quickbooks reports

QuickBooks is a premier accounting software package that’s ideal for small and medium-sized businesses. Intuit designed QuickBooks reports to be as accessible and user-friendly as possible, but it takes time to familiarize yourself with even the simplest accounting software. This step-by-step guide shows you how to create reports in QuickBooks that are essential for proper bookkeeping.

How to Use QuickBooks Reports

Business owners can access a vast arsenal of accounting reports and charts using QuickBooks software, but you’ll have to acclimate yourself to the platform to get the most out of its capabilities.

This QuickBooks reports help guide from Intuit can tell you more, but this quick-reference guide can help you get up to speed a little faster.

Next, we’ll cover some of the most commonly used QuickBooks reports and features. Each section will also include detailed instructions for accessing each report.

Don’t forget to bookmark this page for quick reference because it could come in handy the next time you’re reviewing your business’s books.

Without further ado, let’s get started with one of the most popular accounting reports, the profit-loss report.

TaxHack QuickBooks Reports Video Walkthrough

This handy video will show you exactly how to pull these common reports from QuickBooks. You can watch the entire tutorial here:

How to Get Your QuickBooks Profit-loss Report

A QuickBooks profit-loss report contains a comprehensive summary of your business’s revenues and expenses over a particular time period, so you can see how much profit your business generated over the time span.

You can customize your QuickBooks profit-loss report with a wide spread of available data sets and accounting metrics to get the clearest picture possible, and you can also customize the date range to cover any time period you choose.

Follow these steps to make a Profit-Loss Report in Quickbooks:

  • Select the “Reports” tab on the left panel
  • Input “profit and loss” in the search field that says “Go to report”
  • Change the reporting period, which could be anywhere from one week to one year
  • Choose if you want to display any unrealized gain or loss
  • Click on your preferred accounting method, which could be either cash or accrual
  • Click on the “Run Report” button to see results

balance sheet example

Balance Sheet

A balance sheet report shows your business’s assets in comparison with its liabilities and equity. This financial snapshot can help you better judge your business’s current fiscal health and make better financial decisions.

The balance sheet ultimately produces a figure that measures your company’s book value. However, this figure isn’t necessarily an accurate measure of your business’s value because it doesn’t always account for intangibles. Instead, think of it as a measurement of your business’s current financial standing.

Your balance sheet shows your business’s assets minus liabilities and equity. In other words, it shows the assets business owns, the liabilities and/or debts it owes, and how much ownership. Additionally, assets should always equal the total of owner equity plus liabilities.

For non-incorporated and non-LLC businesses, follow these steps:

  • First, click the “Reports” tab in the navigation bar
  • Then, select “Balance Sheet” on the “Recommended” tab

Limited liability companies (LLCs) can follow these steps to obtain a balance sheet report:

  • First, click on the “Reports” section in the navigation bar
  • Next, navigate to the “All Reports” tab
  • Finally, choose “Business Overview” before selecting “Balance Sheet (Schedule IV)”

Accounts Receivable Aging Summary

Accounts receivable aging reports provide you with an overview of the outstanding balances due from customers. It can also tell you which customers are missing some of their payments, how much money is due, how long it typically takes customers to pay, and more.

Access the summary report with these steps:

  • First, choose “Reports” on the left tab
  • Then, click on “Accounts Receivable Aging Summary” within the “Who Owes You” menu
  • Finally, customize this report to fit your preferences

You can also customize the reporting period, the number of aging periods that are shown, the aging method, and the total number of days per aging period.

Statement of Cash Flows

The QuickBooks cash flow statement measures the cash flowing in and out of your business over time. It’s an extremely important report for businesses that use accrual accounting systems because it shows you how much actual cash is coming into the business, unlike the profit-loss report which can include accounts receivable sales and other unrealized revenues.

Follow these steps to access your QuickBooks statement of cash flows:

  • First, select the “Reports” tab
  • Next, type in “statement of cash flows” within the search field
  • Then, customize the report settings as needed
  • Finally, choose “Run Report”

quickbooks performance center

QuickBooks Performance Center

You can create a quick-and-easy overview of your business’s performance with the QuickBooks Performance Center. Many business owners appreciate this feature because it provides visual summaries of all of the data available in QuickBooks reports.

Furthermore, Performance Center’s reports allow you to efficiently visualize multiple data sets so you can get a better perspective on your business as a whole

Performance Center can measure key metrics like Cost of Goods Sold (COGS), accounts receivable, accounts Payable, net profit, gross profit, cash flow, and revenue stream.

You can access the Performance Center with a few simple steps:

  • First, select the “Reports” tab
  • Then, click on the “Performance Center” option

And, you’re in! The QuickBooks Performance Center is your go-to source for some of QuickBooks’ most powerful features.

How to Make Charts with QuickBooks

QuickBooks provides users with useful reports that are easy to access, but you can also make custom charts based on your accounting data.

Follow these steps to make a QuickBooks chart:

  • First, select the “Add New Chart” button
  • Next, click on the data set you want to track
  • Use the customization window to modify your chart if needed
  • Then, choose a name for your chart
  • Select the time period you’d like to track with the drop-down “Time Period” menu
  • If you want, you can also group the data by locations, classes, or vendors
  • You can also use the “Compare” button to see how the data varies over differing time periods
  • Finally, select the “Add to Dashboard” button once you’re finished to save the chart.

Now that you know how to pull reports in QuickBooks, you should have all of the information you need to navigate the software with ease.

QuickBooks Not Cutting It?

Accounting software like QuickBooks is great, but it’s no substitute for a qualified accounting professional. If your business is outgrowing QuickBooks, talk to one of our TaxHack pros about our full-service bookkeeping services today and leave the numbers to us. Our team will ensure your bookkeeping is accurate, efficient, and stress-free so you can focus your efforts on growing your business. Click here to set up a complimentary strategy session with a Tax Hack pro now.


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