One of the key benefits of using QuickBooks Premier is the ability to generate insightful reports about your business’s finances and operations. QuickBooks comes with dozens of pre-built reports to choose from, and you can also customize them to your specific needs.
Reports allow you to closely analyze trends, spot issues, and support decision making. Here is a guide to running and customizing reports in QuickBooks Premier:
Types of QuickBooks Reports
QuickBooks Premier categorizes reports into different segments to make finding the right one easy:
– Company & Financial – Reports on profit and loss, balance sheet, financial comparisons, etc.
– Customers & Receivables – Sales data, accounts receivable aging, customer contact info, etc.
– Sales – Reports on best selling items, sales by customer, pending sales orders, etc.
– Jobs, Time & Mileage – Billable hours, job profitability, unused estimates, etc.
– Vendors & Payables – Reports on payable balances, aging summaries, vendor contact info.
– Purchases – Details on purchases by vendor or item, pending purchase orders, etc.
– Inventory – Stock status, inventory valuation, stock by item/location, etc.
– Banking – Bank account balances, deposit details, credit card charges, etc.
– Accountant & Taxes – Reports for accountants like trial balances, journal details, adjusting entries.
– Budgets & Forecasts – Budget vs. actual reports, profit and loss projections, etc.
Run QuickBooks’ Pre-Built Reports
To run one of QuickBooks’ built-in reports:
- Click “Reports” in the menu bar and select the category you want.
- Choose a report from the menu.
- Select the date range to cover.
- Click “Run Report.”
QuickBooks generates the report using your company data and displays it onscreen. You can then print it or save it as PDF.
Customizing Report Parameters
Pre-built reports have preset parameters that may not fit your needs. Luckily, you can easily customize before running them:
– Columns – Add or remove columns displayed in the report.
– Filters – Filter by date, customers, items, etc.
– Grouping – Group the report by time period, location, etc.
– Type – Summary or detailed view.
– Settings – Additional options like cash or accrual basis.
Adjusting these settings allows you to get the details you want. Save customized reports to reuse again.
Memorized Reports
Setting up memorized reports can save you time running frequent reports.
To memorize a report:
- Customize the report settings as needed.
- Click “Memorize” at the top.
- Name the report, and set frequency options.
- Click “Memorize.”
Now QuickBooks will run this customized report on a schedule and email it to you if desired.
Excel and Graph Reports
Two useful reporting tools are exporting to Excel and graphing data:
– Excel – Click “Export” to download the report as an Excel file for additional formatting and analysis.
– Graphs – Click “Graphs” to convert the report into graphs and charts to visualize trends.
Use these to get maximum insights from reports.
Customize Company Snapshot
The Company Snapshot dashboard gives a real-time overview of your business’s performance. Customize it to show the reports and insights most important to you:
- Click “Customize Report” at the bottom of the snapshot.
- Choose which reports to add like budget vs. actual or accounts receivable. Drag and drop to rearrange the order.
- Select date ranges for each report.
- Click “Apply” to save changes.
Now your snapshot gives the key insights you want upfront.
Profit & Loss Report
One of the most useful reports is the profit and loss statement. This shows if your company is profitable by comparing revenue and expenses over time.
Customizations like filtering by department or adding columns for budgets allow deeper analysis. Compare periods to spot trends in profitability.
Accounts Receivable Aging Report
The accounts receivable aging report shows unpaid customer invoices and how long they have been outstanding. This helps prioritize collecting from customers with late or overdue balances.
Customize the aging periods, filter by customer, or compare to previous periods. Drilling down shows the individual unpaid invoices.
Inventory Valuation Report
For product-based businesses, the inventory valuation summary is key. This report shows the current value of your inventory based on quantity-on-hand and item cost.
Customize columns to show sales prices, profit margin, and other product details. Compare to previous periods to identify fast and slow-moving products.
Sales by Customer Summary
Viewing sales performance by customer helps identify your best customers and opportunities for growth. This report summarizes sales for each customer.
Filter by date range and product type. Or add columns like sales representative and region to gain additional insights.
Budget vs. Actual Report
See how your actual financials compare to budgets you have set. The budget vs. actual report includes columns for both budgeted and actual amounts over a fiscal period.
Customizing the filters and columns allows you to hone in by department, account, time period, and other factors driving the variance.
Balance Sheet Report
The balance sheet gives a snapshot of your business’s assets, liabilities, and equity at a point in time. Run this report monthly to track your financial position.
Grouping by standard balance sheet categories (current assets, fixed assets, etc.) makes this report easy to analyze. Compare to previous periods to spot issues like decreased cash balances or increased debt.
Tax Liability Report
Determine sales tax and payroll tax liabilities with specialized reports. The tax liability report sums tax amounts from invoices and payroll.
Filter by tax agency, reporting period, tax form, or location to determine amount owed. Especially useful before quarterly or annual tax filings are due.
Management Reports
QuickBooks Premier offers over 80 management reports to analyze your company from different angles. Examples include:
– Customer contact list – Details for calling, emailing, or mailing customers.
– Open purchase orders – Track pending orders not yet received.
– Employee contact list – Basic info and emergency contacts.
– Trial balance – General ledger debit and credit balances.
Dig into the management reports menu to find reports tailored to different business tasks and analysis needs.
Customizing the Report Header
Brand your reports by customizing the report header with your logo and company information. Click “Customize Report Header” on the Settings gear icon.
This way any report you run or export will display your business’s branding.
QuickBooks Premier offers a wealth of reporting options to extract key insights from your financial data. Learn to take advantage of customizations and analysis tools for even deeper visibility into the health of your growing business. For help getting the most out of QuickBooks reporting, you can find experienced QuickBooks accountants on sites like QuickBooks Premier support number.
