” plan so you can at least accept ACH Bank Transfers for free. If you already have a processing service you like and don't want to process credit cards through QuickBooks Payments, we encourage you to continue using it. To enable online payments, while you're still in the Custom Form Styles module, go to the "Payments Tab" and click the link at the bottom to complete your payments profile (you make changes to from Accounts and Settings > Payments) and follow the step-by-step guide. When you’re done, you’ll be able to select which payment methods you want available to your customers when you create templates in the Custom Form Styles module. This applies to all invoices using the specified template. If you ever want to disable payment options for a particular customer, you can toggle them off as you’re creating the invoice. This is what your customer will see when they receive your invoice: Minute 27: Learn about Receiving Payments and the "Undeposited Funds" Account Learn more in The QuickBooks Encyclopedia Take a minute to study the workflow below. In QuickBooks, there are a few types of sales forms: Invoices, Sales Receipts, and Estimates . Which one you use to record payments depends on when your customer paid you. You use invoices when you sell a product or service and expect to get paid in the future. Once the invoice is paid and the money is received (whether through QuickBooks Payments or some other means), you record the payment in QuickBooks. You use sales receipts when you sell a product or service and are paid at the time of sale. The payment will be recorded and accounted for in QuickBooks once you send the sales receipt since you’ve already received the payment. This means you don't have to complete the receive payment step. Upon receiving an invoice payment, process the invoice by clicking ( ) and selecting “Receive payment.” From there, you'll receive the payments against the invoice and deposit those payments into your “Undeposited Funds” account. This is the default “deposit to” account for the Receive Payments feature. Once you receive the payment into the Undeposited Funds account, you need to use the “ Bank Deposit " function to record these payments to the correct account in QuickBooks. You can also receive single payments and deposit them directly into a checking or savings, but there are advantages to following the Undeposited Funds workflow. We’ll cover all of this in the next article after you've received your first invoice payment. For now, we wanted to introduce this concept since this workflow is unique to QuickBooks. Minute 33: Send your first Invoice (Global Create [ ] > Invoice) The foundations have been laid -- you're ready to send your very first invoice! Click the Global Create ( ) button to start an invoice. Right away, you’ll notice you don't have any customers or products and services to add from the drop-downs, though you do have several default accounts we can use when you begin creating these items. Let's go over each highlighted area of the invoice. You have two methods for how you build out your customer and products and services lists: build lists all at once or build them as you work. We go over both methods in detail in the QuickBooks Encyclopedia. For now, let’s get started the latter and create some items as we work. Eventually, you can decide which method you prefer. (1) Let’s start from the top with your first customer. Since you have anyone in the system yet, click the drop-down and select “+Add New.” You can simply add their name and click “save” to get rolling with your invoice, but we’re going to dive a bit deeper. Instead, click “+ Details” to bring up the complete customer profile module. Here’s an important tip - even if you decide to stick with this build -lists-as-you-work method, seize every opportunity to fill out the complete customer, vendor, and product and service information sooner rather than . A few extra minutes spent inputting accurate sales form data will save time in the long run and prevent potential, cascading errors. If you are in an absolute rush, write yourself a note to go back later. (2) Head down to the product/service table to add your first product and service item. Again, since you don't have anything in QuickBooks yet, click the drop-down and select “+Add New.” The following module will appear: If you have QuickBooks Online Plus, you can enable Inventory Tracking to track quantities and create purchase orders to send to Vendors from QuickBooks when your stock runs low. Setting up for Inventory is a fairly involved process that applies to specific users, so we will cover that in a different article. For now, select either a non-inventory product or service your business offers. If you're curious, the bundle option combines multiple products and services into a single item. Depending on whether you selected non-inventory product or service, you’ll see one of two similar variations of the following: Fill out as much information as you can for the product or service item. The same guidance for customers (and vendors) applies here as well – invest your time entering complete data now rather than later. This is especially important for products and services - - prices and sales tax errors are very difficult to correct after the fact. What data you enter for a product or service depends on what information you have on hand and what you’re planning to track (for instance, if you use SKUs). Here are some tips to keep in mind as you