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Reports in QuickBooks 2015
 
 
 
Reports in QuickBooks 2015

QuickBooks gives you the ability to run several different types of reports. We are going to talk about these in this article, as well as teach you how to run them.

About Reports

All reports in QuickBooks are organized into categories. This makes it a lot easier to find the reports you want because you just have to go to the applicable category. You can see the categories by clicking on the Reports menu at the top of the window or by clicking on the Report Center icon.

The Report Center is shown below.

 

On the left, you can see the different report categories that you have to choose from. Click on a category to see the reports for that category.

Report Categories

Below, we have created a chart to show you reports by category with a brief explanation of the reports within the category. However, if you want a detailed description of a certain report, go to Help>QuickBooks Help, then click on the Index tab. Enter in what type of report you want to see. 

Below is the different reports available in QuickBooks, along with a description of the report.

Category

Description of Reports

Company and Financial

Reports detailing cash flow and company health. This includes assets, liabilities, and equity.

Customers and Receivables

Reports that detail invoice standings.

Sales

Details what your company has sold and who it sold to. You can sort by item, customer, or sales rep.

Jobs, Time, and Mileage

Job and item profitability. Compare job estimates vs. cost, time on jobs, and vehicle mileage.

Vendors and Payables

Details about unpaid bills

Purchases

Tells you who you bought from, what you bought, and how much was paid.

Inventory

Shows you what you have in stock.

Employees and Payroll

Only available if you have signed up for Payroll options with QuickBooks. Track payroll. Check payroll liability accounts.

Banking

View checks and deposits

Accountant and Taxes

Income tax reports, general ledger reports, and trial balance.

Budgets and Forecasts

Compare actual money spent/earned with your budget.

List

See your lists in detail.

Contributed (Found as a tab at the top of the Report Center window)

These are custom report templates from Intuit and outside parties, such as accountants, developed and contributed to QuickBooks.

Industry Specific

Some versions of QuickBooks allow you to run industry-specific reports for accountants, wholesalers, professional service firms, manufacturers, and contractors.

How to Create And Print a Report

The first step to creating a report is to choose the category where you will the find report you want to create. We are going to select Banking.

 

Select the report you want to create. 

We are going to select the Deposit Detail.

 

Click the green arrow icon to run the report.

 

If you want to print a report, click the Print button at the top of the report. You can choose to print the report or save it as a PDF. 

If you choose to print the report, you will then see the Print Reports dialogue box.

 

If everything looks okay to you there, click Print. 

Customizing Reports

If you are going to show a report to vendors, investors, or other people, you may want to make them look a little better or more tailored to your business and its needs.   You can also use QuickBooks to customize these reports. 

There is a row of buttons at the top of all report document windows that you see when you create a report. The buttons are pictured below. They are Customize Report, Comment on Report, Share Template, Memorize, Print, Email, Excel, etc.

Want to learn more? Take an online course in QuickBooks.
 

If you click the Customize Report button, you'll see the Modify Report dialogue box.

 

Using this dialogue box, you can change how the information is displayed in a report, as well as how it's arranged. 

  • Under the Display tab , you can customize the date range for the report, as well as the basis for the report. 

  • The Filters tab is where you can customize the data used to generate your report.

  • The Header/Footer tab is where you can customize the information displayed in the header and footer.

  • The Fonts & Numbers tab is where you can customize the font.

Memorizing Reports

Once you customize a report, you may not want to have to customize it again every time you run it.   Instead, you can memorize a report that you modify so that your customizations are applied each time you run it.

To view memorized reports, go to Reports>Memorization, then choosing the report's name in the submenu.

To memorize a report, run the report you want, then apply customization.

 

Click the Memorize button at the top of the report.

 

Type a name for the report in the Name field.  

To save the report in a special group, check Save in Memorized Report Group, then select the group.

Click OK when you are finished.

Emailing a Report

You can email a report as an Excel workbook or a PDF version.   To email a report, click on the email button above the report, as pictured earlier in this section. When you click the email button, you'll see a dropdown menu where you can choose the report format (Excel or PDF).   

If you have an email program installed and set up, QuickBooks will then use that to create the email.   However, if QuickBooks doesn't find an email program (such as Outlook) to use, you'll see the Edit E-Mail Information dialogue box. 

Exporting a Report

To export a report, click the Excel button in the bar that appears above your report. Select Create New Worksheet from the dropdown menu that appears. You will then see the Send Report to Excel dialogue box.

