You’ve entered your invoices, paid your bills, reconciled your bank account – but what does it all mean? How is my business really doing? QuickBooks Online offers a number of helpful reports to answer that very question! These reports provide snapshots into different aspects of the business, serving as a financial guide for your business decisions.
Ever wonder how much profit your business is generating? The Profit & Loss report is great for keeping track of income and expenses, and ultimately, calculating the business’ overall profit or loss. This report shows the balances of all income and expense accounts for a selected period. You can even customize this report to compare multiple periods side-by-side, which is extremely helpful for evaluating activity. The Profit & Loss report can be found in the “Business Overview” section of the reports screen.
The Account Receivable Aging report is beneficial for keeping track of which customers owe money to you. This report categorizes accounts receivable balances by the number of days an invoice has been outstanding. The standard report groups accounts receivable into 4 columns: 1-30 days, 31-60 days, 61-90 days, and 91 and over days. This report can be found in the “Who owes you” section of the reports screen. This report can be a valuable tool to determine if customers are paying on time.
It is also important to track your bills to ensure they are paid timely. The Accounts Payable Aging Summary is helpful in keeping track of who you owe. This report categorizes outstanding payables by the number of days that the bill has been outstanding. This is extremely beneficial in ensuing you are up to date on all your bills, and potentially taking advantage of early payment discounts where offered. This report can be found in the “What you owe” section of the reports screen.
QuickBooks Online offers the “Favorite” option to keep these and other useful reports at your fingertips. To favorite a report, select the white star next to the title of the report to turn it green. The report will then appear in the “Favorite” section at the top of the reports screen. You can simply select the green star again to unfavorite the report if needed.
The reports highlighted above are a just a few of the numerous resources to guide you in QuickBooks Online. If you have any questions on this or anything else QuickBooks related, please give us a call at 419-289-7007 and our team of QuickBooks ProAdvisors would be happy to assist you.