Inventory Costs, Expenses Too High?

QuickBooks vendor reports will help you determine where to cut back.

QuickBooks Training 081513 image 1Your company’s cash flow is dependent on the balance between two things: income and expenses. If your expenses are outpacing your income, you’ll have a dismal Cash Flow Statement.

So it pays – literally – to keep close track of the money you’re spending. A good QuickBooks training course can help you find ways to reduce your outflow of funds. But you can get a good idea of where you’re living beyond your means by running vendor reports, which you can find by opening the Reports menu and selecting Vendors & Payables.

 

 

A/P Aging

A/P Aging Summary displays the total amount that you owe each vendor. By default, these numbers are broken down into Current, 1-30 days, 31-60 days, 61-90 days and over 90 days.

A/P Aging Detail gives you the same information but breaks it down into every transaction that goes into the totals.

Vendor Balance Summary tells you what the total unpaid balance with each vendor is.

Vendor Balance Detail lists all transactions that go into that balance.

Unpaid Bills Detail provides information about all of your outstanding bills.

Accounts Payable Graph displays a visual representation of your Accounts Payable status. You can see at a glance where your financial obligations lie. A pie chart color-codes your vendors and shows what percentage of your outstanding payables each represents. And a bar graph illustrates where on the aging scale your payables lie (Current, 1-30 days, etc.).

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QuickBooks’ Accounts Payable Graph tells you the percentages of your total payables that each vendor represents.

Transaction List by Vendor lists all of your vendors and the transactions related to them in a given period of time.

1099 Summary displays total for the 1099s you sent, by vendor.

1099 Detail lists each transaction that contributed to each vendor’s 1099 total.

Sales Tax Liability provides a summary of your sales tax liability (sales tax you’ve charged to customers and owe to the taxing agencies).  Total Sales, Total Taxable Sales, Total Non-Taxable Sales, Tax Rate, Tax Collected and the amount owed by a specific date appear in columns for every taxing agency you owe.

Sales Tax Revenue Summary provides a summary of sales as they fall into the purview of each taxing agency.

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How much sales tax have you collected for each agency? This QuickBooks report will tell you. It’s critical that you collect and remit sales taxes accurately. Unsure of how this works? Take a QuickBooks course.

Vendor Phone List is just what it sounds like: a list of vendors and their phone numbers.

Vendor Contact List provides a list of vendors with all of their contact information and the amount you currently owe each.

Reports may not sound like rocket science, and running simple ones isn’t. But how much do you know about customizing QuickBooks reports, and about other elements of QuickBooks in general? Try taking this quiz to test your knowledge.

hector@qbkaccounting.com

hector@qbkaccounting.com

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