12 Financial Reports You Should Be Creating
Mike Perry, Client Advisory Services Director
May 22, 2017
How do you decide what accounting tasks need to be done every day? Do you look at a calendar? Dig through that stack of invoices and bills on your desk? Glance at your to-do list? If you’re using accounting software, it’s less of a challenge. You can choose report templates and run them using your own data – in seconds. There are some reports you should be looking at on a daily or weekly basis, depending on the volume of your sales and debts. These deal with the payment status of your customer invoices and your vendor bills. In QuickBooks, these pre-formatted reports are called
A/R Aging Summary (or
Detail) and
A/P Aging Summary (or
Detail). They display tables that identify the customer or vendor and provide related details like
Type,
Date (of the original bill or invoice),
Terms, and
Due Date. Most important, you can tell at a glance which are current and which are 31-60, 61-90, and 90+ days overdue. When you double-click on one, the original form appears in a window. If you just want to see a complete list of invoices for which you haven’t received payment, you can run the
Open Invoices report. Do you sell products? Do you track your inventory status in QuickBooks? If so, you need to keep a close eye on your stock levels. You should periodically run the
Inventory Stock Status by Item report. You can customize this report to display different columns and use different filters, but the default layout gives you a great deal of information about each item, including:
- Its reorder point,
- The number on hand,
- The number on sales orders and purchase orders,
- The number available, and,
- The next delivery date.
- Adaptability, Positivity, Developer, Ideation, Relator
Mike Perry
Client Advisory Services Director
Mike Perry is a Client Advisory Services Director at Lutz. He began his career in 2000. He focuses on providing business consulting, software implementation and training, accounting procedure assistance, and outsourced accounting services for closely held companies.
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