QuickBooks Accountant and Tax Reports provide you with financial and tax information in the form of reports that contain adjusted journal entries, trial balances, listings of fixed assets, and income tax details. You can save considerable time and effort by using bookkeeping tools such as QuickBooks. If you would rather have an expert opinion, QuickBooks offers a way to prepare a copy of your data for your accountant or bookkeeper. You can limit the access you want to offer using the customization tools in the software.
Accountant Only Reports
This kind of report would contain information for your accounting employees. Adjusted trial balances and journal entries are the main features of such reports. Entries posted to the general ledger are fully detailed in the report.
Account Activity Reports
Such reports highlight all transactions and activities related to your account. Some of the major reports to be included are mentioned below.
General Ledger
General Ledger is a list of all of the transactions that are posted to the respective accounts. It is the job of an accountant or bookkeeper to keep track of beginning and ending balances and include them in the general ledger.
Trial Balance
The ending balance for each account is highlighted in this report. These reports give you a clear picture of your current financial position. This information is essential in terms of your future strategy for the business.
Journal
A journal report highlights all of your recent transactions in the form of a listing. The listing is always in chronological order.
Audit Trail
All changes affecting your company books after a specific date are shown in the audit trail.
Voided Transactions
It is a report that consists of all null and voided transactions. An accountant gets the report ready in the accounting software, along with its history. The history details why the specific transaction was canceled or called void.
Listings
QuickBooks is also quite efficient in providing you with the details of your accounting lists. The name of every company-related account and its remaining balance formulates an account list. The fixed asset listing, a detailed description of an organization’s fixed assets, date of purchase, and cost, helps the accountant make informed decisions.
Income Tax Reports
Filing an income tax return that is error-free and on time is imperative for any business. The process must be completed by a professional or someone who understands IRS rules and regulations. QuickBooks allows you to make various income tax reports for multiple purposes.
Income Tax Preparation
You have a chart of accounts and an assigned tax line specific to each account. The preparation reports give you a complete picture of your finances and associated taxes.
Income Tax Summary
The amount that has to be reported on the income tax form and its determination form the essence of an income tax summary. You can either include a detailed description in the summary or form a separate report. It is entirely at an accountant’s digression.
Some other reports that can help accountants make better decisions are as follows.
Financial Reports
Financial reports include your balance sheet, cash flows, and income statement. These are vital to decision-making. Details about your account’s payables and receivables can be gathered from these reports. Knowing what you or others owe you is critical regarding your future strategy.
Sales Reports
Sales made, orders placed, and pending orders are included in the sales reports. The sales team hands over the information to the accountant, who converts it into readable information that makes sense. Sales are usually raw numbers. Therefore, to make sense of the data, you have to make the report in a way that is easy to comprehend.
Other reports include vendor and payable reports, payroll reports, budgets, and forecasts. All are vital to the success of any organization.
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