QuickBooks is the most popular accounting software for small and medium businesses today. It features an easy-to-use interface and includes many valuable reports that provide insight into every area of your company’s finances.

New users wanting to use QuickBooks to analyze the finances of a business or franchise may initially be overwhelmed with the number of reporting options available. This guide is designed to answer those questions by providing details of the most commonly used QuickBooks reports.

Big Picture Reports:
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Profit & Loss – Standard Report

A standard QuickBooks reporting option is the Profit & Loss report (P&L) which is also known as the Income Statement. This report provides details on income and expenses and answers the most important question for any business owner: Is this business profitable or is it losing money?

Profit & Loss – Class Report

Where standard QuickBooks reports for P&L provide an overall summary, the class report allows users to divide a business into segments (by department, office, location or other meaningful groups) and view income statements for each segment or division individually.

Balance Sheet – Standard Report

The Balance Sheet report is also a popular QuickBooks reporting tool. This tool subtracts liabilities from assets to show how much a business is worth.

Balance Sheet – Class Report

Like the P&L Class Report, this QuickBooks option allows users to divide a business into segments and get a balance sheet for each segment. This report displays figures in columns so users can easily compare across classes.

Statement of Cash Flows

This report allows users to keep track of money coming in and going out. It breaks cash flow into cash from operating activities, investing activities and financing activities.

Customer Account Balance Reports:

Open Invoices

Shows all charges and unpaid invoices. The information is grouped by customer and job.

Customer Balance Detail

Use this report to keep track of each customer’s account balance and to quickly find out how much customers owe.

Account Receivable Aging Summary Report

This reporting tool can help keep track of past due amounts. For each customer, the user will see the amount owed in the current billing period and any unpaid balance from previous billing periods.

Monies Owed/Accounts Payable:

Vendor Balance Detail Report

This makes it simple to keep track of all transactions with vendors. The report provides information for each vendor, showing current unpaid balances for each.

Purchases by Vendor Summary Report

This report allows users to view all purchases made from individual vendors, allowing users to track spending with each vendor.

Unpaid Bills Detail Report

This option shows both the bills and the payments to each vendor. It helps users recognize when balances are unpaid and includes a special column that shows the number of days past due.

Account Activity:

Transaction Detail by Account

This report can be used to keep track of each individual transaction processed by a business. Users can also get subtotals for each account.

PAYROLL:

Payroll Summary

This reporting tool allows users to keep track of employee payroll. For each employee, this report will display total wages, taxes, deductions, and other important figures as specified.

SUMMARY: These are a few of the most common QuickBooks reporting tools and options that are used by business owners. Use these QuickBooks reports to view important information about overall business operations and then explore additional reporting options for more details and analysis.