Small Business Accounting Tip: Quickbooks Reports You Should Know About

Do you ever feel overwhelmed in your business accounting?

If you are using Quickbooks, there are many reports available to you that can lesson your load.  (Even better, outsource it to a bookkeeper or accountant that can handle it for you, so you can focus on running your business!)

To find out more about all of the reports that can make your business accounting easier, talk to a Certified Quickbooks ProAdvisor.

Today, we'll be talking about the "Transaction Journal Report"

This report is for use with any recorded transaction that is displayed (e.g., Check, Bill Payment, Journal Entry, Invoice, etc.)

Here's how it works:

1. When a recorded transaction is displayed, select the Reports drop-down menu.
2. Select Transaction Journal.
3. The Transaction Journal report shows the accounting of how the transaction affects the General Ledger. It will show the debits and credits posted to the General Ledger for a detailed Invoice.  Each line which includes an inventory item also includes an adjustment to the Inventory Asset account and Cost of Goods Sold. QuickBooks calculates this adjustment based on the value (average cost) of the inventory item at the time of sale.


For help using Quickbooks, or any of your other business accounting or bookkeeping needs, please call me at  (239)-425-5188 or email me at italladdsupinc@comcast.net

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