What are the specific reports available with the Simple Start version of Quickbooks Online

First, Simple Start plan may be the best value for the bucks if your business just needs to sync bank accounts to the QuickBooks, categorize transactions to generate the Profit and Loss report; and there is no need for Accounts Payable feature.

These are the built-in standard reports available in Simple Start plan as of December 30, 2015.

simple start reports
simple start reports

Business Overview:

  • Profit and Loss by Month (NEW)
  • Quarterly Profit and Loss Summary (NEW)
  • Profit and Loss
  • Balance Sheet
  • Statement of Cash Flows
  • Audit Log

Notice there is no General Ledger (GL) report on the list. If you think you need this valuable report added to future revision, you should send them your feedback to Intuit developers.
From the home page screen > Company Gear (upper right corner) > Your Company > Feedback > Post Your Own Idea

Review Sales:

  • Sales by Customer Summary
  • Sales by Product/Service Summary
  • Product/Service List
  • Customer Contact List
  • Estimates by Customer
  • Deposit Detail

Manage Accounts Receivable:

  • Customer Balance Summary
  • A/R Aging Summary(1)
  • Collections Report
  • Invoice List
  • Statement List

(1) TIP: Notice there is no A/R Aging Detail report on the list. From A/R Aging Summary report > click grand total amount link under “TOTAL” column. It will take you to the A/R Aging Detail report. The only difference with plans is you can’t customize this report.

Review Expenses and Purchases:

  • Transaction List by Vendor
  • Vendor Contact List
  • Check Detail

Notice there is no A/P Aging Summary report listed because there is no Accounts Payable (A/P) feature in Simple Start plan.

Manage Sales Tax:

  • Taxable Sales Summary
  • Sales Tax Liability Report

Manage Employees:

  • Employee Contact List

Manage Payroll:
(Once you are subscribed to the Intuit Payroll service, you may also see the following reports)

  • Time Activities by Employee Detail
  • Recent/Edited Time Activities
  • Payroll Summary
  • Payroll Tax Liability
  • Payroll Tax Payments
  • Payroll Billing Summary
  • Payroll Details
  • Employee Details
  • Payroll Tax and Wage Summary
  • Workers’ Compensation
  • Total Payroll Cost
  • Payroll Deductions/Contributions
  • Paycheck List
  • Total Pay
  • Vacation and Sick Leave
  • Retirement Plans
  • Multiple Worksites
  • Employee Directory

Accountant Reports:

  • Account List
  • Reconciliation Reports
  • Journal
  • Profit and Loss
  • Balance Sheet
  • Exceptions to Closing Date
  • Statement of Cash Flows
  • Transaction List by Date
  • Recent Transactions

These are additional reports available with QBO Accountant version.

  • Adjusted Trial Balance (Accountants Only)
  • Adjusting Journal Entries (Accountants Only)
  • Profit and Loss Comparison (Accountants Only)
  • Balance Sheet Comparison (Accountants Only)

TIP: From Accountant version, you can UNDO bank reconciliation. Check out our article and how-to video.

My Custom Reports
You can customize many of the built-in reports and make it your own reports. Set up to automatically distribute by email. Awesome!

Management Reports
Professional set of ready-to-use management reports as prepared by accounting firms. Also, an ability to add additional built-in reports to the management reports. You can’t automate the reports at this time.

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Our top 10 QBO improvements list of 2015

1. Permanently delete-excluded bank transactions
2. Mark a bank transaction as a billable expense and assign it to a customer
3. Collapse the left navigation bar
4. Multi-currency support
5. Add custom reports to your management reports packages
6. Hide sensitive data from limited access users on Customers and Vendors pages
7. Hide account balances from “limited access” users
8. Add subtotals on invoices and estimates1
9. Copy journal entries
10. Quicker access to registers right from the home page

Top 10 QBO Improvements of 2015

QuickBooks Online – Review of 2015 top improvements, worse update, 2016 wish list

Build a website with content. People will come. #QBFirmOfTheFuture

First, thank you to all 180 countries for visiting our website newqbo.net!

