There are several pre-custom reports that will help you easily get a view of how well your business is doing. Some of the most commonly used are the following:
Profit & Loss Detail Report
This report shows year-to-date (YTD) transactions (instead of totals only, as in the P&L summary report) for each income and expense account.
By default:
- It displays the adjustments column, which indicates if an account has had any manual adjustments made to it.
- It is collapsed; in other words, for each item containing multiple amounts, QuickBooks combines the amounts into a single amount. Shortening the report in this fashion makes it easier to print.
Note: The default date range is for this financial year to date. You can show profit and loss for a different date range by choosing another date range from the Dates drop-down.
To run this report, go to the Reports menu, then select Company & Financial > Profit & Loss Detail.
Balance Sheet Detail Report
This report is a more detailed version of the Balance Sheet Standard report. For each account, the report shows the starting balance at the beginning of last month, transactions entered in the account for this month to date, and the ending balance as of today.
Like the other Balance Sheet reports, this report calculates how much your business is worth by subtracting all the money your company owes (liabilities) from everything it owns (assets). The result is what your company is worth: your business's equity.
By default:
- It displays the adjustments column, which indicates if an account has had any manual adjustments made to it.
- It is collapsed; in other words, for each item containing multiple amounts, QuickBooks combines the amounts into a single amount. Shortening the report in this fashion makes it easier to print.
To run this report, go to the Reports menu, then select Company & Financial > Balance Sheet Detail.
