QuickBooks Company and FInancial Reports explained by professional Forex trading experts the “ForexSQ” FX trading team.
QuickBooks Company and FInancial Reports
The QuickBooks Company & Financial Reportswill give you an idea of your small business’ financial position in this small business accounting software program. You can view your balance sheet, income statement and statement of cash flows through the Company & Financial Reports section. You can use these reports to view a variety of other items, including how much you are paying each vendor, the sources of your income and expenses and more.
Profit and Loss
QuickBooks Profit & Loss Reports will give you an overview of the profitability of your business over a particular time period.
- Profit & Loss Standard: The Profit & Loss Standard Report will let you know if your company made or lost money over the course of a particular time period. You will not get a significant amount of detail with this report, just a snapshot your company’s profitability.
- Profit & Loss Detail: The Profit & Loss Detail Report lists all the transactions for a particular time period so you can determine what revenues and expense accounts are the cause of your company’s net income or net loss. You can drill down further into particular accounts to get more details on particular transactions that you want to investigate further.
- Profit & Loss Year to Date Comparison: The Profit & Loss Year to Date Comparison Report will let you compare your income and expense accounts to the same period in the prior year so you can get a better understanding of how your business is trending at a detailed level.
- Profit & Loss by Job: The Profit & Loss by Job Report will let you know whether your small business is profitable on a particular job.
- Profit & Loss by Class: The Profit & Loss by Class Report will let you assign your revenue and expenses to business segments so you can see how profitable your business is by your different lines of business. You will have to properly classify your expenses when you enter them for this report to run properly.
- Profit & Loss Unclassified: The Profit & Loss Unclassified Report will let you see how profitable any unclassified revenues and expenses are if you use classes. You will use this report with the Profit & Class Report listed above so that any items that cannot be classified to a particular line can be identified.
Income & Expenses
QuickBooks Income & Expense Reports will show your business’ income, expenses and gross profit over specific periods of time.
- Income by Customer Summary: The Income by Customer Summary Report will show you your gross profit from each customer. The gross profit for each customer is calculated as the total sales to a customer less the cost of goods sold to that particular customer.
- Income by Customer Detail: The Income by Customer Detail Report will show you your gross profit from each transaction that you have with a specific customer. The gross profit for each customer is calculated as the total sales to a customer less the cost of goods sold to that particular customer and in this report, it is broken down on a transaction-by-transaction basis.
- Expenses by Vendor Summary: The Expenses by Vendor Summary Report will show you the total expenses for each vendor so you know who you are paying and how much you are paying them.
- Expenses by Vendor Detail: The Expenses by Vendor Detail Report will show you your small business’s total expenses for each vendor broken down by each transaction so you can see the running total of these expenses.
- Income & Expense Graph: The Income & Expense Graph Report will show your income and expenses in a graphical format. This report will give you a visual display of the largest sources of your income and expenses.
More QuickBooks Reports
QuickBooks also has reports available in the following areas:
- Company & Financial Reports tell you how your company is doing financially.
- Customer & Receivable Reports show you how much your customers owe you.
- Sales Reports: these reports give you information about sales rep, sales orders, and pending sales.
- Jobs, Time & Mileage Reports give you information about your job estimates, including time, amount spent, and mileage for each job.
- Vendor & Payable Reports tell you how much money your company owes to its vendors.
- Purchase Reports give you information about your company’s purchases and its open purchase orders.
- Inventory Reports give you information about inventory value, stock, and work-in-progress.
- Employees & Payroll Reports outline information about your employees and payroll expenses.
- Banking Reports give you information about your banking transactions.
- Accountant & Taxes Reports show you information about your basic accounting reports and information needed to prepare your income tax return.
- Budgets and Forecast Reports give you information to compare your actual results to your budgeted amounts.
- Lists Reports give you phone, contact, and customer lists that you will find useful.
QuickBooks Company and FInancial Reports Conclusion
For more information about currency trading brokers visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about QuickBooks Company and FInancial Reports.