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Quick Start with a QBO Expert: Reporting

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Hello Community! Today’s your lucky day because I am here to introduce you to Stone, a senior support specialist, who is on our Human Assisted Experience team for Accountants. Having started his support experience in QuickBooks Online, Stone spent his first 4 years at Intuit between National Accounts and Next Level Help Tier 2 Support.
When it comes to working in a new QuickBooks Online account, there are so many moving pieces to consider that it can sometimes feel a bit overwhelming! That’s why Stone is here to provide you with his Top 3 focus areas when getting started with reporting in QuickBooks Online so you can be set up for success.
So let’s dive in and take a look at what he recommends!


Tip #1:

Many businesses have different ways they need to run reporting, so don’t forget that you can customize your reports.
Once you customize a report, you can save that customization for future use!  Try playing around with different reports to start to find the one that best fits your needs as financial reports in QuickBooks give you tons of great info about your business.
Expert Tip: There are customized options that are not always applicable to every report. For example, even though you can run a Balance Sheet report and filter it by Class, the data may not be sorted properly due to how classes interact with a transaction:
  1. Open an Invoice
  2. Locate the Class Field
Because the Class is set on the same line item as the transaction itself, the Class filter can only be accurately used on reports that sort information on a transaction/detail level.
The Profit & Loss report is a transaction-level report, so you can sort it by Classes that are assigned at a transaction-detail level on an invoice.
  • You can also filter a P&L report by Income Account since that’s tied to the Product/Service inside the Transaction Details.
  • If looking at a Check transaction, you can also filter P&L by Distribution Account as that’s tied to the check via the Transaction Details (the Category drop-down).
The Balance Sheet report is a header-level report, so it’s unable to classify the data accurately.
  • If you create a Balance Sheet by Class report, you may see transactions incorrectly listed under a “Not Specified” column.
  • On a Check transaction, the Header section includes the Account drop-down which means you can filter by Account (but not distribution account).  





To check out more resources on customizing reports, you can check out this article here.
Tip #2:
For Accountants, when you’re in your client’s QBO account you can use the Accountant Tools at the top to set the default report view to either cash or accrual basis, for each individual client.
You can do this by following these steps:
  1. Select Accountant Tools
  2. Select Report Options
  3. Set your default filters (Date/Basis)
  4. Check if Books are Closed

Review the Reconciliation Status  

Note: Make sure to set this up in each individual QBO Account to save you some time with report formatting.




For non-accountants, you can set your default report filters by following these steps:
  1. Select the Gear Icon on the top-right
  2. Select Account and settings
  3. Select the Advanced tab
  4. Select the Edit Pencil to the right of the Accounting section
Note: You can set defaults for the First Month of the Fiscal Year, First Month of Income Tax Year, Accounting Method (Accrual vs. Cash), and can Close The Books to add a pop-up whenever someone tries to edit a transaction in a closed period. 



Check out this article for more info on differentiating between  Cash and Accrual basis here.
Tip #3:
If you’re migrating your data from QuickBooks Desktop to QuickBooks Online, use the Accrual Basis report to compare the data.
The way in which data moves from Desktop to Online makes it so Cash Basis doesn’t always match between the two products.
Therefore, you’ll want to run a Profit and Loss report or Balance Sheet report, on an Accrual basis, for All Dates. This will help to confirm that your data has moved over correctly. With this, make sure to not forget to double-check the balance of each of your Accounts Receivable and Undeposited Funds accounts.
Here are the steps to do so:
  1. Go to Business Overview and select Reports (Take me there), or go to Reports (Take me there).
  2. Select Balance Sheet.





Other Report Discrepancies You Can Expect:
    1. Inventory: QuickBooks Desktop tracks inventory using Average Cost by default while QuickBooks Online tracks inventory using First In First Out (FIFO).
    2. Multi-currency: Transactions with 3 different types of currencies do not convert to QuickBooks Online.
For more resources on this topic, feel free to check out the following articles:
That’s all for today. If you follow these 3 tips when getting started with reporting within QuickBooks Online, I can assure you that you will be well on your way to a successful start. I hope this was helpful and as always, please feel free to reach out here in the community for any questions!    

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