Essential Reports & QuickBooks Housekeeping Items (Module #6) Lara L. Worden Area Agriculture Agent

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1 Essential Reports & QuickBooks Housekeeping Items (Module #6) Lara L. Worden Area Agriculture Agent

2 QuickBooks Reports Two Main Reports: Profit & Loss Report Balance Sheet Report Two basic report styles: Standard Provide totals for accounts, classes, customers, vendors, etc. Most commonly used Detail Provide totals too, but also lists individual transactions that contribute to them Makes it easy to find and correct accounting errors

3 The Profit & Loss Report To open a window for the Profit & Loss report choose Reports/Company & Finance/Profit & Loss Standard (or Detail) The buttons at the top of the window let you filter the types of transactions included, customize report settings, change report appearance and titles, print the report, etc. The selection boxes just below the buttons give you quick access to report settings such as the date range

4 Sample P&L Report

5 Filtering Reports: Choosing What Gets Included Click on the Customize Report button at the top of the Report window and then click the Filters tab Set one or more report filters Filters dialog consists of three parts: 1. The Filters box on the left 2. The area in the middle where you specify the details for a filter 3. The Current Filter Choices on the right Then click OK

6 Filtering Reports: Choosing What Gets Included

7 Customizing Reports: Controlling Info That is Displayed You may change the amount of info a report displays and the arrangement of it: Click the Customize Report button and then click on the Display tab Select the customization options you want Dates Lets you select a transaction date range for the report Report Basis Cash vs. Accrual Columns Lets you select a variety of different arrangements for columns of data in the report

8 Customizing Reports: Controlling Info That is Displayed

9 Memorizing a Report After spending a lot of effort changing the report s settings it s a good idea to memorize the report, which saves the report s settings Click on the Memorize button at the top of the Report window Enter a name for the memorized report in the Memorize Report dialog. Click OK

10 QuickZoom to Individual Transactions One of the handiest Report features for getting detailed information In the Report window, move the mouse cursor over a desired line or amount, until the cursor changes to a magnifying glass with a z in the center Double-click the left mouse button

11 The Balance Sheet Report To open a window for the Balance Sheet report choose Reports/Company & Finance/Balance Sheet Standard (or Detail) The buttons at the top of the window let you filter the types of transactions included, customize report settings, change report appearance and titles, print the report, etc. The selection boxes just below the buttons give you quick access to report settings such as the date range

12 Sample Balance Sheet

13 Exporting A Report When QuickBooks reports do not contain all the information or is not formatted as you want, your option is to send it to a spreadsheet program such as Microsoft Excel so you can modify it Open a Report window (Reports/Company & Finance/Balance Sheet Standard) Customize & filter the report to contain the info you want Click on the Excel button at the top Choose Create a New Worksheet and click Export

14 Preparing Income Tax Reports At least two reports are usually necessary for tax preparation: Income Tax report List of fixed asset purchases, sales, etc. Note: Examples in this section focus on tax reports needed for a sole proprietorship. Additional reports may be needed if the farm operates as a partnership or corporation.

15 Turning on the Tax Reporting Features (Picking a Tax Form) Normally done when you set up a QuickBooks company, but you can specify the tax form at any time, as follows: Choose Company/Company Information Select a tax form in the Income Tax Form Used list box at the bottom: Click OK

16 Assigning Schedule F Tax Lines to Income/Expense Accounts After selecting a tax form, QuickBooks will allow assigning a Schedule F Tax Line to new and existing accounts in your Chart of Accounts Open the Chart of Accounts (Lists/Chart of Accounts) Highlight the account you want to work with, by clicking on it Open the Edit Account window for the highlighted account Either Ctrl-E or choose Account/Edit Account In the Tax-Line Mapping field, select the appropriate tax line for the account. Click Save & Close

17 Verifying Tax Line Assignments QuickBooks has an Income Tax Preparation report that you can use for verifying Tax- Line Mapping assignments. Open the Chart of Account window (Lists/Chart of Accounts) Click on the Reports button at the bottom of the window In the pop-up menu, choose Income Tax Preparation

18 Verifying Tax Line Assignments

19 Preparing an Income Tax Report Open the desired income tax report Summary or Detail Reports/Accountant & Taxes/Income Tax Detail (or Summary) Customize and filter the report to include the desired transactions Be sure the date range matches your tax year Again check for income or expense which is not assigned to any tax line and assign tax lines to them Print the Income Tax report to have a copy for your tax preparer

20 Getting a Report of Fixed Asset Purchases/Sales/Etc. Open the QuickBooks report you want to use for printing the list of fixed asset transactions Custom Transaction Detail Report is a good choice Reports/Custom Reports/Transaction Detail Report Filter the report to include only transactions which involve Fixed Asset type accounts and are dated during the appropriate tax year In the Filter box click on Account, then select All Fixed Assets or Sales etc. In the Display tab click on Dates, then select Last Fiscal Year Click OK to close the Report Filters dialog Check the report for errors Print the report

21 Backing Up Your Records Make backups on something that can be physically moved to some location other than where your computer is! Making backup copies on your hard drive is also possible but does not go very far towards protecting your data

22 Backing Up Your Records Choose File/Create Backup Select what type of file you want to save Backup copy Portable company file Select a location and file name for the backup Click Save

23 Verifying a QuickBooks Data File When QuickBooks verifies a data file it checks the file for problems To verify a data file: 1. Open the QuickBooks data (company) file you wish to verify 2. Close any windows open in QuickBooks by choosing Window/Close All 3. Choose File/Utilities/Verify Data QuickBooks will check the file for errors the process could take a while if the file is large. Afterwards, QuickBooks will display a message telling you whether problems were found.

24 Rebuilding A QuickBooks Data File If verifying the data file found problems, try rebuilding the file: 1. Open the QuickBooks data (company) file you wish to rebuild 2. Close any windows open in QuickBooks by choosing Window/Close All 3. Choose File/Utilities/Rebuild Data 4. Make a backup of the data file when prompted by QuickBooks.

25 Restoring QuickBooks Data from a Backup Copy Choose File/Open or Restore Company QuickBooks will display a file dialog titled What type of file do you want to restore? Select the location and name of the.qbb backup file to restore Click the Open button Type a different file name in the File name box, but keep the.qbw file name extension Click the Save button

26 Archiving & Condensing the Company File QuickBooks has tremendous capacity for keeping old transaction data live for years Depending on the number of transactions you enter, it might be possible to keep three to five years of transaction details Capacity is not a problem but speed is! Thus, recommended every two years to Archive & Condense data to remove old transaction details

27 First Make an Archival Copy of Company Files To make an archival copy, simply make a copy of the file using a new file name keeping the.qbw file name extension, so the archival copy can also be opened by QuickBooks Example if the company file is named FARM.QBW, you might copy it using a name like FARMXXXX.QBW (where XXXX represents a tax year, such as 2010 )

28 Then Condense QuickBooks Data Open the company file you wish to condense Close all windows open in QuickBooks by choosing Window/Close All Choose File/Utilities/Condense Data Select a cut-off date and the types of unused items you will allow QuickBooks to remove for the company file Click Begin Cleanup

29 Any Questions???

Lesson 9 Reports in QuickBooks

Q U IC K BOOKS 2016 STUDEN T GUIDE Lesson 9 Reports in QuickBooks Copyright Copyright 2016 Intuit, Inc. All rights reserved. Intuit, Inc. 5100 Spectrum Way Mississauga, ON L4W 5S2 Trademarks 2016 Intuit