Unlocking the Power of Custom Reporting in QuickBooks Online’s New Modern View
QuickBooks Online's advanced reporting tools are a game-changer for businesses looking to leverage detailed financial data for strategic decision-making.
The new Modern Reports have been out for over a year in QBO Advanced, and they offer substantially more powerful reporting capability than the Classic reports we’ve long been used to.
Over the next year, Modern Reports will replace what’s now called “Classic View.” Behind the scenes, Intuit has been rewriting the code base underlying the software. QBO is (believe it or not) 23 years old, and the programming underpinning our experience needs to be updated to take advantage of new standards. Modern code requires…wait for it…a modern UI. And that leads us to Modern Reports.
Hector Garcia, Michelle Long, and I have been spreading the word at Scaling New Heights and QuickBooks Connect, but they find most people have mixed feelings about it.
This past fall Intuit rolled out system-wide Modern Reports prematurely, expecting to do real-time beta testing to hone in on our preferences. Unfortunately, this had unintended consequences. Instead of excitedly putting in Feedback, most people instinctively turned it off to get back to work. That actually made it harder for Intuit to dial it in as planned, so they rolled back universal implementation until later this year.
After putting it through its paces, I have to admit that I actually like it!
QuickBooks Online Advanced elevates reporting to a new level by allowing users to pull data from various tables. Imagine being able to track a product from the moment it's sold to a customer, back to the vendor who supplied it, and displaying all this information seamlessly in a single report. This capability enables businesses to get creative with their data, combining different reports and utilizing pivot tables and charts to visualize the information in a comprehensive and actionable manner.
QuickBooks Online offers a plethora of starting points, such as bills by month or sales by customer. By further tailoring the report to exclude unnecessary information like shipping details, and then adding desired data from any table, such as customer emails or open balances, users can fine-tune their reports for clarity and relevance. Changing the grouping and filtering options reveals patterns or trends in the data, making it easier for businesses to make informed decisions.
One of the most exciting features is the ability to convert tabular data into charts, offering a visual representation of sales by product or customer over time.
QuickBooks Online's advanced reporting tools empower businesses to dive deep into their financial data, offering unparalleled flexibility and insight.
In April’s QB Talks, I will showcase the capabilities of the custom report builder in QuickBooks Online Advanced. This demonstration will help you overcome your initial gut reaction from when Intuit started rolling out the new Modern Reports.
This demo is also a preview of my full two-hour Running Reports in QBO class at the Royalwise OWLS. In this course, I dive into every possible way to customize both Classic and Modern reports, as well as teach bookkeepers and business owners how to read financial statements of all types.
Royalwise Solutions, with its comprehensive QuickBooks training programs ranging from deep-dive classes to full library memberships, provides the expertise and support businesses need to maximize their use of QuickBooks Online. Whether you're seeking to customize QuickBooks to your needs or troubleshoot complex scenarios, Royalwise's tailored coaching and mentorship programs are designed to bridge the gap between your current capabilities and your expert goals. Find out more here!