What reports should I run monthly in QuickBooks?
Start with your Profit and Loss statement, also called an Income Statement. This shows revenue minus expenses for the month, giving you net income or loss. Compare it to last month and the same month last year to spot trends. If revenue dropped or a specific expense category jumped unexpectedly, you want to know now while you can still respond.
The Balance Sheet shows your financial position on a specific date. It lists what you own (assets), what you owe (liabilities), and the difference (equity). Review it monthly to catch issues like growing accounts receivable, which means customers are slow to pay, or increasing credit card balances, which suggests cash flow is getting tight.
If you invoice customers, run an Accounts Receivable Aging report. This breaks down who owes you money and how long each invoice has been outstanding. Anything over 30 days needs follow-up. Anything over 90 days is at serious risk of never getting collected. The Accounts Payable Aging report does the opposite, showing what you owe vendors and when bills are due. Use it for cash flow planning and to avoid missing payment deadlines.
A Cash Flow Statement shows how cash actually moved through your business. Your P&L might show profit, but if that profit is tied up in unpaid invoices or inventory, you won’t have cash to cover payroll. This report bridges the gap between accounting profit and money in the bank.
Run a Bank Reconciliation report to confirm your QuickBooks balance matches your actual bank statements. This catches errors, duplicate entries, and missing transactions before they compound into bigger problems. If you’re working with Los Angeles bookkeeping services, your bookkeeper should complete reconciliations and provide these reports as part of monthly close.
Beyond these essentials, the right reports depend on your business. Retailers need sales by product reports. Contractors need job profitability reports. Restaurants track food cost percentages. The reports that matter are the ones answering the questions you need answered to run your business well.
Reports are only useful if your books are categorized correctly. Running reports on messy data just gives you inaccurate information presented nicely. If your reports don’t make sense or your chart of accounts wasn’t built for your business, proper QuickBooks setup makes a bigger difference than running more reports.
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More Questions
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Both hold client funds that belong to the client, not your firm. The difference is whether interest goes to legal aid programs (IOLTA) or to the individual client (regular trust account), which depends on the amount held and how long you hold it.
Read answerWhat financial reports does my CPA need at tax time?
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Read answerCan I import my existing data into a new QuickBooks account?
Yes, QuickBooks allows data imports from various sources. You can bring in customer lists, vendor lists, chart of accounts, and historical transactions. The process and limitations depend on where your data is coming from.
Read answerHow do I track accounts receivable and follow up on late payments?
Use an aging report to see all outstanding invoices grouped by how long they've been unpaid. Build a consistent follow-up schedule with reminders before due dates and escalating contact as invoices age. The key is having a system and sticking to it.
Read answerHow do I reconcile my bank accounts in QuickBooks?
In QuickBooks Online, go to Settings, then Reconcile, select your bank account, and enter the ending balance and date from your bank statement. Match each transaction until the difference shows zero.
Read answerHow do I track 1099 income as an independent real estate agent?
Record each commission payment when you receive it, not when the deal closes. Use a separate business bank account, track gross versus net amounts, and match your records to your 1099 at year end.
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