Categories
Reports

How do I apply a Class or a Location Tracking to a Bank Transfer transaction? I need to run Balance Sheet by Class/Location.

When you do a transfer transaction using Bank Transfer Form (Create + sign > Other > Transfer), transferring funds from one account to another, you do not see a field where you can apply a class and a division on the transaction. This may be very critical data to run reports.

If this information is very important for business, you will need to write a Journal Entry. In Journal Entry Form, you can enter Class and Location.

Note: You need PLUS level subscription for Class and Location tracking features.

When you write a Journal Entry, if you just use one bank account as debit and another bank account as credit with class and location, it will still not show up on transaction report.

Trick is you still need to add one expense account with zero amount. See attached Journal Entry screenshot photo below.

When one expense account was added along with two bank accounts, the Transaction Report came out okay. It seems Class and Location transaction is mapped to Expense Account only at this time. Built-in Transaction Report will not have Class and Location columns, so you need to customize the report a bit. To customize the Transaction Report > Click Customize button > Select Rows/Column > Select “Change Columns” blue button > Add Location and Class from available columns > Click OK button.

Now, you can also run the Balance Sheet by Class report as well as the Balance Sheet by Location report. With a little bit of available customization steps, of course!

Video Tutorial:

bank transfer form

journal entry with one expense account

transaction report b of a with class

transaction report chase with class

Categories
Reports

How can I run the budget by month? I only see an option to print the total.

Run built-in standard “Budget Overview” report.

From the home page screen > blue navigation bar on the left > reports > go to report > type “Budget Overview” to run report

  • Select “Customize” button
  • Go to “Rows/Columns”
  • Select “Accounts vs Months” under “Show Grid” heading
  • Optional: Numbers > Show All Numbers > “Without Cents” check-box
  • Run Report

Budget by Month

Categories
Reports

I need a report that shows product sales along with product cost so that I can see profit or loss for each product.

See attached screenshot sample report. You can generate this report directly from QuickBooks Online Plus with some customizations.

If this is the type of report, you are looking for, you will need to take the following steps:

From the home page screen > go to blue navigation bar on the left > select reports > go to report search (small magnifying glass) and type “Profit and Loss” (yes, regular profit and loss report)

Run Profit and Loss Report > change transaction date as needed

Choose “Customize” button

Accounting Method = Accrual

Columns under Rows/Columns heading > select Product and Services from the drop down list (default = Total Only)

Under “Add Subcolumns for Comparison” > choose checkbox “% of Row” (optional)

Run Report (blue button)

This will be the first run of Product P&L. You will get raw Profit and Loss by Products in standard P&L format. You will need to do further customizations depending upon your requirements.

Additional Customization Tips: example want report at gross profit level only

Go to “Lists” heading > choose “Distribution Account” > From the drop-down list choose “select multiples” > Add “all income accounts” and “all costs of goods sold accounts” from the list (or choose your preference accounts) > click OK

Optional:

Go to “Lists” heading > choose “Product/Service” > From the drop-down list choose “select multiples” > choose specific products from the list as needed > click OK

Run Report

Sample report is based on the above customizations.

If you are a Cost Accountant or with costing accounting knowledge, you can even take it another level and run the fully blown Product P&L with applied overhead (O/H) burden.

Product P&L

Categories
Bank Register Reports

How do I get a report (or print a report) containing just my Bank Register in new QuickBooks Online?

Since you cannot print directly from the Bank Register, you will need to use the built-in ACCOUNT QUICK REPORT from the Chart of Accounts. You will get the same information as you would see on the Bank Register.

From the home page screen

  • Select the Company Gear (upper right corner)
  • Select Chart of Accounts under Settings heading
  • Highlight the bank account your want to print
  • Click Report blue button
  • You can customize the report more by clicking Customize button and also change Transaction Date if needed.

 

Categories
Reports

How to customize an expenses by vendor detail report in new QuickBooks Online?

Run built-in standard Profit and Loss Detail Report and customize it get expenses by vendor.
To Profit and Loss Detail Report:
From the home page screen
Select blue navigation bar on the left
Select “Reports”
Select Go to report (small magnifying gals icon) and type “Profit and Loss Detail”
Select Profit and Loss Detail from the drop-down list
This report will include both income and expense accounts
Select desired transaction date and click run report
Select Customize button (upper left corner)
Go to Distribution Account under Lists heading
Select Multiples (move cursor up to find Select Multiple..)
Select all Expense and COGS accounts from the list (hold Shift key on keyboard and select accounts)
Select Add button (now you have all the accounts under Account Filter List)
Click OK button
Default for this report is sorted by date
If you want this report sorted by Vendor (it will say NAME), Go to Sort By filter and change from “Default” to “Name”
Optional: Go to Header/Footer section and change the Report Title from Profit and Loss Detail to Expenses by Vendor Detail Report
Click “Run Report” button at the bottom

Customize the report more if needed.
Select “Save Customizations” blue button if you need to make this a standard report.

