Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that project you just completed for a customer?
If you’re doing your accounting manually, there’s simply no way to get that information quickly. Depending on your bookkeeping system, you may not be able to get it at all.
QuickBooks Online has more than one solution for this problem. You see the first one every time you log in. The Dashboard contains a graphic in the upper left corner that tells you how many invoices are overdue and unpaid. Click on the colored bar labeled OVERDUE, and you’ll see a list of invoices with the unpaid ones right at the top.
You can tell at a glance how much of your money is tied up in unpaid invoices.
While this is important information for you to have as you start your workday, it doesn’t tell the whole story. To get that, you’ll need to access some of QuickBooks Online’s reports – five of them in particular. Click Reports
in the left vertical pane, and then scroll down to the heading labeled Who owes you
These reports are listed in two columns. Each has the outline of a star next to it. Click on the star, and the report will be added to the Favorites
list at the top of the page. Click on the three vertical dots next to it, and you’ll be able to Customize
the report. And as you hover over the title, you’ll see a small, circled question mark. Click on this to get a brief description of the report.
There are several reports in this list that can provide insight into where your outstanding revenue is. We recommend you run five of them at least once a week – more frequently if your business sells large quantities of products and/or services. The suggested are: Accounts receivable aging detail
This report provides a list of invoices that are overdue, along with aging information. There are several columns in the report, but you’ll want to pay special attention to the last one: OPEN BALANCE
. Tip: If you have many customers or simply a high volume of unpaid invoices, you might consider running the Accounts receivable aging summary instead. Changing the Content
Before you run the report, you should explore the customization tools provided for it. They won’t be the same for every report, but you can start to get an idea of what can be done. Hover over the report title and click Customize
. A panel like the one pictured below will slide out of the right side of the screen.
QuickBooks Online provides deep customization tools for reports.
You can see some of your customization options in the image above. Beyond these, you can also work with filters and headers/footers. When you’re satisfied with your changes, click Run report.
If you want to run a report with its default settings, just click on the report title in the list to display it. You’ll have access to limited customization from there.
Four other reports you should be generating regularly are:
- Customer Balance Summary: Shows you how much each customer owes your business
- Open Invoices: Lists invoices for which there has been no payment
- Unbilled Charges: Just what it sounds like: tells you who hasn’t been invoiced yet for billable charges
- Unbilled Time: Lists all billable time not yet invoiced
We don’t expect you’ll have any trouble understanding reports like these; they’re fairly self-explanatory. QuickBooks Online offers many other reports, the standard financial reports that need to be generated monthly or quarterly, like Balance Sheet
, Profit and Loss
, and Statement of Cash Flows
. You’ll absolutely need these should you apply for a loan or need to supply in-depth financials for any other reason. We can help you analyze them to get a comprehensive, detailed picture of your company’s fiscal health.