We have been building a website that has a ton of quality content. Here, you learn QuickBooks! And, share your knowledge!

It is great to know you are sharing your QBO knowledge with your friends and colleagues. Many people have also told us they found a high-paying job by learning QBO from our blog and watching our tutorial videos. Congratulations and good luck with your new job!

Also, thank you for bookmarking our site!

Please watch this five second GIF clip from Field of Dreams (probably the all-time best classic American movie) played by Kevin Costner and James Earl Jones. It is intended purely for educational/instructional purposes only. Click Play GIF. Hope you will like it!

pin200
Our pinned countries!
Out of the 180 visiting countries, we think there is a sign of growing market in these ten countries. That’s why we pinned these countries to review our projection next year. We expect increase in page views from these countries. (They may login with their Global user accounts or their US access accounts.) #CrystalBall #JustForFun

    Brazil
    Malaysia
    United Arab Emirates
    Hong Kong
    South Africa
    Czech Republic
    China
    Kenya
    Japan
    Ireland

Here is our top 10 visiting countries in alphabetical order.

    Australia
    Brazil
    Canada
    France
    India
    Pakistan
    Philippines
    Singapore
    United Kingdom
    United States

thankyou

Once again, thank you to all 180 visiting countries! Please come again!

#QBFirmOfTheFuture

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Is there a Help screen back button in QuickBooks Online?

Self-help window screen does have a back button once an answer is selected. First, you have to go to Help screen:

 

 

1 help

 

When you are in an answer window screen and would like to go back to a previous answer, click the small white arrow that points to the left. It is located just to the left of the search field at the top of the window screen.

2 white arrow

 

They have several external-facing pages with self-help content for QuickBooks Online. Some of the contents are not up-to-date. Some external links will take you to unrelated articles. We recommend visiting our site (http://newqbo.net) to learn QBO. For QBO tutorial videos library visit our other site > http://QBOHarmony.com > Our “watch and learn YouTube videos” are watched and subscribed by QBO users from over 150 countries.

 

#QuickBooks Online

 

How does “Inventory in and out” work in QuickBooks Online Plus?

First, let’s start with understanding what “Inventory in and out” means in QBO. It means you will be adding (in) purchased inventories to Inventory Assets account that is current assets type to the chart of accounts and you will be subtracting (out) sold inventories quantity/cost when you create Sales Form (either Invoice or Sales Receipt), which will be posted to COGS account.

Yes, you do need Plus plan to have Inventory feature in QBO. Inventory feature is not available in QBO Simple Start and QBO Essentials.

You will use the vendor forms (expense, check, bill) to enter “inventory in” (add to inventory asset). Journal Entry form will not work to enter “inventory in”.

Blank Vendor Bill Form
Click on the screenshots below to enlarge them
1 bill form account
Let’s look at the blank vendor bill form (above) before making any feature setup changes. The form has “Account” column (part of chart of accounts), but no “Item Details” with columns like “Product/Service”, “Quantity” and “Rate”. We do not enter “inventory in” yet. We go through the steps below to make “inventory in and out” work:

STEP 1: Enable products and services settings ON

  • From the home page screen
  • Company Gear (upper right corner)
  • Settings
  • Company Settings
  • Sales
  • Products and Services
    1. Show Product/Service column on sales forms ON
    2. Track quantity and price/rate ON
    3. Track quantity on hand ON
  • Save / Done

2 products and services settings

 