build your first product or service item: It’s wise to add a brief item description so customers feel confident about what they’re purchasing. Adding a picture will help you stay organized, bu t images aren't isn't customer facing. The “I sell this product/service to my customers” box is automatically enabled when you create items from a sales form and cannot be turned off. When you create non-inventory items you want to track but don’t sell, you’ll have to create those from a different workflow. “Is taxable” is automatically enabled when creating a new item (which is why we already set up your Tax Center in the previous article). If you’re selling products, unless you’re selling to states that don’t require, you’re probably going to charge sales tax . In most cases, you don’t charge sales tax for services, but it depends. Sales Tax can get complicated. You probably already know the sales tax rules for your business or industry. If so, proceed with confidence. If you aren’t familiar with sales tax codes, do some research online (state tax boards are a great place to start) and reach out to a tax professional. You can create categories for items for better data tracking, but this feature isn't necessary. We will go over categories in more detail in a later article. The Income Account you select determines how sales income is tracked once it's processed. Basically, this tells QuickBooks what money from the sale of this product or service is for and thus how it should be recorded. QuickBooks Online comes with several essential income accounts right out of the box and we will teach you how to create new ones in the next article . Initially, it's a good idea to create income accounts that are somewhat broad, but not as general as "products" or "services." Was income related to your design work? A specific type of product? Create incomes accounts at the "category" level. This is also where "sub-accounts" come in to help you stay organized. For instance, you may offer multiple "Design" services and want to track income for each service. You can create a "Design" parent account and sub-accounts for each specific design service you offer. The sales price/rates you enter are applied every time you add an item to a sales form. You can adjust the rate directly from an invoice, but this change only applies to that specific invoice. If you plan to have special rates for certain customers, it’s best to create two separate items with differentiated prices. That's all it takes to create a product or service in QuickBooks. Soon, this process will feel very second nature. Keep adding items to your Invoice until you’re finished. (3) Make sure your payment terms and due date are what you want to offer to with your customers. Learn more about Net Payment Terms. (4) Since we already set up your online payment options, you can enable them at the top for this invoice. Tip - As a quick check, always check the “ Balance due, ” subtotal and sales tax total before hitting send. Ask yourself, do these numbers look right? Are taxable items being taxed? If something's off, these numbers will tell you immediately. (5) If you want to save and send this invoice later, check the box at the top. There’s another feature called Delayed Charge that saves anticipated charges so they can be added to future invoices so you don't have to create and hold several invoices for long periods of time. (6) At the bottom, you can preview the invoice or print out a paper version to send. We highly recommend sending Invoices via email so you always have a digital record and can send reminders. Click “Save and Send” and you’re done. Congratulations, you’ve sent your first customer invoice in QuickBooks Online! Minute 41: Build your Products and Services List (Sales > Products and Services > New) The next two sections lead with the “build-lists-all-at-once” methodology, which we encourage you to spend the rest of your hour doing. If you want to skip ahead to the next concept at minute 52, please do so. From the left navigation bar, click on the Sales Tab. The proceeding dashboard is where you can see all of your invoices (including the one you just created). Click the Products and Services sub-tab to bring up the following screen: Click “New” and create a few more items. This is module is exactly the same as the one you used on your invoice. Spend a few minutes creating 5 or 10 more items from scratch, remembering to include the important information like sales tax and descriptions. With a bit of practice, this entire workflow will feel second nature. Minute 45: Create your Customer list (Sales > Customers > New) Let’s do the same process for your customer list. Click the Customer sub-tab at the top of the Sales Tab dashboard. You will see your solo customer on the list. You may also notice that you have 1 open invoice (in the grey box). This bar at the top shows all outstanding/open, overdue and paid invoices within the given time periods. Click on squares to sort the list for the segment you’re interested in. When you click “New customer,” the same familiar module from the invoice will appear. Try adding a handful of your customers to get a solid grasp of the workflow. Minute 52: Decide if you want to track inventory sooner rather than later (Gear Icon [ ] > Accounts and Settings > Sales) or (Sales > Products and Services > New) We're always talking about planning ahead. If you plan to track inventory quantities, now is the time to set this up. If you have QuickBooks