If you intend to print out or create a large number of reports in Quickbooks Online for a number of different clients, you want your reports to be easy to understand for your own peace of mind. Furthermore, if you intend to show these reports to all the important people in your business, like customers or investors, you also want them to look professional. Unfortunately, unless you are a trained accountant, learning the customization page can seem hard to understand.
Customization is actually pretty easy. From your dashboard, go to “Edit,” “Preferences,” and finally click the “Reports & Graphs” icon from the list in the navigation bar. This will give you a list of customization options where customization is as simple as knowing what each option does.
- Accrual vs. Cash: In the “Summary Accounts Basis” section, you will be given two options – Cash and Accrual. If you choose accrual, your reports will include all transactions, sales, purchases, and expenses from the moment they are recorded, whereas choosing cashwill display them from the moment you pay or receive payment for them.
- Age Transaction Date vs. Age Due Date: In the “Aging Reports” section, your options are pretty straight-forward. This will show either transactions or sales from the date that the transactions are due or the date that they were recorded.
- Show Accounts By: In this section, you are given the ability to choose how you want your account information shown on each report. You can choose to order them by name, by description, or using both. There is also a section where you can choose the exact same option for items on reports.
- Statement of Cash Flows: Unless you know what you are doing in this section, it might be best to leave it for a professional. In this section you can tell QuickBooks how it should handle its accounts when it produces a statement of cash flows using accepted accounting principles.
- Format: Finally, the format section is likely going to be the most interesting to you if you want to make reports look good. Here you can clear the default formatting, then explore other formatting options within. As to how to format, it is all up to personal preference.