would you like to easily navigate your law firm's financial information
well in that case you should prepare the required attorney-related reports
if you have any questions about this topic you can leave them in the comments section below and
i'll do my best to help you and of course if you feel the video helped you i hope you will click
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are the results of all the work we do in quickbooks online there are some financial reports
that a law firm must have in order to run properly and the most important thing to remember is that
reports are the best and quickest way to find anything you are looking for in quickbooks online
now there are only about 10 reports that we will need to use to see the whole financial picture
of our law firm at any given moment these reports are mixed in with all the other many reports
that quickbooks online provides so we will still save time by setting them aside
we will now learn how to customize the reports as we set them up after we record transactions
the results get summarized in different ways and displayed on a variety of quickbooks reports
after opening any report you can customize the report to show the results of only the
specific transactions that you may need we will open customize and save all the important
law firm necessary reports in one place then the rest of the course will be easy and smooth
because we will be able to find anything we are looking for in an instant so here are the common
attorney required reports and before i uh define them one by one i'm going to show you where to
click to open them up only in the left panel do you have the ability to click reports
and if you click reports from the left panel there are three tabs across the top standard reports
custom reports and management reports now the standard reports are all the reports that
quickbooks online makes available to any type of company and they're broken down into categories
we will not need all of them we will pull out only the ones that will be specifically necessary
for a law firm and we will place them here in the custom report section this way we can access them
very easily so the first report that we're going to customize and save is called the trial balance
and that's the accumulated total results of every account in the chart of accounts
you can see the detail of transactions in any particular account just by clicking on it
from the trial balance the numbers in the trial balance are the same numbers that appear on all
the other company financial statements like the profit and loss and the balance sheet
so let's go ahead and customize the trial balance we click reports and we pull it from the standard
section and for the trial balance we have to scroll down very far because that's in the
category of reports that relate to your accountant and somewhere towards the bottom is here trial
balance now double click to open it up and you may notice by default automatically it opens up
between two specific dates and that's the way the programmers wanted it and you can see it has no
data because we have not recorded any transactions yet the proper way to save this is to click the
pull down arrow and choose the top choice all dates then after you make a change when you
customize a report you can then click run report and it will adjust for that change of course
there's still no data because we did not enter any transactions but if we click save customization
we could give it a slightly different name but i will not and you click save now let's take a look
to see if it saved it in the right place when we click reports and we clicked custom reports
our good friend the trial balance is here and we double click and open it up and we can see
that it remembers that we want to see the results of all transactions regardless of date
now we all know this report the profit and loss it shows the totals of the income category
expense category and the net income of the entire law firm you can customize the date to compare how
well you did between two time periods so let's go ahead and save that one we click reports
click the standard where we are pulling them from and under the business overview category just
go down to profit and loss not profit and loss detail just plain old profit and loss click once
and you notice by default it opens year to date we will click this and we will choose all dates
and click run report now of course it adjusted the words but there are no transactions yet
click save customization you could change the name if you wanted to but we will just click save now
when we click reports custom we can go directly to both of these without having to sift through
tons and tons of irrelevant reports now profit and loss by customer shows the totals of the
income category expense category and net income for each job or engagement you have with a client
it will tell you how much you made on each client engagement as well as each client overall
so it can summarize everything for the client or go job by job if you need to
you can compare how well you did from client to client or job to job
by using this report same thing standard scroll down at the bottom of business
overview profit and loss by customer double click now we don't want year to date we want all then we
run the report so that we know it will show the results of all transactions regardless of date
and then we click save customization leave the name you could always change it if you do
something special to a report click save and now the one that says all dates is in the custom area
reports custom you see profit and loss by customer double click it remembered the change that we made
and if you made any other change to customize this report and then ran it you could save the
customization give it a name and it will put that report in the custom area the way that you saved
it what about this transaction list by customer simply a list of every customer transaction
but it it enables you to see all the activity between you and a client in date order
it does not show any balances it is simply a list so let's go ahead and pull it out reports
standard come down who owes you okay it's not under who owes you it's under sales and customers
transaction list by customer click not month to date we want the results of all
we click run to get the results to change the way we customized it save customization let's leave
their name for now click save and believe me it's on the list what's next the open invoice report
shows every unpaid invoice by client this is interesting it shows the amount currently
unpaid any advance payments not yet applied to clients invoices will also show on this report
so we click reports standard we go down to the section of who owes you and you click open
invoices and we click the pull down arrow click all dates run report to make it all dates save
customization and the name suits us so we click save and believe me it will remember the change
now the unbilled time and unbill charges reports are two reports that both show expenses we paid
for or were billed for that have not yet billed that we have not yet billed the client for the
transactions will appear on this report if they were marked as billable when they were recorded
they will disappear from this report at the moment you place them on a client's invoice so that's the
those are the next two reports standard careful go down after who owes you sales and customers what
you owe okay expenses and vendors okay four okay i think it's up here uh unbilled time and unbilled
uh expenses here they're both here unbilled charges and unbilled time click unbilled charges
it already says all dates save customization save then reports go down to unbilled time
click here it already says all dates save customization and save now you can check to
see that they're all being saved in the customer custom report area and we're almost done try
pausing the video and adding these three yourself then double check that's in that they are in the
custom area and congratulations you're almost done with the setup of a law firm in quickbooks online
you