How to Use Quickbook's Company and Financial Reports

Woman reviewing a Company Financial Report
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QuickBooks' Company & Financial Reports will give you an idea of your small business' financial position. QuickBooks is a small business accounting software program. Within it, you can view your balance sheet, income statement, and statement of cash flows through their Company & Financial Reports section. You can use these reports to view a variety of other items, including how much you are paying each vendor, the sources of your income and expenses, and more. 

Profit and Loss

QuickBooks Profit & Loss Reports will give you an overview of the profitability of your business over a particular time period. These reports come in several styles that can be specific to the company as a whole or to an individual project or job.

Profit & Loss Standard 

The Profit & Loss Standard Report will let you know if your company made or lost money over the course of a particular time period. You will not get a significant amount of detail with this report, just a snapshot of your company's profitability.

Profit & Loss Detail

The Profit & Loss Detail Report lists all the transactions for a particular time period so you can determine what revenues and expense accounts are the cause of your company's net income or a net loss. You can drill down further into particular accounts to get more details on particular transactions that you want to investigate further.

Profit & Loss Year-to-Date Comparison

The Profit & Loss Year to Date Comparison Report will let you compare your income and expense accounts to the same period in the prior year so you can get a better understanding of how your business is trending at a detailed level.

Profit & Loss by Job

The Profit & Loss by Job Report will let you know whether your small business is profitable on a particular job. The by job report allows the calculation of expenses specific to job or customer. To generate the report each invoice and receipt must carry the job identification number.

Profit & Loss by Class 

The Profit & Loss by Class Report will let you assign your revenue and expenses to business segments so you can see how profitable your business is by your different lines of business. You will have to properly classify your expenses when you enter them for this report to run properly.

Profit & Loss Unclassified 

The Profit & Loss Unclassified Report will let you see how profitable any unclassified revenues and expenses are if you use classes. You will use this report with the Profit & Class Report listed above so that any items that cannot be classified to a particular line can be identified.

Income & Expenses

QuickBooks Income & Expense Reports will show your business' income, expenses, and gross profit over specific periods of time.

Income by Customer Summary

The Income by Customer Summary Report will show you your gross profit from each customer. The gross profit for each customer is calculated as the total sales to a customer less the cost of goods sold to that particular customer.

Income by Customer Detail

The Income by Customer Detail Report will show you your gross profit from each transaction that you have with a specific customer. The gross profit for each customer is calculated as the total sales to a customer less the cost of goods sold to that particular customer, and in this report, it is broken down on a transaction-by-transaction basis.

Expenses by Vendor Summary

This report will show you the total expenses for each vendor, so you know who you are paying and how much you are paying them. These reports can come in handy when comparing bids from vendors for future projects or when pricing a contract for your client.

Expenses by Vendor Detail

The Expenses by Vendor Detail Report will show you your small business' total expenses for each vendor broken down by each transaction so you can see the running total of these expenses.

Income & Expense Graph

The Income & Expense Graph Report will show your income and expenses in a graphical format. This report will give you a visual display of the largest sources of your income and expenses.

More QuickBooks Reports

QuickBooks also has reports available in the following areas:

  • Company & Financial Reports tell you how your company is doing financially.
  • Customer & Receivable Reports show you how much your customers owe you.
  • Sales Reports give you information about sales rep, sales orders, and pending sales.
  • Vendor & Payable Reports tell you how much money your company owes to its vendors.
  • Purchase Reports give you information about your company’s purchases and its open purchase orders.
  • Employees & Payroll Reports outline information about your employees and payroll expenses.