Reviewing Your Company’s Trends in QuickBooks

One easy way to get a one-page review of your company’s income and expense trends is to pull up a Profit and Loss report and modify the report so that it gives you a column for each month of the year.  You can then see income and expenses, broken out for each month, which helps you spot trends.

In the Desktop version, go to Reports, click on Company & Financial, click on Profit & Loss Standard.  Then go to the upper-left and click on Modify Report.  Change the date range to whatever you are looking at, but probably best for This Fiscal Year.  Then in the Columns section click on the down display arrow where it says Display columns by and change it from Total Only to Month.  Click ok.

Keep in mind that there are some expenses that will not get recorded until Fluence gets your books.  Generally speaking we record the depreciation, payroll, retirement contribution, etc.

If you use the online version click on Reports, Profit and Loss, then the blue button on the left called “Customize…”  Set the dates and look for Rows/Columns change it from Total Only to Months and then click Run Report.

Seeing the numbers in this format helps you see trends in your income; you can also check the gross income numbers with your accounts receivable software (practice management software) to make sure they tie.  It also allows you to see trends in your supply purchases as well as lab and x-ray expense.

It can be a very interesting and useful report.  It will help you keep your finger on the pulse of your practice.

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