 

If you want to create a new Excel file with the report information, select Create New Worksheet.

If you want to add to an existing Excel workbook that already contains a report, select Update in Existing Worksheet.

When you are finished, click the Export button.

Report Preferences

If you're going to show a report to vendors, investors, or other people, you may want to make them look a little better or more tailored to your business and its needs.   You can also use QuickBooks to customize all your reports to better suit your business. 

To do this, go to Edit>Preferences.   Click Reports and Graphs on the left, then the Company Preferences tab. 

 

Here are the things you can do by clicking on the various options displayed:

  • Accrual.   A tricky word, but what it means if you select this your QuickBooks report will show what your business as accrued -- or gained. This includes transactions, sales, purchases, expenses, etc. from the time that you recorded them. 

  • Cash.  Selecting this will mean that all transactions are counted from the time you receive payment from the customer and make expense payments. Accrual means from the time they are recorded. Cash means from when you receive/pay. 

  • Age from Due Date counts expenses and invoices from their due date. 

  • Format will help you change the look of your report, such as the headers and footers. 

  • Reports -Show Accounts By . This will allow you to tell QuickBooks how to arrange the information in the report. You can choose by name, description, or both. 

  • Statement of Cash Flows - Classify Cash . This is better left for a CPA. It tells QuickBooks what to do when it comes up with a perfect statement of cash flows using accounting.   Again, leave it for a CPA.

Click OK when you are finished.

Adding Comments to a Report

If you want to enter extra information or feedback on a report to share with others, you can do so by adding a comment.   To add a comment to a report, first run the report that you need. We are going to use the Deposit Detail report again.

 

Click the Comment on Report button at the top of the report window.

 

Small comment boxes now appear in the report.

To add a comment, click on the comment box that matches where you want the comment to appear. You will see a text box for the comment.

 

Enter the comment, then click the Save button.

Add more comments if you want.  

When you're finished, click the Save button at the top of the report.

Enter a name for the commented report.

 

 Click OK.
 
Online Banking with QuickBooks

QuickBooks gives you the ability to connect your bank accounts in QuickBooks to your actual bank accounts online.  When you connect QuickBooks with your bank accounts, you then have the ability in QuickBooks to download balances and transactions from your bank account.  The connection between your QuickBooks bank accounts and your actual bank accounts is called bank feeds. It's different than your regular online banking, because you will use QuickBooks to log in to your bank account.  This article will give you a general overview of online banking with QuickBooks. 

Preparing for Online Banking with QuickBooks

In order to connect your QuickBooks accounts with your actual bank accounts, there are some things you need to do to prepare both accounts for the connection. Keep in mind that the services that you will be able to subscribe to, as well as the cost for those services, will vary depending on your financial institution.  

Some of the services are:

Access to your bank account . You are able to download transactions into QuickBooks and check the status of transactions. Typically, this is free.

Access to credit card transactions as long as your credit card is set up in QuickBooks, and you enter credit card charges individually.

Pay your bills.  There is typically a fee associated with this. 

That said, before you can think about any of this, the first step you need to take is to apply for online banking with your bank(s).   Once your bank processes your application, you will receive a confirmation, as well as a PIN or password. Make sure this information is correct, because the next step will involve connecting your bank account to QuickBooks.

You will use the Bank Feed Setup wizard to connect your bank account to QuickBooks. 

Using the Bank Feed Setup Wizard

To use the wizard, go to Banking>Bank Feeds>Set Up Bank Feed for an account.

You will see the following message:

 

Click Yes.

You will then see the Bank Feed Setup dialogue box.

 

In the Enter Your Bank's Name field, start typing the name of your bank.  You will see your bank's name appear in a Matching Results list. When you see your bank's name, click on it.  When you do this, QuickBooks will download information about your bank.   This will determine what you will see, based on the type of connection your bank offers.

For example, if your bank connects directly to QuickBooks, you'll be asked if you've enrolled in online banking services. If your bank doesn't connect with QuickBooks, you will see a dialogue box entitled Manually Import Transactions. This will tell you how to manually import transactions into your account.

As you can see below, our bank now connects to QuickBooks. This is a recent development.

 

We can now enter our banking ID and password, then click Connect.

In the next screen, you will see all accounts that you have with your bank.   Go to the QuickBooks Accounts column.   Click on the downward arrow that's to the right of Select Existing or Create New box for the account you want to activate. Select an entry.   Your account should already be in QuickBooks, so you can choose that account from the dropdown list. However, if you need to add the account, click <Create New Account>.

