In business, you often need to share information with others. You may want to produce a report that shows which customers owe you money or a list of your top-selling products. In fact, there are dozens of reports that businesses routinely create to keep track of their finances. But can you create a report in QuickBooks online? This article will show you best practices on how to create custom reports in Quickbooks online.
The answer is yes! QuickBooks Online makes it easy for you to create reports directly from your company file and share them with other users. There are many different types of reports that you can create in QuickBooks Online, such as account balances, budgets, checklists, and more.
In this article, we will explain what a financial report is and how to create one in QuickBooks Online.
What is a Report in QuickBooks Online?
A report is a document that shows your business data. You can create reports to view account balances, track sales, or see your profitability. Reports can also include graphs and charts to help you analyze your data. You can create different types of reports in QuickBooks Online, such as account balances, budgets, checklists, and more.
When you create a report, you select the data that you want to see. You can use the filter options to view only a certain type of data. For example, you can filter a report to show only the data for a specific customer or to show only the data for a specific date range. This way, you can customize your report to see the data that is most important to you.
How to Create a Report in QuickBooks Online
There are two ways that you can create a report in QuickBooks Online. By using Quickbooks reporting tools you can either click the Reports icon or select the report tab at the top of your screen. You can then select the report type that you want to create.
You can filter your report based on date ranges, customers, vendors, or employees. You can also use the filter options to view specific types of data, such as only open invoices or only profit-and-loss data.
Once you’ve created your report, you can then save it. You can select the Save as new report option to create a new report based on your original data. You can also select the Save as a Copy option to create a new report that uses the same data as the original report.
Payroll Reports in QuickBooks Online
These reports show the payroll-related data for your business. You can create payroll reports to view your payroll data by employees, payroll types, check numbers, or dates. You can also create payroll reports to view payroll deductions by payroll types, dates, or employees.
Payroll reports are useful for businesses that have employees and need to track payroll-related data. Two of the most common payroll reports are employee reports, and payroll deduction reports.
An employee report shows the information for each employee, such as the hours worked, gross pay, deductions, and net pay. You can also see when an employee’s next pay date is. A payroll deduction report shows which payroll deductions are applied to each employee.
Accountant Review Reports in QuickBooks Online
These reports are created when you share your company file with an accountant. The accountant can then review the company data and create reports to send to you. You can create three different types of accountant review reports in QuickBooks Online: A Balance Sheet Report, an All-Transactions Report, and a Combined Report.
The Balance Sheet report shows the balance sheet data. This includes the balance sheet closing values and the current valuation of your assets and liabilities. The All-Transactions report shows all the open and closed transactions. This includes account balances and the date when the transaction was posted. The combined report, as you may have guessed, combines the data from the two other reports.
Audit Reports in QuickBooks Online
This report is created when your company file is audited. The audit report shows the results of the audit and lists all the findings. This can be helpful if you are required to show the audit results to a client or customer. You may also need to produce an audit report if you are audited by the IRS. This can be a hassle to prepare manually, but with QuickBooks Online, it's simple and straightforward.
Other Types of Reports in QuickBooks Online
There are many other types of reports that you can create in QuickBooks Online. You can create account balance reports to show account balances on specific dates. You can also create account balance forecasts to predict account balances over time.
Within QuickBooks Online there are also various budget reports that you can create. You can create budget reports for different areas, such as the budget for your operating expenses or the budget for your marketing expenses.
You can also create a checklist report to track the progress on specific tasks, an expenses report to track your recurring expenses, or a journal entry report to track journal entries that you’ve created for your company file.
Summary
Reports are an easy way to view your business data. You can create many different types of reports in QuickBooks Online, such as account balance reports, budgets, or journal entry reports. Reports can be helpful when managing your business. They can help you see how your business is performing and how you can improve.
Recommendation
QuickBooks Online is great, but there are a few things missing that it can’t do. If you’re still on QuickBooks Desktop, and are looking to switch to the online version because of collaboration needs, Qbox can help you stay on Desktop.
Qbox is an all-in-one solution that integrates with QuickBooks Desktop and allows users to share files from multiple different platforms remotely. This means that everyone on your team can collaborate on your QuickBooks files from anywhere, which can save you time, money, and a lot of stress. Best of all, there’s a free 30-day trial, so be sure to check out Qbox today.
SOURCES:
Create custom reports in QuickBooks Online Advanced (intuit.com)
QuickBooks Financial Statements: A Complete Guide - NerdWallet
Reports included in your QuickBooks Online subscription (intuit.com)
Customize reports and create Custom Summary Reports in QuickBooks Online Accountant (intuit.com)
