Understand Reports In QuickBooks Desktop

QuickBooks Desktop offers number of features that allows you to manage your business efficiently. In QuickBooks Desktop, you can create reports of your data including items, transactions, lists etc. Creating report in QuickBooks allows you to manage your data in an organized manner.

Understand Reports In QuickBooks Desktop

This blog series covers all the basic information regarding reports in QuickBooks Desktop.

  • Understand reports
  • Set report preferences
  • Customize reports
  • Create, access and modify memorized reports
  • Combine reports from two or more company data files
  • Set up and modify Scheduled Reports

In this article, we will provide you the full fledge information about the reports in QuickBooks Desktop. You can also have additional information about Reports in QuickBooks at QuickBooks Customer Service Phone Number +1800-621-5491 toll-free.

How QuickBooks Generates Reports?

QuickBooks displays reports according to the instructions provided by you and that is known as Report Set. It is basically a bunch of information gathered from the data file and shown as the set of instruction lines. The report set shows you the lines of transactions entered in the report.

Report set Includes the following things:

  • Hard-coded report structure in QuickBooks Desktop.
  • Embedded part of the structure.
  • Default filters.
  • Display and Filter tab settings.

QuickBooks Desktop keeps a record of particular transaction lines during the time of building or creating a report. The line will be included in the report when it is similar to the report set and it will be included in the report. You have aware of each product reads a transaction with a separate mean that’s why the all the reports have multiple amounts for all those that needs to be same.

QuickBooks requires a concept which is known as Source and Targets to apply accounting principles and processes. You should know about the Source and Targets properly and this will help you in adding best Report Filters to create an effective and faster report.

  • Source is a compiled information of a transaction that contains all kind of sources like source account, source name, source memo and source amount, etc.
  • Targets provides you a full-fledged (target accounts, target names, target memos, target amounts, etc.).
  • Press CTRL + Y to get the transaction journal report for any of the memorized transaction in QuickBooks like invoice or a paycheck. The first line on the report shows data and other lines are considered as target data.
  • All the transactions keep a fixed source data other than general journal entries because you can only add a line prior to the first time. With this, the general journal entry is recognizable by QuickBooks as the Target data.

Available Reports In QuickBooks Desktop

With QuickBooks, you get a wide range of rated that provides you an idea about the situation or condition of your business or where your business stands. With these reports, you get complete information about your business. You can read out the following table to know about the details on each available group in QuickBooks Pro and Premier versions:

Report Groups Description Sample reports
Company and Financial Find out how your company is doing financially. Profit and Loss Standard, Profit and Loss Detail, Balance Sheet Standard, Balance Sheet Detail
Customers and Receivables Find out how much your customers owe and when it is due. A/R Aging Summary, A/R Aging Detail, Open Invoices
Sales Reports Find sales information related to customers, items, sales reps, pending sales, and sales orders. Sales by Customer Summary, Sales by Customer Detail
Jobs, Time and Mileage Find out how well your company is doing at estimating jobs, how much time is spent on each job, and the mileage expenses for each vehicle or job. Job Profitability Summary, Job Profitability Detail, Estimates by Job
Vendors and Payables Find out how much your company owes and how much is overdue. A/P Aging Summary, A/P Aging Detail, Vendor Balance Summary, Vendor Balance Detail, Unpaid Bills Detail
Purchase Reports* Find information about purchases and open purchase orders. Purchases by Vendor Summary, Purchases by Vendor Detail, Open Purchase Orders
Inventory Reports* Find information about inventory value, stock status, and pending builds, including a worksheet for checking your physical inventory. Inventory Valuation Summary, Inventory Valuation Detail
Employees and Payroll Find information about your employees, payroll, and payroll-related expenses. Payroll Summary, Payroll Item Detail, Workers Comp Summary
Banking Reports Find information about your banking transactions. Deposit Detail, Check Detail, Missing Checks, Reconciliation Discrepancy, Previous Reconciliation
Accountant and Taxes Find information related to accounting activities and income tax preparation. Trial Balance, General Ledger, Audit Trail Report
List Find lists of useful information about your company. Account Listing, Price Listing, Customer Phone List, Vendor Phone List, Terms Listing
Contractor Edition Reports** Custom-built for contractors with advanced job costing to help them analyze data on which job they are making more money. Job Cost by Vendor Summary, Cost to Complete by Job Summary, Unpaid Bills by Job,
Manufacturing and Wholesale Edition Reports** Customized tools for manufacturers and wholesalers to streamline workflow and manage finances more effectively. Sales by Rep Detail, Sales by Product, Open Sales Order by Customer
Non-Profit Edition Reports** Customized tools for Non-Profits to help them manage their organization’s finances more effectively, efficiently, and easily. Biggest Donors/Grants, Budget vs. Actual by Donors/Grants
Professional Services Edition Reports** Perfect for Consultants, Engineers, Architects, Attorneys, Designers, Ad Agencies, and more. Billed/Unbilled Hours by Person, Project Costs Detail, Project Status
Retail Edition Reports** Designed specifically to help retailers manage sales, inventory, and customer information. Profit and Loss Monthly Comparison, Sales Graph, Accounts Payable Graph

* Available only if Purchase Order and Inventory features are turned on.

** Available in QuickBooks Desktop Premier only.

You can follow the below-mentioned steps to get a graphical presentation about how your business is doing and where does it stands:

  • Go to the Company menu and select Home > Insights You also have the option to check other reports like Profit and Loss, Prev Year Income Comparison, Top Customers by Sales, etc.
  • These insight displays the data as per the accrual-based reporting. If you are using cash basis, the shown data can be different from what you expected.

Get Technical Support For QuickBooks

The provided solutions should be helpful for you in understanding reports in QuickBooks Desktop in a better manner. Reports in QuickBooks Desktop allows you to know where your business stands. However, sometimes while creating reports, you can also face errors and issues as well. These issues generally occur when you add incorrect data in the reports. However, you can resolve the errors with ease. You just need to dial the toll-free QuickBooks Support Phone Number +1800-621-5491 to get instant support for your issues.