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Chapter 14

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Transaction Reports

The numbers on the profit and loss (and similar reports) summarize income and expense transactions.  This section is about reports that list transactions, including transfers between balance sheet accounts.

Transaction Reports list the amounts  XE "transaction reports" of the basic documents such as invoices, checks, bills.  Options are:

By Date listing the documents in that sequence.

By Customer filters on the basis of Name, including All Customers.

By Vendor filters on the basis of Name, including All Vendors.

Adding the amounts of invoices, bills, checks, etc. would not make sense, so these reports have no totals.

Transaction Detail Reports list  XE "transactions detail reports" the amount of the basic document, plus all of the opposing entries.  Options are:

By date listing all of the transactions in that sequence.

By Account with subtotals for each account.

The Amount column is effectively a Debit column.  All of the Credit entries appear as negative amounts.  The default filtering is All Accounts .  In this case, the debits equal the credits, and a total of zero appears at the bottom.

Customization of transaction reports is generally the same as for profit and loss reports,  with one major difference.  All amounts are in one column.  There are no progressive columns across the page for month, account, name, or the like. The report shown came up with some empty or redundant columns, which were quashed using the Customize button.

The Split column XE "split column:reports"  lists opposing accounts.  The word -SPLIT- indicates multiple opposing accounts.  It the illustration they happen to be the next two lines down. In other cases, they may be far down a long report.   The explanation can also be found by double-clicking on an amount and zooming to the source transaction document.  This is particularly useful on a Transaction (not detail) report.

Cash basis transaction XE "cash basis reporting"  reports can be chosen in customizing.  The default for transaction reports will always be accrual.   Cash basis transaction reports face an inherent problem . Transaction reports list transactions individually when they happen.    Cash method accounting means that income is recorded when money is received. 

Consider an invoice recording goods or services sold on account.  The income accounts are named in the items in the invoice, but income is not recorded at that time.  Later payment is received and applied to that invoice. For further complication, the invoice may have been paid in two installments.  QuickBooks cash basis reports show income in the accounts named in the items, as of the date of the payment.  A cash basis transaction report has conflicting requirements as to how to show this income.

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Last modified: May 21, 2004