Online Plus, go into Accounts and Settings (Gear Icon [ ] > Accounts and Settings > Sales) and enable “Track quantity on hand.” We cover the whole inventory set up process here. Take some time to think about it. If you don’t use inventory now, will you need to track quantities on hand in the future? What about two years from now? If the answer is yes, it’s best to start using the Inventory feature from the beginning. Going back to re-edit your entire list of products, not to mention the related vendor and expense accounts, is a heavy lift. Instead, save yourself the work and build your Products and Services list for inventory tracking. Minute 53: Familiarize yourself with the Online Banking feature (Banking > Add Account) One the many areas QuickBooks Online shines is Online Banking. You don’t have to decide now, but consider whether or not you want to enable this feature sooner rather than later so you get in the habit. If you connect your bank accounts to QuickBooks Online, the program will automatically import and create records for transactions recorded on your bank and credit card statements. You can always record individual transactions manually, but this saves a ton of time. This will encourage you to track all income and expenses for your business you have a complete perspective of your business’ overall health rather than specific streams of cash-flow. You can connect multiple bank accounts to QuickBooks (including credit card and PayPal) from the Banking Tab. Once you connect an account, QuickBooks will download all transactions from the last 90 days. Learn more about "How to Connect My Bank Account in QuickBooks Online." Finished! Take a moment to reflect … As we build your QuickBooks accounts from the ground up, here are some key organizational and operational principles to keep in mind. These will help you feel confident with every decision going forward: Everything is a process – this is true of most tasks in life, but it's especially true for accounting. Most activities in QuickBooks Online, from Invoicing to Payroll, follow a particular set of processes in very a particular order. There’s an assumption that QuickBooks has a learning curve. Learning how to do things right takes practice. The methods we recommend in the Getting Started series may not always be the fastest, but if you invest the time to learn these workflows and plan ahead, you will avoid many problems in the future. Context Matters – accounting is contextual. Many accountants will tell you there’s a “right” way to do accounting. This is a true statement, but “right” is highly dependent on circumstances and industry. There is no single accounting method that will work for everyone. How you get to step 3 for your business depends entirely on how you did steps 1 and 2, information only you (and your accountant) will know. Make everything simple, relevant and personal – there are names and data points (your Chart of Accounts, for instance) that should be kept fairly standard. At the same time, you have opportunities to personalize your accounting experience. In general, feel free to give customers “nicknames” and rename non-standard accounts (like Undeposited Funds). as long as the names remain relevant and easy to understand for whoever does your bookkeeping. The little things do matter. Less is more – time and time again, we hear professional accounts recommend the same advice: create fewer accounts and only enabling features/apps you really plan to use. You’re already busy running your business, so aim to make QuickBooks as manageable as possible. You’ve come a long way in one short hour. When you're ready, check out a few more lessons on the Getting Started with QuickBooks Home Page or see what we recommend for "Your first day with QuickBooks Online." < Setting up for Success: The Big Picture Setting up for Success: Next > > Want a bigger overview? Start with the “Setting up for Success with QuickBooks Online” series > Want to jump right in? Check out our “How to Use Basic Features and Functions in QuickBooks Online” series
These videos cover the absolute fundamentals of QuickBooks Online: basic navigation, program structure, the importance of sales forms and lists in QuickBooks Online, online banking and how these all lead you to what is likely your first task – sending an invoice.
Welcome to QuickBooks Online! This is an exciting time. We're going set your business up for success from the start. Before you start sending invoices, there are a few decisions you'll need to make about your accounts and associated preferences.
Do more with QuickBooks by knowing exactly what each feature is and does. The QuickBooks Encyclopedia is designed for everyone -- those who are brand new to QuickBooks as well as those in need of a quick reference.
These guides are the source of truth, the what, how, and why behind every feature and function in QuickBooks Online. They provide facts, figures and detailed visual walkthroughs to help you do your QuickBooks accounting quickly and efficiently.
When it comes to accounting, many believe it’s better to do things right than do them quickly. We’re here to show you how to accomplish both – including the essentials in the most efficient ways possible. Follow our checklists to review your progress and ensure everything is in order. If you’ve already completed the task, you can confidently move on. If you need help, click the link and go to that section – and don’t forget to check it off your list!
