QuickBooks provides many standard reports that you can generate for your
clients. You can also set up the customized reports in your clients' data
files and memorize them. This makes it easier to recall the reports you find
useful, without repeating all the steps to customize each time.
Statement of cash flows
The statement of cash flows report shows how your client's cash
position changed over a period of time. It shows the amount of cash earned from
profit, where the client received additional cash, and where cash was
Use the report to see how much cash was provided or used by:
The QuickBooks comparison balance sheet lets you compare current balances
with prior periods (such as last year). If you are preparing a statement of
cash flows , the comparison balance sheet shows which items would be affected.
It also helps you determine "where the cash went" when your client
is reporting net income but no comparable cash increase.
Before printing the report, you can view it onscreen. If you see balances
that appear abnormal, use QuickZoom (by double-clicking the balance in
question) to see a detailed transaction report on that balance.
While displaying the detailed transaction report, change the date range to
look only at a specific month or quarter. You can then print the report for
your files. (New fixed asset purchases are a typical use of this type of
transaction report. QuickZoom on the fixed asset amount on the balance
Profit and loss report (income statement)
For year-end preparation of tax returns or financial statements, create a
standard profit and loss report and change the date range to "Fiscal year
to date." Customize the report to include columns for Previous Period, %
Change (from previous period), and % of Income.
Analyze income and expense accounts and see a detailed transaction report by
using QuickZoom to view any amounts that seem abnormal. If the income statement
points out a need for "reclassification," you can either merge
accounts or QuickZoom to the original transaction and make the changes.
If your changes would affect the balance sheet, you might want to create a
journal entry. (Go to the Company menu and click Make General Journal Entries.)
Cash disbursements journal
The QuickBooks check detail report gives you the same information you would
see in a cash disbursements journal. The report lists all transactions that
decrease (credit) the bank account, and the expense accounts associated with
each transaction for the specified date range. For each transaction, QuickBooks
also displays the transaction type (for example, whether it is a check, bill
payment check, payroll check, liability check, payroll YTD adjustment, or
general journal entry).
This is one of the few reports that provides all the account information for
each transaction—even for transactions that are associated with more than
one account. (On other reports, QuickBooks displays the word
"split," rather than listing each account assigned to a
Cash receipts journal
The deposit detail report provides the information you would normally see in
a cash receipts journal. The report lists all transactions that increase
(debit) the bank account. QuickBooks does not display the income accounts that
the payment is linked to. Instead, it displays "Undeposited Funds"
or "Accounts Receivable," depending on how the payment was
Because the QuickBooks deposit detail report (cash receipts journal) does
not provide income account information, you may want to generate an additional
report that displays all sales (paid and unpaid), with account detail, during a
specified period of time. To generate a report that displays all sales and
account information, you can customize a QuickBooks journal report.
The unpaid bills detail lists all unpaid bills by vendor. When you combine
this report with a check detail report, you have a complete picture of all
purchases during a specified period of time. Together, the two reports provide
the information you would find in a purchase journal.
If your clients also make credit card purchases that they track in
QuickBooks, you may want to create a customized journal report to show the
purchases on that credit card. This report lists all credit card transactions,
with complete account detail, for the specified period of time.
The 1099 report is helpful for preparing the annual 1099 forms, as it will
indicate only the payments made during the year for each vendor. QuickBooks can
print directly onto 1099-MISC forms.
You can create a trial balance report and work from it while recording
general journal entries.
You can print the report to disk to obtain the basis for creating a working
trial balance using a spreadsheet program. If you have Microsoft Excel, you can
export the trial balance report directly to Excel.
You can make journal entries by choosing Make General Journal Entries from
the Accountant, Banking, or Company menu.
You can prepare standard journal entries for recurring items such as
depreciation, expensing prepaid items, regular accruals of expenses, or
amortization of interest on notes payable (using 1/12th of the annual expected
interest expense). You can memorize each of these transactions in QuickBooks
and have them automatically post at the end of each month. This lets you
capture a significant portion of the year-end expenses.
If you need to, you can reverse a journal entry at a later time. Reversing
an entry creates a new entry, dated the first day of the next month, that
reverses the debit and credit amounts of the original entry.
Use autofill to add your memo to all lines of a general journal
entry. In the General Journal window, make sure the "Autofill Memo"
checkbox is selected.
Make sure you provide the client with the journal entries and have the
client record the entries in their original data file. Otherwise, you may be
repeating entries each time you prepare a financial statement. In addition, the
client does not have accurate information to use for managing the business.
If you maintain copies of your clients' data disks, you might not need
to print a general ledger, but if you need a copy after making journal entries,
you can create and print a general ledger report. As with other QuickBooks
reports, you can customize the date range to cover the entire fiscal year or
any other period of time.
For your client files, you might want to have a hard copy of the QuickBooks
bank reconciliations, along with the client's last bank statement. You
can print a reconciliation report (detail or summary) for any reconciliation
If you do the reconciliation, you can use the reconcile discrepancy report
to see which cleared transactions have changed since you last reconciled. The
report can help when QuickBooks shows a different beginning balance for the
current reconciliation period than the client's bank statement.
Collapsed detail reports
In QuickBooks Premier: Accountant Edition, several standard detail reports
initially display with all transactions containing multiple items and amounts
"collapsed" to only show one item and amount per transaction. This
provides a more concise report that is easier to scan and print. To view all
details, click Expand on the report toolbar.
The following reports are collapsed by default:
transaction detail by account
profit & loss detail
balance sheet detail
Getting an overview of company
Working with payroll
reports and payroll data