How to Run and Read Financial Reports in QuickBooks Online

Entering transactions is only half of bookkeeping. The other half is reading the results. QuickBooks Online turns everything you've recorded into financial reports from the Reports menu, with no spreadsheets required. The three commonly used reports are the Profit and Loss, the Balance Sheet, and the Accounts Receivable Aging Summary. Here's how to run each one and what it actually tells you.

How Do You Run a Report in QuickBooks Online?

All reports live in the Reports menu. You can search by name or browse by category. Most reports run instantly and can be filtered by date range, account, or customer before you view the results.

Step-by-step: Running any report in QuickBooks Online

1. Go to Reports in the left menu (or go to All apps > Reports), then select Standard reports.
2. In the Find report by name dropdown, type the name of the report you want, or browse the list.
3. Select the report from the results to open it.
4. Set your date range using the filter at the top of the report. Options include this month, last quarter, this year, and custom ranges.
5. To export, select the Export/Print dropdown and choose Export to Excel, Export as CSV, or Print/Save as PDF.
6. To email the report directly, select the More actions dropdown and select Email report. Enter the recipient's address, choose a file format (Excel, CSV, or PDF), and select Send email.
7. To save your filter settings for future use, select Customize, adjust any options, then select Save customization. Your saved report will appear in the Custom reports tab.

What Is the Profit and Loss Report and When Should You Run It?

The Profit and Loss (P&L) report, also called the Income Statement, shows your total revenue minus your total expenses over a specific period. The result is your net income (or net loss) for that period.

You can run the P&L monthly to see whether the business made money, and where it spent or run it quarterly to spot trends across months.

• What the P&L includes: all transactions assigned to income and expense accounts.
• What the P&L does not include: transactions that only affect balance sheet accounts. This is a common source of confusion. When a customer pays an invoice, the payment hits your bank account and your accounts receivable, both of which are balance sheet accounts. The P&L doesn't show the payment; it shows the invoice that created the income.

To run it: go to Reports, search "Profit and Loss," and set your date range.

What Is the Balance Sheet Report and When Should You Run It?

The Balance Sheet is a snapshot of everything your business owns (assets), owes (liabilities), and has left over (equity) at a specific point in time. Unlike the P&L, which covers a period, the Balance Sheet is always as of a single date.

Run the Balance Sheet at the end of every month to see your current financial position. It's also the report your bank, lender, or accountant will ask for first.

The Balance Sheet formula: Assets = Liabilities + Equity. If your Balance Sheet doesn't balance (if assets don't equal liabilities plus equity), there's an error somewhere in your books.

To run it: go to Reports, search "Balance Sheet," and set your date to the last day of the month you're reviewing.

What Is the Accounts Receivable Aging Report and When Should You Run It?

The Accounts Receivable Aging Summary shows all unpaid customer invoices grouped by how long they've been outstanding. It's your collections dashboard: the report that tells you who owes you money and how overdue they are.

Run this report weekly, not monthly. Invoices don't get easier to collect as they age.

To run it: go to Reports, search "Accounts Receivable Aging Summary," and run it for today's date. Any invoice in the 31+ column needs a follow-up message.

How Do You Save and Share Reports in QuickBooks Online?

Once you've customized a report (set the date range, applied filters, or changed the columns) you can save it so you don't have to rebuild it next time.

To save a customized report:

1. With the report open, select Customize and apply your filters or changes.
2. Select Save customization, give it a name, and optionally assign it to a group.
3. Select Save. The report will appear under Reports > Custom reports.

To share a report by email:

1. Open the report.
2. Select the More actions dropdown and select Email report.
3. Enter the recipient's email address, subject, and message.
4. Choose a file format: Excel, CSV, or PDF.
5. Select Send email.

To export a report: Select the Export/Print dropdown and choose Export to Excel or Export as CSV for data you want to work with further, or Print/Save as PDF to save a formatted copy for sharing with your accountant or lender.

FAQ

1. Why does my Profit and Loss report look wrong or show unexpected numbers? The most common causes are: transactions categorized to the wrong account, bank transfers recorded as income or expenses instead of transfers, or a date range that doesn't match what you expected. Start by filtering to a single month and scanning for any line item that looks unusually large or clearly out of place.
2. Why doesn't my Balance Sheet balance? If assets don't equal liabilities plus equity, there's usually a data entry error: a journal entry with mismatched debits and credits, or a transaction posted to the wrong account type. Check your Opening Balance Equity account first; if it has an unexplained balance, that's often the cause.
3. What's the difference between cash and accrual reporting? Cash basis reports only show income when money is received and expenses when they're paid. Accrual basis reports show income when it's earned (when the invoice is sent) and expenses when they're incurred (when the bill is entered), regardless of payment timing. Most small businesses report on a cash basis for day-to-day management and switch to accrual for tax purposes. You can toggle between the two in QuickBooks Online using the Accounting method filter on most reports.
4. Can I schedule reports to run automatically? Yes, on QuickBooks Online Essentials, Plus, and Advanced. To set up a scheduled email report, first save a customized report under Custom reports, then go back to that report, select Edit, and turn on Set email schedule. Simple Start does not support scheduled report emails.
5. My accountant asked for a Balance Sheet as of year-end. How do I run that? Open the Balance Sheet report, set the date to December 31 of the year in question, and click Run report. Export it to PDF using the download icon. If your fiscal year doesn't end in December, use the last day of your fiscal year instead.

Key Takeaways

• All reports are in the Reports menu. Search by name, set your date range, and click Run report.
• Run the Profit and Loss monthly to see net income. It shows income and expense accounts only, not balance sheet movements.
• Run the Balance Sheet at month-end. It shows assets, liabilities, and equity as of a single date. If it doesn't balance, there's an error in your books.
• Run the Accounts Receivable Aging Summary weekly to catch overdue invoices before they age past 30 days.
• Save customized reports under Custom reports so you don't have to rebuild filters each time.

Still have questions about a specific report?

For anything account-specific, go to Help (?) in QuickBooks Online and select Contact us.

Helpful Resources

• Run reports in QuickBooks Online: Official step-by-step guide for finding, generating, and sharing financial reports.
• Run a Balance Sheet report in QuickBooks Online: How to run and read the Balance Sheet, including what it does and doesn't include.
• How to Avoid Reconciliation Mistakes in QuickBooks Online: Clean books going in means accurate reports coming out.
• How to Reconcile Your Accounts in QuickBooks Online: Reconciliation is what proves your reports reflect reality.
• How to Connect Your Bank and Categorize Transactions in QuickBooks Online: