Top 10 Most Popular Reports in QuickBooks Online

QuickBooks Online is a versatile and feature-rich accounting software that offers a wide array of useful reports to help businesses and individuals manage their finances effectively. These reports are valuable tools for gaining insights into various aspects of financial health and making informed decisions.

Here are the top 10 most popular reports you can generate in QuickBooks Online: 

1. Profit and Loss Report

The Profit and Loss (P&L) report, also known as the Income Statement, offers a comprehensive view of your company’s revenues and expenses. It helps you assess your profitability over a specific period. The P&L report is essential for understanding your business’s financial performance. It provides insights into which revenue streams are most profitable and identifies areas where you can reduce expenses to increase profitability.

Sample profit and Loss (P&L) report in QuickBooks Online

2. Cash Flow Statement Report

The Cash Flow Statement report displays your company’s cash inflows and outflows, allowing you to monitor your liquidity. It separates cash activities into operating, investing, and financing activities. Cash flow is the lifeblood of your business, and this report helps you understand where your cash is coming from and going to. It assists in managing daily operations, making loan decisions, and planning for the future.

Sample cash flow statement in QuickBooks Online

3. Balance Sheet Report

The Balance Sheet report provides a snapshot of your company’s financial position at a specific point in time. It summarizes your assets, liabilities, and equity. This report is crucial for evaluating your company’s overall financial health and stability. It helps you assess your liquidity, measure your net worth, and understand your debt obligations.

Sample balance sheet in QuickBooks Online

4. Bill Approval Status Report

The Bill Approval Status report is a vital tool for businesses that need to track the approval status of bills and expenses. It provides a clear overview of which bills are pending approval, approved, or paid. This report streamlines the bill approval process, ensuring timely payments and preventing duplicate payments. It enhances financial control and helps avoid late fees by keeping you informed about the status of outstanding bills.

5. A/P Aging Summary Report

The Accounts Payable (A/P) Aging Summary report displays a summary of outstanding vendor bills. It categorizes unpaid bills by aging periods (e.g., 0-30 days, 31-60 days, etc.). This report is useful for managing cash flow and maintaining healthy vendor relationships. It helps you prioritize bill payments, avoid late fees, and negotiate favorable payment terms with vendors.

6. A/R Aging Summary Report

The Accounts Receivable (A/R) Aging Summary report is similar to the A/P Aging Summary but focuses on outstanding customer invoices. It categorizes unpaid invoices by aging periods. This report is essential for effective accounts receivable management. It helps identify overdue invoices, accelerate collections, and improve cash flow.

7. Product/Item Profitability by Customer Report

This report breaks down profitability by product or item and customer. It provides insights into which products or services are most profitable and which customers contribute the most to your bottom line. Understanding product and customer profitability allows you to make informed pricing decisions, optimize your product offerings, and tailor your marketing efforts to target high-value customers.

8. Invoice Approval Status Report

Similar to the Bill Approval Status report, the Invoice Approval Status report tracks the approval status of customer invoices. It helps ensure timely invoicing and payment processing. This report streamlines your invoicing workflow, minimizes invoicing errors, and enhances customer relationships by ensuring invoices are sent and approved promptly.

9. Expense Report

The Expense Report provides a detailed breakdown of your business expenses. It categorizes expenses by accounts, making it easier to analyze spending patterns. This report allows you to identify areas where expenses can be reduced, helping improve your overall profitability.

10. Invoice Report

The Invoice Report offers a comprehensive view of all your customer invoices. It includes details such as invoice number, date, due date, and payment status. This report helps you keep track of invoicing activity and outstanding receivables. It is essential for maintaining accurate records and ensuring that all invoices are accounted for and paid in a timely manner.

Tip: If you need advanced reports, such as project estimates vs actual reports, then you must upgrade to QuickBooks Online Advanced. Learn more about QuickBooks Online Advanced’s estimate vs actual reporting.

QuickBooks Online provides an extensive range of reports to support efficient financial management. These top 10 popular reports cover essential aspects of your business’s financial health, including bill and invoice management, profitability analysis, cash flow, and expense tracking.