“Setting up for Success” is a series of snack-sized, task-oriented tutorials curated around specific accounting workflows and the fundamental concepts behind them. Each article includes a few comprehensive video tutorials and accompanying highlight summaries. While we've handpicked these tutorials for first time QuickBooks Online users, this series is an excellent resource for anyone needing a refresher on QuickBooks Online and accounting basics. We recommend watching all of the videos as a set so you can confidently complete the specified tasks in QuickBooks Online. If you do decide to skip ahead to specific sections, do set aside time to go back and read the article in its entirety so you have a firm grasp of the fundamental process end-to-end.
“ Your First Time with QuickBooks Online ” is a series geared towards first-time QuickBooks users who want to get started bookkeeping right now. These articles cover all of the setup and accounting workflows you need to know for a comprehensive setup, guiding you from your initial sign up through your next financial quarter and beyond.
Connecting your bank and credit card accounts to QuickBooks Online is a great way to track your income spending without having to manually enter every transaction. Only recording your income through sales forms while leaving out your expenses provides an incomplete perspective of your business’ overall health, but creating records for every transaction can be a huge task.
If you connect your online bank accounts in QuickBooks Online, the program will automatically download the last 90 days of transactions recorded by your bank. The program will match existing entries already in QuickBooks online and add new records for incoming transactions without a matching entry. This feature ensures your accounts are always up-to-date and drastically reduces the amount of data-entry you need to do on a daily basis.
This guide is for anyone converting from QuickBooks Desktop (Pro or Premier) to QuickBooks Online. Each section offers step-by-step guidance and includes visuals, tips and hyperlinks to important resources. Start your conversion from the "Before you Start" section or use the links below to jump to specific points in the conversion process if you've already started.
The following tutorials focus on the “items” that you add to lists and use to create sales forms: product or service items, customers, and vendors.
Every time you create a new customer, vendor, or product and service item, you’re adding it to a list. By extension, QuickBooks uses these structured data points to organize your transactions and accounts.
Getting paid is important to everyone, especially small business owners. So when something goes wrong, it is important to understand why, how to manage the issue and how to minimize these in the future. In this article, we will guide you through the what the typical payments process cycle looks like and some specific scenarios where holds occur. If you are currently experiencing payment holds, additional guidance is provided in our next article, “Managing and Avoiding Payment Holds”.
In order to have the best possible experience, we encourage you to read through this entire article to gain a thorough understanding of payment holds. If you are short on time and need some quick guidance, you can also click on the individual links below to jump to the areas that interest you the most.
When to Expect Funds in Your Account
Good to Know - Credit Card Processing Cycle
What Triggers a Hold?
What Happens When Funds Are Placed On Hold?
What Happens When You (the Business Owner) Void a Credit Card Transaction
What Happens When Your Customer Voids a Credit Card Transaction
When to Expect Funds in Your Account
When you are using an electronic payments system, it is important to have the right expectations of when funds will hit your bank account. The time it takes to process payments can vary based on a number of factors, such as the time of day. For QuickBooks Online Payments users, credit card payments typically deposit in about 2-3 business days and free ACH Bank Transfer payments deposit in about 2-7 business days.
Good to Know - Credit Card Processing Cycle
What Triggers a Hold?
When something unexpected occurs in your transaction(s), a hold may be placed on the funds. Here are some common reasons for holds:
When your payment processing exceeds the established maximum dollar amount expected on your account
When a transaction is processed after several authorization attempts and failures
When certain transactions require verification of your business type to ensure it is compliant with the Intuit Acceptable Use Policy
When our systems identify processing patterns that pose a risk to any of the parties involved: You, your customer or to Intuit.
What Happens When Funds Are Placed On Hold?
Intuit will attempt to contact you via the phone number you have provided on your merchant account. You will then receive an email with detailed instructions on what additional information is needed in order to complete our review. For example, we may ask for a detailed invoice with the cardholder's name and billing address as they are reflected on file with their bank. To resolve the issue as quickly as possible, please submit any requested documents as soon as possible.
When will Intuit release these funds? We are unable to deposit any money from funds on hold until we complete our review. Once all of the requested information has been provided, the review is typically completed within 2 business days.
What Happens When You (the Business Owner) Void a Credit Card Transaction?
If you void a transaction prior to batching, the authorization for that amount remains, placing a hold on the customer’s credit card for around 7-10 days (or up to 30 days, depending on the policies of the cardholder’s issuing bank).
What Happens When Your Customer Voids a Credit Card Transaction?
