In addition to creating company financial statements, such as the Income Statement and Balance Sheet, QuickBooks provides a library of other useful documents and features to help users review their work and gain further understanding of their data.

Trial Balance

Reports/Accountant and Taxes/Trial Balance

The Trial Balance is a snap shot of the account balances in all active accounts. You can use this as a starting point for quick access to transactions. Set the date range to the quarter in which you are working, and double click on the balance to see all transactions for that date range. Select Modify/Filter to limit the detail view to one transaction type such as checks, bills, or invoices.

Accounts Receivable

Reports/Customers and Receivables/Transaction List by Customer

Some firms send their customers invoices created outside of QuickBooks. Set the date range for a three month period, and use this report to check that all customer invoices have been entered in QuickBooks.

Accounts Payable

Reports/Vendors and Payables/Transaction List by Vendor

Set the date range for a three month period and use this report to check that all recurring vendor invoices are up to date in QuickBooks.

Payroll Summary

Reports/Employees and Payroll/Payroll Summary

Set the date range for the current pay period and change the display option from employees to total. Use this report at the completion of each payroll cycle to confirm that gross wages, taxes and deductions on the QuickBooks paychecks agree to the payroll vendor summary reports.

Customer Statements

Not a report but an option found in the customer center, customer statements can be viewed that display all invoices, payments, credit memos, and refund checks for a particular customer or a specific job. Previewing a statement allows you to easily see all customer activity in date order and the running balance after each transaction. This process is particularly useful to monitor customer balances when partial payments have been received or credit memos have been issued.

Contributed By: Susan Webber