5 Minute QuickBooks: Setting up Weekly Financial Reports

5 minutes quickbooksAs part of a series for The Fine Foods Group, here is the first installment of “5 Minute Books” by Bruce Andersen on the topic of setting up weekly financial statements in Quickbooks.

When is the right time for looking at your financials?  Monthly, after all accounts are reconciled?  Wow, that is a long way off.  How about once a week, or five minutes?  What should you look at and who can run the reports for you, and in a timely fashion?  Let’s try once a week and have the reports automatically run for you, on your command!  It will take just a few minutes to set up the routine the first time; it will then run automatically after that.

  1. Let’s think about the important information that you would like to look at weekly (this is just a starter; don’t select too much, but be sure these are big things for you to monitor):
    1. Balance Sheet
    2. P&L
    3. Accounts Receivable
    4. Accounts Payable
    5. Sales by Customer
    6. Set up a new Memorized Report Group for this. Go to Reports / Memorized Reports / Memorized Report List / then choose New Group and name it “5 Minute Books”
    7. Now go through the report menu and find the five reports noted above.  Be sure that all are run for “Today” and all are run on an “Accrual” basis.
    8. When each report is run, then click on the “Memorize” icon, check the box for Save in Memorized Report Group and choose the name “5 Minute Books”
    9. Repeat this step for each of the five reports you have chosen.  After memorizing each  report it can be closed, as you don’t need it any more.
    10. When the last report is memorized, you are ready to try running the reports.
    11. To run your weekly reports, go to Reports / Process Memorized Reports / Select Memorized Reports from “5 Minute Books” / Click on the “Display” icon.  All five reports will run simultaneously and open each report on your desktop.

This took just a few minutes to set up.  Now that is ready for use.  Pick a time on your calendar each week to run these five reports.  Hold yourself to 5 minutes to review.

Now it is up to you for your action plan.  Do you want to email a report to a manager with your notes?  Do you want to check with your accounting staff to ask them to increase the effort for collecting payments from customers?  Do you want to be sure that a particular supplier gets paid on time?  These are all just examples of action items that can result from a weekly review of your company’s “books”.

For more information on QuickBooks or other management and accounting systems questions, Bruce can be contacted at BruceA@BTACT.com, or by phone at 818.222.1743 x 204