February 12, 2020

Making QuickBooks Reports a Habit

QuickBooks Desktop
Ronald B. Allen

If you want to get a good start in 2020, start by making a habit of doing QuickBooks reports. Remember that good reports in QuickBooks lead to good business decisions.

New Year resolutions or not, January is always a good time to make necessary changes in your office routines as well as your personal life. While QuickBooks cannot help by getting you a membership at the local gym or help you meet sales quotas, we can help you better organize and track how your business is doing. Thus, we are now encouraging you to start making a habit of doing routine QuickBooks reports with the improvement of your financial bottom line as the goal.

QuickBooks has the tools that you need for reporting. You need to take the initiative and start using these tools. The fact of the matter is that you really do not know how your business is doing, or why it is doing well or poorly, unless you look closely, use the business intelligence tools the QuickBooks offers, and do your reports routinely.

Think of your reports as your payback for diligently keeping the books month after month. Here are five things that we suggest you try doing.

Take a Look at the QuickBooks Report Center

This is the place to start as QuickBooks gives you a whole menu of report types broken down into Inventory, Purchases, Sales, and so forth. And, all you have to do is hover the mouse over any of the categories in the Reports menu to see a list of all of the related reports.

Click Report Center and a home page appears for reports. Each is in its own category as in the main menu for Reports but this area has greater functionality.

When you click any of the report names in the Report Center you will have several options. Click the graphic for that report and you can modify the date range by just clicking the down arrow. You can Run a report, click Info to see an explanation, add to your list of favorites by clicking Fave or open a Help menu.

Use the tabs found on the top of your screen to between Recent, Favorites, Memorized, Standard, and Contributed views. (Contributed are templates from outside of Intuit.)

When you simply want to run a report that you always use, go to the Reports menu. But, if you need to learn about reports and better-organized your report content, the Report Center is the place to go.

Customizing Reports

If you have not been customizing your QuickBooks reports for your business, 2020 is the time to start. And, we are not talking about setting the date range. QuickBooks has a lot of customization tools that can be applied to any and all reports.

On the upper left of your screen click the button for Customize Report. Then click the Display tab to change columns simply by unchecking or checking list entries. Filters are really useful as they let you focus your report on just the data you need to see. Narrow down to see specific transaction types, customer groups by geographic areas or account aging criteria. If you need help with setting up the filters that will make your reports more useful, contact us at Exigo Business Solutions for help.

Memorizing Reports

An excellent habit to get into with your reports is to memorize the ones that you routinely need or the ones that you use occasionally and don’t want to have to set up again.

To do this, Open a report and click the handy Memorize button. It is right on the upper toolbar. This opens a window asking if you want to save that report. It will go to a Memorized Report Group. Just click the box and open the list of memorized groups. To find that report later on, go to Memorized Reports or the Reports menu.

To create a new Memorized Report Group simply open the Reports menu. Click Memorized Reports and Memorized Report List. Open the drop-down menu for Memorized Report and choose New Group.

Scheduling Reports

Once you have chosen the reports you want to see and have created them, you want to make sure that you seem them on a timely basis. Make a schedule of reports by setting up Reminders (Company and Reminders). Click on the gear icon in the upper right-hand corner and choose Preferences and then the plus sign (+) to add the reminder. There is a scheduling tool in QuickBooks 2017 and later that lets you share reports with others. We suggest that you get a little help before doing this on your own as it can be a bit tricky. Please contact us for help.

Some of the reports such as those in the Accountant and Taxes category should be done at least quarterly and perhaps every month. Here you want to make sure that you set them up correctly. For help analyzing and setting these up most-effectively, let us give you a hand.

The New Year is upon us and a great resolution to make your business more profitable is to make QuickBooks reports a habit. Expand your set of skills and deepen your knowledge of the details of your business. Contact us when you are ready to get going.

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