Busy with your usual hectic schedule and do not have time to explore more of QuickBooks in-built features? Well, some tools can ease out the work pressure and saves on your valuable time. Getting to know some useful report types can ease out your accounting tasks and activities. Let’s have a look at what are these.
Job costing is an important aspect of bookkeeping for General Contractors, Welders, Excavators, Subcontractors, etc. It is a time-consuming task to track revenue generated, expenses incurred and time taken to perform each job.
It can be a pretty complicated task to evaluate performance for several jobs happening at the same time. There is a chance of something missing out and then ruining the records. Fortunately, QuickBooks can catch mistakes through “Expenses not assigned to jobs” report. You can find this report under “Job Costing or Contractor Reports” and take care of the below points
Also Read: Learn about Budgeting in QuickBooks Desktop
Once the budget is made, you cannot access the old “ Profit and Loss report” as it was before.
Also, it is quite helpful if you have the previous years’ numbers in front of you and you can easily analyze where you stand currently. If your business is in a bit of fix or facing trouble, it is essential to know whether you are hitting your set goals as required. The budget is usually made at the end of the last quarter and requires rigorous analysis. Once you have the budget in front of you, you can see the budget in QB for daily, monthly & annual comparisons. The “Budget vs. actual” report can be a very helpful tool at this stage.
To access it
The Audit Trail report is there in the accounting portion of the reporting section and can tell all the relevant info related to a report. You can know who did a change in QuickBooks, when did they do it, and other relevant related details. The report looks overwhelming to look, so it is recommended to get it customized as per your requirement. You can memorize the reports that you require to have a quick look in the future also. The feature is available in all recent versions of QB and was an optional choice in the earlier versions.
To access this report