Most people who use QuickBooks® do not get as much out of the reporting software’s capabilities as they should. They have a handful of favorite reports that do the job they need so they keep going back to the well time and time again.
While there’s something to be said for sticking to a winning game plan, there’s also something to be said for adding to the strengths you already have to stay ahead of the game. By not taking advantage of all of the reporting options QuickBooks offers, these users are potentially missing out on opportunities to grow their business.
Exploring and mastering additional reports can bring valuable added insight to any business. Here is a list of often overlooked QuickBooks reports that you should be using:
1. Balance Sheet Previous Year Comparison
To find this report in the QuickBooks, go to the Reports menu, click Company & Financial, and then click Balance Sheet Prev Year Comparison. This report is helpful to compare how balances have changed in the current year versus the previous year. The user can view changes in cash, inventory, accounts receivable, accounts payable and liabilities such as credit.
2. Statement of Cash Flows
Go to the Reports menu. Click Company & Financial, then click Statement of Cash Flows. The Statement of Cash Flows gives a business a clear picture of how cash is moving around i.e. where cash is coming from and where it is going. The report analyzes cash from regular operating activities as well as investing and financing activities.
3. Audit Trail
Choose the Reports menu then click Accountant & Taxes before selecting Audit Trail. The Audit Trail report is a log of all your QuickBooks activity. Whenever a user adds, edits or deletes an item, the Audit Trail will automatically track it. It is particularly helpful if things go wrong or don’t add up. The business owner can review all QuickBooks transactions to find the mistake. Although this is a long report, you can shorten it by filtering. To do this, just choose a different date range from the Date Entered/Last Modified drop down list.
4. Collections Report
Choose Reports then click Customers & Receivables before clicking Collections Report. This report helps business owners keep track of overdue invoices and it is set up to facilitate contacting the customer. For example, the customer’s name and phone number is included if a phone call is in order. The user can also easily email the invoice to the customer by double clicking on the transaction in question to view the invoice, then clicking the Send button at the top of the form to send an emailed copy to the customer.
5. Profit & Loss Summary Previous Year Comparison
Click Reports then Company & Financial before clicking Profit & Loss Prev Year Comparison. One of the most commonly used QuickBooks reports is the Profit and Loss summary but for extra insight there is also this report that compares the current Profit and Loss summary with that of the previous year. This report gives insight into how both revenue and expenses are changing. Within the report the user can choose to display the dollar change or the percentage change.
6. A/P Aging Summary
Click on the Reports menu then click Vendors & Payables before clicking on A/P Aging Summary. The A/P Aging Summary is one of the QuickBooks reports that help a business keep track of its payments to vendors. The report lists all vendors with columns showing what the business owes for the current and previous billing periods as well as a total amount owed for each vendor and the total amount owed to all vendors combined. This QuickBooks report can help business owners keep up with invoices and pay vendors on time.
7. Transaction History
This report can be accessed after a transaction is open within QuickBooks reporting. Just click the Reports menu then Transaction History. The Transaction History gives the user a rundown of all prior transactions that are related to the current transactions, including debits and credits. Within this report, users can click on individual transactions to open them.
There are countless great reports available within QuickBooks reporting software. While most business owners stick to a few they are most comfortable with, branching out and using new reports can provide some valuable additional insight.