When you run or create a report in QuickBooks, play around with the “Total By” drop down. Try different options and see if you find the results to be meaningful.
Memorize anything you create that you like by clicking Memorize reports.
QuickBooks has many powerful yet simple options like this which I have learned about by playing around and seeing what these things do. I encourage you to do the same. Run some reports and change the drop down options. Run a Balance sheet for example, and set the date range to total by “Week”. You will get to see your weekly cash balance and that information can be extremely useful, especially when cash flow is tight.
Try running a Profit and Loss statement for This Fiscal Year To Date.
Then use the “Total By” Drop down to total the report by month. This is one of the first things I often show clients in QuickBooks because it gives rise to much more meaningful analysis of what is going on with the business. In fact I have found this so valuable that I have an entire class on how to run and interpret this exact report to be sure you can look at your financial information in QuickBooks and use that to interpret what was going on at the time financially. When you start looking at your business this way you start to see it from a very different perspective than most small business owners are used to.
Watch my video QuickBooks tip to see a step by step example of how I have used this to win friends and influence people amongst my consulting clients.