A chargeback is a transaction that has been disputed by the cardholder or card issuer. Here are the most common reasons for chargebacks. Listed below each bullet is a list of documents to dispute the chargeback.
The cardholder claims they did not get the merchandise or service.
Rebuttal addressing the Cardholder's claims.
Proof of Delivery.
Signed proof of pick-up.
The cardholder claims the merchandise or services were not as initially described or were received in defective condition.
Rebuttal addressing the Cardholder's claims.
Proof that merchandise/service matched the description.
Proof that the Cardholder did not attempt to return the merchandise.
Proof of ongoing negotiations between the Cardholder and the Merchant.
Outside opinion from a third party expert in support of the Merchant's rebuttal.
The cardholder claims the transaction was cancelled and/or the merchandise was returned.
Rebuttal addressing the Cardholder's claims.
Proof that the Merchant's return/cancellation policy was properly disclosed to the Cardholder at the time of sale.
Proof that the Cardholder's cancellation/return was not in accordance with the Merchant's properly disclosed policy.
The cardholder does not recognize the transaction.
A copy of the Transaction Record with showing what was purchased.
The cardholder claims fraud or unauthorized charge.
A copy of the signed and swiped receipt (if applicable).
Rebuttal letter, Invoice, proof of delivery.
Compelling evidence (i.e. photographs, emails, etc.), to support that the Cardholder made the Transaction and has received the merchandise/service.
Failure to respond to an inquiry (American Express only).
Please note: Even if you work with Intuit to successfully reverse a chargeback, you still need to pay a chargeback fee. The chargeback fee is not a penalty fee but a processing fee for handling the issue on your behalf.
If you have received a chargeback, DO NOT issue a credit to the cardholder since they already received a credit from their bank upon the processing of the chargeback.
If you have need help with payment holds, please continue reading more in our next article “Managing and Avoiding Payment Holds.
If you have an Intuit QuickBooks Merchant Account who uses our credit card or ACH processing services, then this is an informative article for you. Learn how to deal with a payment on hold. Learn how to get your money faster and avoid unecessary fees.
We see lots of questions on QBCommunity about how to handle scenarios where the owner either puts money towards their business out of personal funds or uses business funds to pay for personal expenses.
These are both common scenarios and for more than financial reasons, it’s imperative to account for these types of transactions properly.
This will reapply some of the techniques we learned from the “Creating and Managing Accounts” tutorials as you may need to create some new accounts. For the workflows below, it’s very important to follow them in order and exactly as directed so your accounts remain accurate.
How to Record Business Expenses: Paying with Owner Funds | QuickBooks Online Tutorial 2018
Let’s start with a scenario where you, as the owner, paid for an expense for the business out of your own pocket. Create an “Owner’s Contributions” equity account (Accounting > Chart of Accounts > New Account) that you will use going forward.
Now, enter the Expense the same way you'd record a typical expense transaction, entering the date of the purchase and the payment method. In the line item section, enter the expense and then add an additional line item posted to your new Owners Contribution account for the same amount as a negative value . This effectively “zeros-out” the expense. By doing this, your checking account (or whatever account you are paying from) records remain accurate - - you can track what you as the owner have contributed without impacting those numbers.
It’s also wise to utilize the memo section if you want to add an explanation for why personal funds were used – the more documentation you have, the easier tax season will be. You can even create sub-accounts of Owner’s Equity if you want to separate one-off payments from other types of purchases, like assets.
We recommend checking your Owner’s Equity Account in the CoA (click “view register” for more details) and your Profit and Loss Statement after entering an Owner’s Contribution. A quick review shouldn’t take more than a few seconds.
Give it a try - simulate a few of your recent purchases as if you, as the owner, had paid for business expenses out of your own pocket in Quick Books Online Test Drive.
How to Enter Personal Expenses: Paying with Company Funds | QuickBooks Online Tutorial 2018
Now, let’s look at the opposite scenario when business funds are used to pay for an owner's personal expenses. Create an “Owner’s Personal Purchases/Owner's Draw” equity account (Accounting > Chart of Accounts > New Account) that you will use going forward.
The detail type can also be “Personal Expenses” if you want to further differentiate this account from the Owner’s Contribution account you just created (note that the Category and Detail Type can be exactly the same, but the name distinguishes the two).
