QuickBooks How To: Analyzing Your Business and Customizing Reports in QuickBooks

When was the last time you took a good look at what you were selling and how much?

All of the reports for analyzing your business in QuickBooks can be found of course in the reports menu.

Let’s look at 2 reports that I like to use when I am analyzing your business in QuickBooks.

Then we’ll look at how to customize a report so you can get the exact information you need to run your business more effectively. 

Sales By Customer Detail: When you look at this, as a business owner you will immediately know when something doesn’t look right. Try running the sales by customer detail on your own QuickBooks file and see if you find anything interesting. When I am consulting with companies in QuickBooks I often run the Sales by Customer Detail report in QuickBooks but there is a catch. I cannot review this alone – it must be done with you the business owner!

Here are 3 good reasons why the business owner has to look at the Sales By Customer Detail Report in QuickBooks:

  1. You will recognize what is NOT there. I would have no way of knowing this.
  2. You will know better than me when something that IS there doesn’t look right.
  3. This will give you powerful insight into what is working and what is not – what kinds of jobs are you doing or products are you selling.

Sales By Item Summary and Detail: This report will give you a sense of what is working and what is not. You will want to pay particular attention to the Gross Margin % of your items. There may be high margin items that are showing low volume sales. These are the items you want to look for and see if you can sell more of them because selling more of these items will generate much higher profits than selling more of a lower margin item.

Custom Transaction detail report

In the video here I am going to show you as one example how you can create a custom report that shows all of your banking activity for the past month totaled by bank account. After watching the video you should have some ideas about how you can use the display and filter tabs to customize your own reports and get the most out of your reports in QuickBooks.

Got questions about this topic? Use the comment box below and ask away!

Did you learn something?! Please let me know. I am extremely insecure and desperately need your accolades (jk – wanted to see if you were paying attention)

Remember!.. Nerd is The Word!