When we discussed Financial Statements in the Introduction to Accounting series, we discussed about major financial reports.   Three of those financial reports are considered standard: Income Statement (Profit & Loss), Balance Sheet, and Statement of Cash Flows.  In this first series of Generating Standard Financial Reports, P&L will be discussed.  The second series will discuss Balance Sheet Standard and the third (last) series will discuss Statement of Cash Flows.

QuickBooks makes generating such financial reports easy to obtain and modify, so you can customize and memorize them in the future.  There are a couple of ways to do generate financial reports:
•    From the Report Centre, by clicking Reports > Report Centre or selecting Report Centre icon, or
•    From Main Manu > Reports > select directly to the reports submenu (Company & Financial, Sales Tax, Customer & Receivables, & so on).

Report Centre

When using Report Centre, there are 3 ways you can view it: Carousel, List, or Grid view.  Below is the screenshot when using Grid view:



QuickBooks has many menus and navigations, which sometimes can be overwhelming.  The Favourites menu can be very useful to fill almost any command or task you most often do.  You can customize it from any command in Lists, Company, Sales Tax, Customers, Vendors, Employees, Banking, Reports, and others.

To add tasks to the Favourite menu:

From the Main Menu, select Favourites > Customize Favourites to open Customize Your Menu window:


As a business owner, sometimes you need to reset your Administrator password because of the change of the person or simply you have forgotten the password.  It’s a longer step than just changing the User password, but you can do this within minutes:

1.    From the Main Menu, go to Company > Setup Users & Passwords > Change Your Password to open Change QuickBooks Password window:


Each time you create transactions, for example when creating invoices, sales receipts, or entering bills, writing cheques, you can either print the documents while opening the from menu or you can print them in batches .
To print the forms one-by-one or in batches, just click the Print drop-down menu when opening the forms and select the available options.  For example, when creating invoice, the available Print options are Preview, Invoice, Batch, Packing Slip, Shipping Label, Order Forms & Envelope, and Save as PDF.
Select Preview to preview your invoice, Invoice to print invoice one-by-one, Batch to print invoices in batch, and so on.  Other forms, like Write Cheques, has only Cheques and Batch option.

Another way to print forms in batches is:

1.    From the Main Menu > File > Print Forms, and select the forms from the available drop-down menu.  You can find options from Bill Payments Stubs, Cheques, Credit Memos, Invoices, Labels, Pay Cheques, Paystubs, Purchase Orders, Sales Orders, Sales receipts, and Timesheets.
Let’s select Cheques for this example and you will see a Select Cheques to print window:


After you add your loan into the Loan List in Loan Manager program, you are now ready to set up its payments.  Open your Loan Manager again and you will see your Term Loan is in the Loan List.  Click the Payment Schedule tab to browse:


QB Setup Payment Loan Manager 1