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How to Prepare Financial Statements on QuickBooks

    Financial Statements on QuickBooks

    Financial Statement Template such as: Profit and Loss, Balance Sheet, Company Snapshot, usually helps the user to give you a picture, where the business stands? How well is the business performing? These financial statements or the reports are just one click away. QuickBooks program is developed and designed to generate reports in just few clicks. With the one click reports you get to know about your business standards.

    The user saves abundance of time and money along with the benefit of carrying out the financial activities of the business completely. QuickBooks application authorize the user to easily share with your accountant and other accounting professionals during the crucial tax preparation time, or with business partners anytime. If you are inquisitive to explore the Financial Statement Template under QuickBooks Accounting Software, you can get in touch with our Accounting Problem professionals team now!

    The different financial statement templates along with the list of reports QuickBooks Online version offers the users are below mentioned:

    Steps For Prepare Financial Statements On QuickBooks

    • Profit and Loss Report: This report displays the earned money (income) and spent money by you (expenses) so you can estimate your profits. This is also known as the income statement.
    • Statement of Cash Flows: This report displays the cash drawn out by the business(operating activities), total cash spent involved in the business (investments) and the total cash in or out from stock and dividends (financing).
    • Balance Sheet Statement: The balance sheet report enlists the total assets, the debt amount (liabilities), and the total capital invested in the company (equity).

    Handle Accounts Receivable (A/R)

    The Account Receivable report helps you to know who owes you money and how much they owe you that can get paid.

    • Balance Summary of Customers: It displays the opening balance of each and every customer.
    • Customer Balance Detail: It details all the unpaid invoices for each and every customer comprising of the date & number of the invoice, the due date, final total, and total amount owed to you in the invoice (open balance).
    • Reports for Accountant: Accountant reports are used by the accounting professionals to fetch in depth details of your business and successfully prepare your tax returns.
    • Listing of Accounts: It accords the name, its type, and total balance for each account listed in your Chart of Accounts.
    • Trial Balance Report: The trial balance report prepares a gist of all debit and credit balances of each account mentioned on your chart of accounts at that time frame.

    Related -: Cash Disbursements Journal in QuickBooks

    Reports For Reconciliation

    The reconciliation reports records all the reconciliations that are done and accords connections to the individual reconciliation reports.

    • Journal Report: With the help of journal report there is a breakdown of each and every transaction during a time frame into debits and credits and shows in a chronological order. The transaction list according to the date wise shows the transactions in a chronological order but not as debits and credits.
    • Balance Sheet Report: The balance sheet report displays your assets and liabilities that are invested in your company. Company property: Assets, Debts: liabilities,Company Investment (equity).
    • Products & Inventory Management
    • With the help of these reports you get a clear understanding about the total inventory available with you and total payment you are making for each inventory item.
    • Summary Inventory Valuation: It provides a gist of key information like: value, quantity on hand, and average cost for the inventory item.
    • Purchases by Product/Service Details: Groups your purchases by the items in your Product/Service list.

    Sales Review

    With the help of this report you can group and total sales in multiple ways to help to evaluate your sales to view where exactly you are making your money.

    • Customer Summary Sales: It lists all the sales for a particular customer to view the most review generating item.
    • Product/Service Summary Sales: It prepares a gist of sales for every particular product on your Product/Service List. It comprise of percentage of sales, amount,quantity, and average price.

    Expenses And Purchases Review

    These review reports sums your total expenses and purchases and categorize in various ways to assist the understanding to spend the amount.

    • Vendor Summary Expenses: It showcases your complete expenses from each particular vendor.
    • List of Vendor Contact: It shows the list of each vendor’s name, company name,phone number, email address, mailing address, and account number.

    Sales Tax Management

    The Sales tax management report assists you to handle the sales taxes you collect and then further pay to the tax agencies.

    • Taxable Sales Summary Report: It gives a summary of total sales for items in your Product/Service List.
    • Sales Tax Liability Report: It displays entire sales tax gathered and what is owed currently to the tax agencies.

    Employees Management

    The flowing reports assist in seamless management of employee activities and payroll.

    • Time Activity by Employee Detail: It gives all the products/services details accorded by each employee comprising the hourly rate.
    • Latest Edited Time Activities: It shows 25 products/services that are recently entered or edited so that it can be seen by the employees’ latest activities.

    Final Words :

    For more details and information you can connect with our Accounting Problem QuickBooks tech support helpline number.