![]() ![]() Click Reports, Company & Financial and choose the Profit & Loss Standard report.Compare the totals on this Sales by Item Summary report to the Profit & Loss report created in the next couple of steps. On the Report dialog that opens, select the Dates drop-down menu and choose This Fiscal Year-to-Date.Click Reports, Sales and choose the Sales by Item Summary report.Remember, you are reviewing these reports in accrual basis.įollow these steps to create the Sales by Item Summary and Profit & Loss reports: Therefore, another important review to perform is to generate a report showing Total Sales by Item and compare this total to the income that is recorded on your Profit & Loss report for the same report date range. Sales by Item Summary Compared to Total IncomeĬhapter 3, "Reviewing the Items List," provides details on how the QuickBooks customer invoice requires the use of items. Identify those items, such as gross wages, and company paid payroll taxes on the Payroll Summary report that are costs to your business this total should be what you have reported on your Profit & Loss report for payroll expenses. On the report dialog that opens, select the Dates drop-down menu and choose This Fiscal Year-to-Date if your business is a calendar year company, or select Custom and create the report for the same dates as the Payroll Summary report (because payroll is reported by the calendar year).Ĭompare your Payroll Expense account(s) totals on your Profit & Loss report to your Payroll Summary report totals.Click Reports, Company & Financial and select the Profit & Loss Standard report.On the report dialog that opens, select the Dates drop-down menu and choose This Calendar Year-to-Date (because payroll is reported by the calendar year).Click Reports, Employees & Payroll and select the Payroll Summary report.If you are using some outside payroll service, you also want to compare its total payroll expenses to your Profit & Loss reported payroll expenses (see Chapter 14).įollow these steps to create the Payroll Summary and Profit & Loss Standard reports: It is important to compare your Payroll Summary report (if you are using QuickBooks to produce your employee's paychecks) to the payroll expenses listed on your Profit & Loss Standard report. Payroll Summary Total and Payroll Expense Total ![]() I discuss them in the remainder of this chapter, in no particular order. You can review some additional reports that add value to those discussed already. QuickBooks 2010 Solutions Guide for Business Owners and Accountants
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