Understanding how reports get their data from the company file’s transactions is really important to know how to interpret these reports to make business decisions!
Lets discuss the Company & Financial Reports
The Profit and Loss Standard displays target data from invoices and bills and source data from:
- A journal entry if the first line has an income or expense account.
- An Inventory adjustment if the offset account is an income or expense account.
- Liability adjustments affecting account.
The Balance Sheet Standard displays source data and some target data from:
- Sales and purchase transactions that have Inventory Items.
- Bill Payment Checks/Cheques.
- Inventory Adjustments.
- Received From accounts on Deposits.
And What about the Receivable & Payable Reports?
Four main reports for Customers are: A/R Aging Summary, Customer Balance Summary/Detail, Open Invoices Report. They show:
- Source/Header data from open invoices, statement charges and credit memos.
- Target/Detail data from open payments, open deposits and open journal entries.
Four main reports for Vendos are: A/P Aging Summary, Vendor Balance Summary/Detail, Unpaid Bills Report. They show:
- Source/Header data from open item receipts, bills and bill credits
- Target/Detail data from open bill payment checks/cheques and open journal entries
QuickBooks Desktop uses a concept called Source and Targets to apply accounting principles and the data recording process. Understanding source and targets helps you maximize Report Filters so you can create more effective reports and faster advanced finds:
- Source/Header is the summary information about a transaction. It contains all source data (source account, source name, source memo and source amount, etc…).
- Targets/Detail provide the detailed information about the transaction and include all target data (target accounts, target names, target memos, target amounts, etc…).
- When pulling up any saved transaction in QuickBooks such as an invoice or a check, pressing CTRL+ Y on your keyboard pulls up its transaction journal report. The first line on the report shows the source data and the rest of the lines are target data. All transactions have a fixed source data EXCEPT general journal entries, since you can insert a line before the first line on the entry. Doing so makes ALL lines on the general journal entry recognized by QuickBooks as target data.
All The Standard Reports:
|Report Categories||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|