Now, you can even download to Excel spreadsheet and use available Pivot Table to filter more. And, be a star in your company.

Accounts to include in report

customize profit and loss detail

expenses by vendor detail

Categories
Bank Register Chart of Accounts Reports

What to do when beginning balance is way off since last bank reconciliation?

There is no simple and easy answer. There may be couple of reasons why the beginning balance could change.

1) Edited or changed transaction amount after reconciliation

2) Deleted transaction amount after reconciliation

3) Changed the “R” status manually from the bank register

In other words, prior months financials were restated after the bank reconciliation.

First, just because the beginning balance amount changed, does not necessarily mean the ending balance is wrong as well. You should first try reconciliation with the ending balance (although the beginning balance is different) to see if there is reconciliation difference due to prior months changes.

You should also check the bank register (blue navigation bar on the left > transactions > registers > double click bank account in question > go to register> look for missing “R” after reconciliation

In order to see any bank transactions were deleted after reconciliation, you should see “Audit Log” report (blue navigation bar on the left > transactions > reports > go to report type audit log


Qatar Airways NY


Categories
Profit and Loss Reports

How to show the profit and loss reports for the past 3 or more years?

It is very easy to run historical financial data in new QuickBooks.

From the home page screen

  • Go to the blue navigation bar on the left
  • Select Reports
  • Go to report (magnifying glass) and type Profit and Loss
  • Select “Profit and Loss” from the drop down selection
  • Select “Customize” button
  • Go to “Transaction Date” change date from and to (for example for past 3-yr = 1/1/2011 to 12/31/2013)
  • Go to “Rows/columns” and change Columns to “Years”
  • Select Run Report button

If you need “DETAIL” behind those summary numbers, click amount. That will give Detail Transaction Report


Qatar Airways NY


Categories
Reports

How to run a cost of sales (COS) report in new QuickBooks Online?

There is no standard “COS” report you can run in new QuickBooks. But, you can customize standard P&L report and get the same results.

To customize P&L and get COS (referred to Costs of Good Sold in QBO):

From the home page screen

  • Go to the blue navigation bar on the left
  • Select Reports
  • Go to report (magnifying glass) and type Profit and Loss
  • Select “Profit and Loss” from the drop down selection
  • Select “Customize” button
  • Go to “Lists”
  • GO to “Distribution Account” and select “All Cost of Goods Sold Accounts”
  • Select Run Report button

If you need “DETAIL” behind those summary numbers, click amount from the “Total Cost of Goods Sold” line.


Categories
Reports Time Sheet

Is there a way to generate a timesheet / report that I can send to my customer?

You run “TIME ACTIVITIES BY CUSTOMER DETAIL” report for what you need for your customer. There is no way to print Weekly Timesheet in new QuickBooks.

To print (or email) TIME ACTIVITIES BY CUSTOMER DETAIL report

  • From the home page screen
  • Go the blue navigation bar on the left
  • Select Reports
  • Go to report (magnifying glass) and type Time Activities
  • Select TIME ACTIVITIES BY CUSTOMER DETAIL from the drop-down list
  • Run report and click customize if you need to remove or add columns.

That report should provide all the information related to the customer/job from Timesheet.


Qatar Airways NY


Categories
Reports

For the purpose of auditing I need to export my entire list of fiscal year expenditures from QB online. What specific report will I run?

For this task, you will need to run the “Profit and Loss Detail and customize the report.

GO to blue navigation bar (located on the left)
•Select Reports
•Go to report and type Profit & Loss Detail (see attached screenshot below for reference)
•Select “Profit & Loss Detail” from the drop-down selector
•Run Profit & Loss Detail report (for the wanted transaction date)
•Click “Customize” blue button
•Click Lists
•Choose “Distribution Account”
•Select “All Expense Accounts” from the drop-down list (see attached screenshot below for reference)
•Click Run Report

Optional: Click “Save Customizations” button if you need to make this report as Custom Report for future use.
Optional: If you need to remove column or change order of the column, click customize button again (Select “Change Columns” under Rows/Columns > You can add, remove and change order from here > Ok > Run Report)

Profit and Loss Detail Report
Profit and Loss Detail Report
Profit and Loss Detail Report Customize Expense
Profit and Loss Detail Report Customize Expense