Two Amazing New QBO Reports

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Are you ready to be excited?  Intuit has created two excellent reports for QBO, they are both intelligent and perceptive. As busy as we all are, it’s fantastic to have two new reports that truly save us time in understanding our data. One of the new reports is for Accounts Receivable and the other is for Accounts Payable, so let's take a look at the new QBO Bill and Invoice Reports.

Invoices and Received Payments Report

To create this report in your company:

  1. Start on the Navigation Bar
  2. Select Reports
  3. Go to report section Who owes you
  4. Choose Invoices and Received Payments 

Using the Invoices and Received Payment Report you can see each Customer name, their Payments and Invoices. What’s unique about this report is the listed order. Each Payment is listed followed by the Invoices paid with that Payment. It's so easy to understand.

  • This report is available in Simple Start, Essentials and Plus versions of QBO*.
  • You can 'favorite' this report by using the star next to the report name.
  • This report can also be exported as a statement.
  • Both the Payment and the Invoice number appear on the report
  • Even if the QB Payments (merchant service) is used, the Payment will still be listed along with the associated Invoice.

Bills and Applied Payments Report

To create this report in your company:

  1. Start on the Navigation Bar
  2. Select Reports
  3. Go to the report section, What you owe
  4. Choose Bills and Applied Payments

The same principle applied in the previous report is now used for your Bills and Bill Payments. This new Bills and Applied Payments Report allows you to see each Vendor name, their Bill Payments and Bills. The real value of this report lies in the hierarchy. Each Bill Payment is listed first followed by the Bills paid with that Bill Payment. This report makes total sense and is so painless to read.

  • Because Simple Start doe start does not offer 'Bills', you won't find this report there but you will find it in both the Essentials and Plus versions of QBO*.
  • As with the earlier report you can 'favorite' this report using the start next to the report name.
  • Both the Bill Payment and Bill Number are visible on the report (as shown above).
  • You can export this report as a Bill stub. This is an extremely nice option when you have more than 13 bills because only 13 bills are visible on a standard stub.

Both of these new reports are effortless to understand and add useful insight into Accounts Receivable and Accounts Payable. They are a tremendous addition to the QuickBooks Online reporting capabilities.

Since Intuit asks for our input, and these reports were apparently created due to user requests, I want to say WELL DONE Accountants, Bookkeepers and Business Owners for asking for these reports, and also tell Intuit a Big THANK YOU for giving them to us!

* - Not all QuickBooks Online subscribers may have received these new reports at the time of publication of this article as the feature is still being rolled-out to users at this time. As with other QBO updates all users in the United States should have this update within a few weeks (or months), the feature should then be rolled-out into other global versions.