You track accounts receivable, or at least you should. How quickly can you find out how many unpaid invoices are out there? How many payments are more than 30 days late? For that matter, do you routinely bill all of the miscellaneous expenses and time for every job that you do?
With a manual bookkeeping system you will never be able to find this information in a hurry. And, in some systems, you will not find any of it. But, with QuickBooks Online, you will all of this information as soon as you log on. The QBO dashboard has a graphic image in the upper left-hand corner. It shows how many of your invoices are unpaid and overdue. When you click the OVERDUE bar, a list appears showing all invoices with the top part of the list reserved for the unpaid ones.
This important information is available to you at any time throughout the business day. But, there is a lot more that you need to know. And, QuickBooks Online provides users with five additional reports to fill in the whole picture. To see these, click Reports on the vertical left pane and scroll to the Who owes you heading.
The reports you are looking for are in 2 columns. And each report has a star image beside it. Click the star to add the report to your list of Favorites list at the very top. To Customize any of these reports, just click the vertical dots. If you hover your mouse over any of the reports, you will see a short description.
Several of these reports will give you important insights into your outstanding revenue. But, there are five that we suggest you run at least every week. Run these more often if you see great quantities of services and goods. Here is the first one.
Use this report to see your overdue invoices listed with their aging details. Of the multiple columns in this report you always want to consult OPEN BALANCE which is the last.
Note: If you find that the number of customers with unpaid invoices is increasing, take a look at the Accounts receivable aging summary as well.
Don’t just run the report. Take a look at the customization tools that come with it. These will vary from report to report but once you understand one of them, the others are reasonably similar. To Customize, hover over the title and click. You will see a panel like this one come sliding out from the screen’s right side.
This image shows just a few of the options for report customization. In addition, you will be able to use headers/footers and filters. Click Run report when you are finished with making your changes. If you wish to use the report “as is,” simply click the title of the report and it will display. When the report is being displayed you will also have the ability to customize to a lesser extent.
There are four more reports that are important to consult frequently. They are the following:
There is rarely any difficulty in understanding the information in these reports. The key to success is using the capabilities of QuickBooks Online to generate and update them so that you can stay on top of your business.
Other useful reports that QuickBooks Online provides include ones that you need to generate every month.
If you need to provide in-depth financial information such as when you are obtaining financing for business expansion, contact us for help. We will help you generate and interpret the comprehensive reports that display your company’s financial health in the best light.