Let’s understand the reports of QuickBooks desktop in detail

QuickBooks is a smorgasbord of advantages and benefits. If you are using QuickBooks in your company then you are on the right path to making the most of the latest technology. Every year, the QB is updated with improvements, additions and new features, which keep it in the race of technological advancement.

Out of the wide array of benefits offered by the QB, the reports generated in it are very useful for a business. In addition to being in-depth and a single point for your different data, they are also very much easy to understand.

So, in this blog post, we will be looking at the reports in QuickBooks in detail.

How are reports generated?

The reports in QuickBooks are generated on the basis of a particular set of instructions known as a Report set. QB uses this set of instructions for extracting the information from the data file which is then presented as a set of transaction lines.

The report set includes the following things:-

• Default filters
• The Display and Filter tab’s settings
• The hard-coded structure of reports in QuickBooks
• And, the embedded filters

A concept of source and target is also used by QuickBooks in order to generate reports. The concept of source and target is used for applying accounting principles and processes.

Some report groups available in the QuickBooks desktop

• Sales reports
• Customers and Receivables
• Inventory reports
• Banking reports
• List
• Vendors and Payables
• Company and financial 
• Jobs, Time and Mileage

How to set preferences in reports?

By using the flexibility of setting preferences, you will be able to customize the reports and make it a perfect fit your business. Here is the step by step guide for setting up preferences in QuickBooks.

• First of all, click on Preference from the Edit menu.
• Now in the preference window, choose Reports, and Graphs located on the left side and then click on My Preference tab or the Company preference tab.
• By choosing the My Preference tab, you will be able to customize how QB will work for you. The changes which you will make on this account will be applicable to your account only. 
• By using the Company Preference tab, you can set a default report preference for all the users in QuickBooks. But if you want to make changes in the Company Preference then you need to be the QuickBooks Desktop administrator. 

How to customize a report?

You can easily customize all the reports generated in QuickBooks to match your need. You can customize the data, add or delete columns, add or remove the information on the footer/header, and do lots of other things. In order to customize a report, you need to follow the below- mentioned steps:-

• First of all, run a report
• Then click on the Customize Report in the Report window
• Now, on the modify report window, move to the tabs which you are planning to update and then click on OK when you are done. 

You get the following four tabs in the customization option:-

·         Display Tab

·         Filters Tab

·         Header/Footer Tab

·         Fonts and Numbers Tab

Other than the above-mentioned functions of the report in QuickBooks, you can also add comments to the reports, create, access and modify memorized reports, setup and modify scheduled reports and combine reports from two or more company data files.