It is quite a task to get done with your accounting tasks at the year-end. December is the month where you look to wrap up the books and keep everything intact with vacation time ahead. The important things to know are what you did this month, and are your books ready to start with the “New Year’s accounts.” You need to settle bills, payments, taxes and update inventory as per the requirement. Creating Year-end reports is also another vital task to perform. Below given are the critical reports that should be analyzed at the year-end to get a good picture of the financial position of the business. First, let’s see how to access and memorize these QuickBooks reports.
Utilize the “Report Dashboard”
You might be using the “reports menu” to access the pre-built frameworks that QuickBooks offers. Here to go to the Report center:
Click Reports in the navigation bar or click ‘Reports/Reports center on the drop-down menu. You will see that the Reports are divided into categories and displays samples of each category. Now click on one of the tabs at the top to perform the below-given actions
- Memorize a report using the customization you selected
- Mention that reports as “”
- View the list of most recent reports run
- Now explore reports beyond those given in QuickBooks (Intuit or other parties can contribute these)
“Recommended reports” that should be analyzed at the beginning of the year
Here is the list of items that need to be run first thing if you missed out on doing so in December.
Budget Actual Report
Once you have created the current year’s budget, it is good to start with the business activities. It is equally important to analyze how close you came to the number in 2017.
QuickBooks provides four-budget reports to give a different view of different aspects of your budget. Budget vs. Actual report is the most important of these as you can compare how close you came to the numbers provided in the previous year’s budget.
The three budget reports other than “Budget vs. Actual “report are:
- Budget Overview: The Budget Overview is the comprehensive accounting of your budget for a given period.
- Profit and Loss Performance Report: This report compares the actual to budget amounts for the month, fiscal year -to- date and annually. It is quite similar to the Budget Actual report in its functioning
- Budget vs. Actual Graph Report: The report provides a visual presentation or view of the income & expenses, thus providing a quick look of whether you met the budget requirements/ criteria or not.
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The Income & Expense Graph
You ardently keep track of your income and expenses throughout the year in all best possible ways. The overview of the entire year reflects where you stand and this graph gives you the required idea. The graph will reflect both income and expenses and also shows the largest sources for both of these. It does not have very elaborate customization options. However, you can view the report by date, account, class and the customer.
A/R Aging Detail report
The report will reflect which customers still owe you money from the previous year, what is the amount, by what date or days they have crossed the due date? The report should be run frequently throughout the year to check and account for the open invoices. With the data available to you, it is easy to send “statements” to the creditors.
The report keeps you updated with the status of your bills. If something slipped through in the previous month, you can contact your vendors and lets them know you are on it.
Sales by Item Detail report
The report allows you to view what was sold and what went unsold in the previous year. This information is beneficial before you have to place orders for the current year. Looking at the monthly and annual trends gives an idea of what was in demand, and you can order accordingly.
There are other reports such as Company and Financial report, Accountant & Taxes report, Balance Sheet, Trial Balance and Statement of Cash Flows which can be created to enhance usability.
Managing the budget and working as per the business requirements becomes easy and efficient with QuickBooks. Above mentioned reports are good examples of enhanced and specialized reports to perform their specific functions. If you find yourself confused at any stage, talk to a technical expert at QuickBooks Tech Help Phone Number.