Using Management Reports in QuickBooks

Using management reports in QuickBooks Online

Have you ever tried using management reports in QuickBooks? They are a bit hidden, so I tagged this post under my categories of hidden things. As a result, this report grouping is probably not utilized often because of where it is under the reports tab. However, it is one you should consider using if you are an accounting firm. Moreover, it is customizable! They produce an excellent end product to impress your client or the CPA or Tax professional.  Big shout out to Sarah Prevost for showing me this neat trick!

I have other videos/blog posts for "hidden things".  Let's follow the steps to create these reports.

Using Management Reports in QuickBooks:  where is that feature located?

It is in the reports area.  You have the tabs for standard, custom, and management.  Most people go right for the standard.  Why not set your firm apart by using the management reports?  Once you select the management reports tab, click that section to expand the window with the two default reporting options:  Basic and Expanded.  You can duplicate either of these and create more templates for your customers.  The best part is you are able to save the date ranges and basis for the reports.   And you can rename them to be specific to your client.

Using Management Reports in QuickBooks:  The trick is in editing the template

I found I could edit the template and make use out of the notes section. For example, I just worked with a client that needed some cleanup of his records. Once the work was complete, he and I did the final review. Several items were left open to be discussed with the tax professional. This new client did not have a CPA. He asked me for a referral. Since he is becoming a new customer to the CPA and will probably not have his books done right away, the notes section will become invaluable.  

The final product produced is depicted below. It gives a much better appearance than the general reports under the Standard section.

Bonus tip:  My favorite analyzing report

My favorite report to analyze a client's records is the Profit and Loss Comparison Report. I use this to compare files from year-to-year or month-over-month. It is a great report to look for bookkeeping misapplied transactions. Of course, my favorite tool for that is in the accountants' toolbox/briefcase, and it is the reclass tool.

Last piece of advice...

I have to say that not a day goes by that I don't find something or a colleague will share something they saw in QuickBooks Online. This accounting platform is such a phenomenal program and has so many great features. If you are in desktop and are hesitant to move to a cloud-based application, I encourage you to try it out. Once you get past the "learning curve" of the different look and feel of it, I guarantee you will find the automation and time-savings worth the monthly fee.

My firm is entirely cloud-based now. We no longer take on desktop clients. Our amazing workflow for attorneys has helped automate many of the tedious tasks. My next post will address this workflow. Stay tuned....

If you have any questions or would like to see a future video on another topic, please reach out to me on Facebook.

Lynda Artesani

Lynda Artesani is the president of Artesani Bookkeeping where she uses her expertise and organizational skills to help her clients thrive and become profitable. Lynda is a member of the Intuit Trainer Writer Network. She is an alumni member of the Intuit Advisory Board. Additionally, she is the first Expert Columnist for the QB Community forum. She is also a co-founder in a Facebook group called QB Community Live!