Hector Garcia Gives Three QuickBooks Tips

After attending last month’s TheQBShow, I received a few emails with requests for some step-by-step instructions on how to do some of the tricks I showed Dawn Brolin during the show, so here we go:

Last Month’s Invoices That Are Paid

This is an accrual basis report that shows the invoices that are dated last month, but are FULLY paid as of today (partially paid invoices are excluded). Here is what you need to do:

  1. Reports – Custom Reports – Transactions Detail
  2. Go to Customize Report, and in the Display tab, make sure you are set to Accrual Basis and Dates to Last Month
  3. In the Filters tab, use the following filters:
    – Transaction Type: Invoice
    – Detail Level: Summary Only (this will omit item details within the invoice, just the “whole” amount”)
    – Paid Status: Closed (to only show fully paid invoices)

It does not matter if the invoice is paid in the past or future. As long as it is marked “paid,” it will show on this report, and include invoices that were written off with a discount or credit memo.

Invoices That Were Paid Last Month

This is a cash-basis report, which shows invoices of any date that lands on last month or before, as well as the fact that the payment was received AND applied last month. These are the steps:

  1. Reports – Custom Reports – Transactions Detail
  2. Go to Customize Report, and in the Display tab, make sure you are set to Cash  Basis and Dates to Last Month
  3. In the Filters tab, use the following filters:
    – Transaction Type: Invoice
    – Account: All Ordinary Income accounts
    – Detail Level: All Except for summary (on cash basis reports, you cannot work with Summary Only reports like the example above)

 

Now, this report will look different because it will show all the items (and according to the account filter, that affects the income account) of the invoice. Unfortunately, QuickBooks can only show cash basis reports with items and not with summaries because it applies cash basis payments proportionally on every item, even it is partially paid. Another important note is that an invoice that has a future date but was paid in the past month will now show on the cash basis report because QuickBooks uses the later of the payment date or invoice date.

P&L/Balance Sheet Desktop

Here’s the third tip I showed. To do it, follow these steps:

  1. Window Menu – close all
  2. Reports Menu – Company & Financial – Balance Sheet Standard, and also Profit & Loss Standard
  3. Make sure both reports are set to the SAME date range like “This Year-to-Date”
  4. Back to Window Menu – Tile Vertically
  5. Then go to Edit Menu – Preferences
  6. In the Desktop section and My Preferences Tab, clock on Save Current Desktop, and click on OK.

This will give you a desktop that looks like this all the time:

I also showed some tricks around Converting Inventory to Non-Inventory Workaround, Profit on an Invoice VS. Profit on a Job and Landed Cost (which I actually have an article in my blog, showing that procedure step-by-step).