There are lots of financial reports in QuickBooks you can process or create to assist you in your business analysis. Some reports are standard across the board and some reports can be customized to an individual’s desire. Once I verify which accounting method (accrual-based or cash-based) is typical for the client, I can create reports that are meaningful and useful for my clients.

Many clients require only monthly Profit & Loss or Profit & Loss by Class. Some clients want to compare this month’s data with the same month from the previous year. Still other clients would like to view Profit & Loss for the fiscal year and compare it to the same period last year.

Below are some of the more standard popular financial reports:

• Profit & Loss
• Accounts Receivable Aging
• Open Invoices
• Accounts Payable Aging
• Unpaid Bills Detail
• Job Profitability Detail
• Sales by Item Summary
• Job Estimates vs. Actuals
• Inventory Valuation Summary (Important for Audits)
• Inventory Stock Status by Item
• Open Sales Orders by Customer
• Open Purchase Orders
• Balance Sheet Standard
• Reconciliation Discrepancy
• Audit Trail
• Trial Balance (Important for CPA close-out)

Depending on the scope of our work with a client, I can provide various customized reports. Once created, these custom reports can be memorized for future use. Here are just a few examples of custom reports I have been asked to create:

• Job Profitability for Closed Jobs
• Paul’s Loan Account
• Uncleared Checks Report
• Texas Revenues
• Works In Progress & Deposits
• Customer Contact List by State
• Capitalized Works in Progress Development Costs
• Employee Start Date
• Marketing Budget vs. Actual
• Open Estimate Progress
• Sales by Ship to Address
• Inventory Valuation reports for specific lines of items (Great for Inventory Reconciliations)

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.