This article addresses the Trial Balance report as processed from QuickBooks Online. The Trial Balance report is mainly an Accountant’s report that verifies the double-entry accounting method in your bookkeeping system. A Trial Balance verifies that the total dollar amount of debits that were utilized in your double-entry accounting system matches, exactly, the total dollar
Read MoreThis article addresses the benefits of reviewing an Unpaid (vendor) Bills report in comparison to a typical Accounts Payables report. Most of the times small business owners are familiar with the term Accounts Payables and thus will process the corresponding named report in a bookkeeping software to ascertain which vendors they still owe money to.
Read MoreThis article addresses the benefits of reviewing a bookkeeping Journal report. A bookkeeping Journal report is simply a detailed report listing all of the bookkeeping entries that have been posted into your bookkeeping system, in chronological order. It is NOT a report that lists Journal Entries only. A bookkeeping Journal report list ALL of the
Read MoreThis article addresses the benefits of reviewing a bank Reconciliations report. In QuickBooks Online, a bank reconciliations report will automatically be created once you have completed an official bank reconciliation that recognizes: A bank reconciliation is a must-do process that should be completed to verify your banking activity within a certain period of time. Thus,
Read MoreThis article gives a brief overview of the Balance Sheet report. The main purpose of a Balance Sheet report is to ensure that all of your bookkeeping entries have utilized the “double-entry” accounting method. The double-entry method ensures that at least one “debit” and one “credit” have been utilized to “balance” out your books. Remember,
Read MoreThe General Ledger report can give your CPA valuable information regarding the history of your bookkeeping entries within a certain time frame. As per the example report below, the General Ledger report shows a viewer the detailed line item entries that occurred within each account in your entire Chart of Accounts. So, for example, if
Read MoreThis article addresses the benefits of reviewing a Vendor Expenses Summary report. The Vendor Expenses Summary report in QuickBooks will give you information regarding how much money was spent on each vendor within a given time period. The report can be processed in both cash and accrual basis. Provided that you actually fill in
Read MoreThis article addresses the benefits of reviewing an Open (customer) Invoices report in comparison to a typical Accounts Receivables report. Most of the times small business owners are familiar with the term Accounts Receivables and thus will process the corresponding named report in a bookkeeping software to ascertain which customers still owe them money.
Read MoreThis article addresses the benefits of and how to create an Accounts Payable by Report Date in QuickBooks Online. This report is one that you will need to customize the parameters from a typical Accounts Payable Summary report by simply choosing the “Report Date” option in lieu of the “Current” date option. Most of
Read MoreThis article addresses two popular financial reports that insurance auditors typically request from a business for general liability purposes (Also known as an Insurance Premium Audit). Please Note: Your particular insurance auditor may request information such as: Sales/Receipts Financials including the P&L OCIP Sales/Cost by Project Direct Labor Costs as a percentage of
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