When you are finished, click Connect.

You will see a "Success!" message once QuickBooks and your bank account have connected.

Click Close.

How Your Bank Exchanges Data with QuickBooks

Your bank determines which of the two ways that it communicates with QuickBooks. 

With a direction connection , there will be a secure Internet connnection that links to your bank's computers.   A direct connection allows you to download bank transactions and statements, transfer funds, pay bills online, and email your bank. You will set up all these things before you connnect to your bank if your bank uses a direct connection.

Web Connect , on the other hand, uses a secure connection to download your statement information. You must import the download information into QuickBooks.  

To connect with your bank, go to Banking>Bank Feeds>Bank Feeds Center.  

Once you've exchanged data with your bank, QuickBooks will try to match the data you've downloaded from the bank with transactions in your company file. If QuickBooks can't match a transaction, you must tell QuickBooks what to do.  

Online Banking Modes: Express Mode

There are two banking modes available in the Bank Feeds Center. Express is probably the most popular. 

  • Express mode allows you to match downloaded transactions with any transaction in your company file in QuickBooks, and you don't have to leave the Bank Feeds Center to do it.   

  • This mode also will show you your online bank account's balance next to the balance in you QuickBooks account. 

  • Once you download your transactions, you can see what work the program has done, plus what still has to be done in the status area.  

  • It also creates renaming rules so that the awful names banks give payees are renamed. If you have a payee listed as "The Shop #135-23?#", you will be able to edit a renaming rule so it and all future downloaded transactions with that payee appear as "The Shop" – or whatever you want it to be.

Online Banking Modes: Classic Mode

If you use a currency other than the United States dollar, Classic mode will be the only mode available to you. 

Classic Mode lets you see your account register while you match transactions.  

Scroll through the register and correct any errors that prevent the transaction in the company file from matching the transaction downloaded from your bank.

Create aliases so that you can rename payees. 

Downloading Statements Using Web Connect

The way that your bank communicates with QuickBooks will determine how you download statements.

With Web Connect, use your web browser to log into your bank's website.   Once logged in, find and click on the button that will allow you to create a file of your transactions.   The button may be labeled "Download to QuickBooks."   You will then import that file into QuickBooks by going to Banking>Bank Feeds>Import Web Connect File.

Using a Direct Connection

If your bank uses a direct connection, you can do more than just download a statement. 

You can also:

  • Receive cleared transactions

  • Pay bills

  • Transfer money from one account to another

  • Send messages to your bank

Whenever you open the Bank Feed window, QuickBooks will get the cleared transcactions from your bank account for you.  

Before we learn how to set up online bill pay, transfers, and messages to send to your bank, it's important to know where you need to go in the Bank Feeds window to begin doing these things.

If you use Express mode, go to the Send Items to Your Bank section. The dropdown menu with the Create New button lets you create online transactions for services you've signed up for with your bank or Intuit.

If you use Classic mode, you will see online items appear in the Items to Send Section.

Online Bill Pay

There's no special dialogue boxes or windows to pay your bills online. However, your bank account must be activated for online bill payment for any of these online bill pay methods will work. 

You can use any of these three methods to pay bills using online bill payments:

1.  Go to the Pay Bills window. Choose Online Bank Pmt. In the Method dropdown list.

2.  Go to the Write Checks window. Under the main tab, put a checkmark in the box beside Pay Online.   

3.  Go to the account register window. Enter "Send" in the Number cell. 

QuickBooks will then add the payment to the list of items to be sent to your bank. When you open the Bank Feeds window, those payments will apppear in the Send Items to Your Bank section for Express mode, or the Items to Send section in Classic mode. 

Once you let QuickBooks send the transactions, the bill payment service will transfer the money from your account to the vendor's account. If the vendor does not accept electronic payments, it will print a paper check and mail it to the vendor.

Sending a Message to Your Bank

To send a message to your bank, go to Banking>Bank Feeds>Create a Message for Your Bank.

You will then see the Bank Feeds Message window. 

Fill out the fields in the box which allow you to choose the bank you want to contact, the subject, your account, and your message.

Click OK.

Transferring Funds from One Account to Another

To transfer money from one account to another, go to Banking>Transfer Funds.  

In the Transfer Funds Between Accounts window, fill in the fields. Put a checkmark in the Online Funds Transfer checkbox. 

Save the transaction. 

The transfer is added to the list of items you will send to your bank.

NOTE: To transfer funds, you must have both accounts with the same financial institution.  
 
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