Enter the expense (in the case of the tutorial, a meal) and use your new Owner’s Draw account. When you go into your Balance Sheet or CoA, you will see the company payment method you used when you entered the expense has been reduced and your Owner’s Draw Account now has a negative balance.
Check your Progress
Am I Ready to Send an Invoice in QuickBooks Online?
How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online
Setting up for Success in QuickBooks Online - Adding Products and Services, Customers, and Vendors t...
How to Adjust your Invoice Payment Terms in QuickBooks Online
This article is all about reports and financial reporting tools available in QuickBooks Online. Reports really are the core of your accounting. They frame all of your sales, expenses and everything in-between to tell you about the health of your business.
Of course, reports are only useful if you’ve entered complete data, so make sure you’ve entered all of your business income, expenses assets and liabilities entered into QuickBooks so you get a comprehensive, accurate snapshot of your business every time you run a report.
How to Use Reports Center: Categories, Insights & Information | QuickBooks Online Tutorial 2018
Reports appear on the Reports Tab Dashboard list (Reports Center), or you can search for something specific from the search field at the top. There are tons of reports available. Most will follow this titling convention:
(What you want to know) by (the criteria specified)
Some have very specific use-cases, giving you lots of options. There are common reports you’ll want to run on a daily or weekly basis such as:
Balance Sheet (which follows the Balance Sheet Equation) – tracks assets, liabilities and equity of your business – what you “own” and “owe” within a given time period.
Assets - Make sure you understand the difference between current assets (plan to sell within 1 year) and fixed assets (large purchases you plan to use over the course of several years).
Liabilities – again, know the difference between a current and long-term liability so you know how to enter things like open bills and loans appropriately. Note that while liabilities are what you owe and you’d assume this should be a negative number, it’s represented as a positive value here.
Equity – the value of your business from the perspective of the owner (including their contributions, owner’s draw and net income [activity from income and expense accounts]).
Profit & Loss Statement - tracks your income and compares it against the cost of running your business (i.e. expenses).
This is the most common report you’re likely to run. It’s essentially a summary of your income and expenses so you can see your cash flow.
Net Income is your profit after your total income, expenses and Cost of Goods Sold have been factored in. This line shows up at the bottom of your Balance Sheet under Equity (above).
Sales by Product/Service Report – the easiest way to track your sales that can be customized to show varying levels of detail.
How to Use Reports: Understanding When to Use the 3 Types | QuickBooks Online Tutorial 2018
There are three primary types of reports and each has their uses.
Summary Reports – for pulling “overview” data with some applied analysis, which is what you will probably use most often or on a recurring basis.
List reports – for pulling broad data, such as all your existing accounts or products and services.
Detail reports – for pulling “by-line” datasets within a specified date range, such as looking at your sales by customer.
How to Use Summary Reports: Summaries & Information | QuickBooks Online Tutorial 2018
Summary Reports focus in on specific data points (such as you’re A/P or A/R or total income by accounts) without getting too lost in the line-by-line details. Instead, get a mid-ranged overview of your accounts.
These types of reports are particularly useful for looking at long-range trends between specified periods of time.
How to Use Detail Reports: Transactions, Expenses, & More | QuickBooks Online Tutorial 2018
Detail Reports are for when you want to get into the nitty-gritty of your accounts.
These provide account summaries as well as individual line-by-line transaction details. “Customer Balance Detail” and “Sales by Customer Detail” Reports are common and useful for zeroing in on very narrow information or identifying a specific set of transactions.
The “group” function is also a great way to identify trends while having the specific details displayed side-by-side on the same page.
How to Use List Reports: Looking Up Customers, Vendors
List Reports are useful for looking at everything in your QuickBooks system, from Products and Services to Employee information to Payment Methods used by your company. Most are broad, but some can get fairly narrow -- want to see all the bills you’ve paid in QuickBooks over the last 3 months? There’s a report for that.
Want to hand your team a list of contact emails but not their phone numbers? Run a Customer List Report and customize with the phone number column removed.
Another use for List Reports is to clean up your data. Let’s say you want to remove inactive customers from your books but you have a large sales team: pull a CSV for (or print) a Customer List Report, sharing around your team to identify who is no longer a customer and hand it back to a single team member to make those customers inactive.