STEP 2: Create new products and services (or item list) for inventory item

  • From the home page screen
  • Company Gear (upper right corner)
  • Lists
  • Products and Services
  • New
  • Fill out Product or Service Information
  • Inventory Name
  • To Track Quantity on Hand (for inventory items)
    Select checkbox > I track quantity on hand for this product. This enables inventory cost accounting.
  • Initial Quantity On Hand (enter “0” for new item)
  • As Of Date = today’s date
  • Inventory Asset Account = Inventory Asset (Default account. Do not select other account or create new one.)
  • Sales Information = Description on sales forms (Invoice or Sales Receipt)
  • Purchasing Information = Description on purchase forms (Purchase Order)
  • Price/Rate = Sales Price (will see it on Invoice or Sales Receipt)
  • Cost = Purchase Price (will see it on Vendor Forms like Bill, Check, Expense)
  • Income Account = Revenue/Sales account from the Chart of Accounts (will later see it on P&L Report)
  • Expense Account = COGS from the Chart of Accounts (will later see it on P&L Report)
  • Checkbox if product is taxable. To setup sales tax (left blue navigation bar > sales tax)
  • Save and Close

3.1 add new inventory
3.2 add new inventory

 

STEP 3: Enter “Inventory in” by using Vendor Forms (Bill, Expense, Check) and selecting Item Details section (Not Account details section)

  • Choose a Vendor (name of the company you bought inventory item)
  • Fill out necessary information and move to Item Details section
  • Product/Service = inventory item you want to add in (in this example, mountain bike)
  • Description should prefill once you enter product/service item. You can change it if necessary to track more information.
  • Qty = quantity purchased per vendor bill
  • Rate = purchase price per vendor bill
  • Amount = total purchase amount per vendor bill (qty x rate)
  • Save

4 enter bill for inventory

 

STEP 4: Enter Inventory out by creating Sales Forms (Sales Receipt, Invoice)

  • Choose a Customer/Client (name of the company you sell inventory item to)
  • Fill out necessary information and move to Product/Service section
  • Product/Service = inventory item you want to sell (in this example, mountain bike)
  • Description should prefill once you enter product/service item. You can change it if necessary to track more information.
  • Qty = quantity customer buying
  • Rate = price customer paying
  • Amount = total revenue/income amount (qty x rate)
  • Save

5 sales receipt inventory out

 

You can run built-in Inventory Valuation Detail Report (left navigation bar > report > go to report and select the report) to review in and out of inventory product item. In this example (Item = Mountain Bike):

  • Inventory “in”
    Quantity = 10
    Rate = $200
    Total Inventory Amount = $2,000.00
  • Inventory “out”
    Quantity = 4
    Rate = $300
    Total Sales Amount = $1,200
  • Inventory “on hand”
    Quantity = 6
    Valuation = $1,200 (6 x $200)

6 inventory valuation detail

For the income side (you can run Profit and Loss report and customize the columns for products/services), you should have $400 gross profit (qty 4 x $100 profit per item)

  • Sales = $1,200 (qty 4 x sales price $300)
  • Cost = $800 (qty 4 x cost price $200)

7 profit and loss

 

FIFO (First-in, First-out) Method

QuickBooks Online uses the FIFO method of inventory valuation. As the name implies, QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your Inventory Assets and Cost of Goods Sold (COGS) accordingly whenever sales of inventory items are entered.

Let’s expand this case by adding a few more transactions here.

As of previous example, we have 6 units left in stock. They were purchased at $200.00 per unit. Total inventory valuation amount is $1,200 ($1,200).

Let’s suppose, we purchased 10 more units of bikes at $220.00 per unit (total bill = $2,200).

  • Our new total inventory valuation = $3,400 (1200 + 2200)
  • Our new quantity on hand = 16 (6 from previous purchase + 10 from new purchase)
  • Our new average cost = $212.50 ($3,400 divide by 16 stock units)

8 fifo inventory valuation

Let’s suppose, we sold 8 units. What would be the COGS now?

  • 6 units @ $200.00 = $1,200
  • 2 units @ $220.00 = $440
  • Total COGS for 8 units = $1,640

9 profit and loss

 

#QBO Plus