Today’s accounting systems capture unprecedented levels of information, requiring CPAs to sort through more data than ever. In (page 64), the first article of a two-part series on QuickBooks provided general tips for printing, memorizing, organizing, and distributing groups of QuickBooks reports. The software also offers many powerful features that can help you mine financial data for the information and intelligence needed to make business decisions. This second article in the series looks at some of these features, ones that CPAs can apply in their organizations or can show clients how to use, strengthening their position as a trusted business adviser. Controlling columns. QuickBooks provides a unique option for controlling the columns displayed in financial reports, and this tool is easy to use. QuickBooks Desktop for Windows must be the same version or earlier than QuickBooks Desktop for Mac. Example, if you are exporting to QuickBooks for Mac 2016, you need to use QuickBooks for Windows 2016 or earlier versions. Ie emulator mac os x. Make sure QuickBooks Desktop for Windows is updated to the latest release before converting the file to Mac. QuickBooks Online; QuickBooks Online Accountant (21) QuickBooks Online International; QuickBooks Online Payroll (27) QuickBooks Payments (75) QuickBooks Point of Sale. Open any financial report, click the Columns tool dropdown menu, and then select an option, such as Month, Class, or Inventory Site. In the example below, a basic “Profit & Loss” report has been customized to display detailed and subtotal columns for each inventory item and item category. This type of report makes it easy to review the profitability of each inventory item or each category of items. For example, on an item-by-item basis, we can easily see that the company sold $2,586.95 worth of regular Lighting, which cost $1,846.00 (generating a 28.6% profit), compared with $980.00 in sales of Fluorescent Ceiling Lights, which cost $796.32 and generated a profit of only 18.7%). By changing this same report to display data by “Item Type,” we could also see that sales for lumber products amounted to $452,312 (generating a 12.1% profit), while hardware sales amounted to $1,280,448 (producing a 22.7% profit margin). The ability to “slice and dice” financial data in this manner unlocks a potential treasure-trove of useful information. Drilling reports. Citrix receiver. One of QuickBooks’ most powerful reporting features is the ability to drill reports. Double-clicking an amount on any report displays the underlying detail transactions that compose that amount, and double-clicking a transaction amount displays the underlying transaction, such as an invoice, check, or credit memo. QuickBooks’ drillability is an auditor’s dream tool, allowing users to instantly trace any amount through the accounting system to ascertain its origin. Filtering reports. Another powerful tool in the QuickBooks reporting arsenal is the ability to filter reports by up to 55 built-in criteria (such as Class, Customer, Vendor, or Amount), as well as dozens of additional custom fields. Of course, this filter tool could also be used to produce a departmental report (based on reporting by Class), but it offers far greater potential. For example, a company operating in multiple states that wants to compare the revenue generated in each state could use the filter option to produce individual state reports. This type of information might be helpful in planning expansion to those states, figuring sales taxes, or calculating workers’ compensation. To apply a filter, from any report select Customize Report, from the Filters tab select a filter option (such as Name State), and add the desired filter criteria, such as “Georgia,” as used in the example pictured below. The filters are cumulative, which means a user could apply multiple filters to further refine a report. For example, a user might produce a report that summarizes the total revenue generated by sales representative “Daniel” in the state of Georgia. Cash-basis reporting. Most small businesses use accrual-basis reporting to run their companies but file their tax returns using the cash basis.
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