How to Customize Reports: Basics, Sorting & Date Ranges | QuickBooks Online Tutorial 2018
Running custom reports in QuickBooks lets you narrow in on the data that matters, render the data in ways that make sense to you and eliminate extraneous details so you can easily zero-in on account specifics. Moreover, going narrow with reports means knowing more about how each part of your business impacts its overall health, which ultimately helps you make more informed financial decisions.
Custom reports offer a lot of flexibility: you can apply various filters, sorting tools and ranges to pull very specific data sets. But some custom reports need not be complicated – a Profit and Loss Report scheduled to be run and emailed on a Monthly basis is a simple one with powerful insights about the trajectory of your business.
You can apply these customizations at the top of the form in these two areas:
Depending on the report you use, different customization options will be available – not all reports have the same sets of filters, but most do. Don’t forget to hit “Run Report” to apply your customizations. Customizing also enables some other cool features which we will go into later in the article.
How to Filter Reports: Customers, Vendors, & Products | QuickBooks Online Tutorial 2018
Customizing reports with “filters” brings you down to the ground from a high-altitude view of your business. Clicking “Customize” from either the report page or the vertical ellipses tool next to the report on the list gives you access to a number of filters for both row and column report data.
Rather than browsing at the enormously diverse array of customizations available to build a report, ask yourself “what data am I really interested in?” Use that answer to find the necessary filters to arrive at your answer - through this process you, will learn what is available.
How to Add Columns to Reports: Comparing Customers & Time Periods, | QuickBooks Online Tutorial 2018
Customizing reports by adding, removing or reordering columns is another great to render the data in ways that make sense to you and eliminating information that is not as useful or potentially distracting, getting you to the insights you need most with the least amount of friction.
Displaying figures as percentages, rather than raw figures, is just one compelling reason to dive into the reporting features.
How to Save Customized Reports | QuickBooks Online Tutorial 2018
Once you find the perfect set customizations, rather than reenter the same set every time you want this data, you can save a customization. Give saved reports a unique name to distinguish them and click “save customization” at the top of the report page.
Here are a few custom reports you might want to create and have on hand at all times:
Monthly Balance Sheet
Filters applied: (“All Dates,” “Date-you-opened” to “1/1/2020,” Display columns by “Months”)
Sales by Customer Detail Report for a high-value customer John Freeman
Filters applied: (“All Dates,” Customize - Filter “Customer - by “Freeman Sporting Goods”)
Profit and Loss Report for only Landscaping Installation Income (Service)
Filters applied: (“All Dates” Display columns by “Months,” Customize – Filter Products/Service “Landscaping Installation”)
Profit and Loss Report for weekly utility expenses
Filters applied P and L report: (“All Dates,” Display columns by “week” – Customize – Filters Distribution Account “Gas and Electric” and “Telephone”)
Saving reports also allows you to group them so you can set permission for who can access and view the data – which might be important if you’re working with sensitive information across a wide team.
Remember too that reports automatically update with fresh data every time you run them.
How to Automatically Email Reports | QuickBooks Online Tutorial 2018
The more features you can set on auto, the more time you will have to focus on more important business matters.
There are cyclical reports you can schedule right away that coincide with financial periods, such as a monthly Profit and Loss Report or a weekly Balance Sheet. Remember, custom reports don’t have to be complex and the interval may be enough to put it on this “recurring” email basis.
If there are custom reports you run regularly or you want constant updates on a particular report, consider scheduling them. At first, schedule them to send more often than you’d think you need and adjust from there – it’s better to get more information ahead of time than too little information too late.
To email reports, click on the Reports Tab and then the “Custom Reports” sub-tab. Select the report you want to modify, click “edit” and you can enable permissions for the report – which is separate from who will receive the email. Once you turn on “set email schedule,” you can designate the date, time interval and even set an end-date (or “none” for indefinite sending).
How to Create a Management Report: Different Kinds, Editing & More | QuickBooks Online Tutorial 2018
These are stylized “presentation-worthy” versions of reports that allow you to include notes. You can also export these into PDF or DocX files and even edit them to have a table of contents. Your team may prefer the standard format, but management reports are a great way to send a professional-looking PDF to share good news around to the team.
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