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One of the biggest complaints we hear from accountants with QuickBooks clients is the time and aggravation associated with issuing financial statements for QuickBooks. The interface to Excel has helped, but the process is still tedious.
Every year at this time, accountants try to figure out how to make the process more efficient. We have found an answer!
This new Excel add-on has been developed by Big Red Consulting. We have worked extensively with them on this tool based on years of experience as CPAs trying to issue financial statements from QuickBooks, as well as working with countless Accountants as they struggle with the same issues . What is it? The Smart Reports Add-in is a tool that integrates with Excel and QuickBooks. It is intended for the accountant or other QuickBooks user who needs to massage and change QuickBooks financial reports for presentation or reporting purposes. It permits quickly producing reports in an automated fashion not available within QuickBooks. The tool can be customized using each company's format and requirements , and the changes are "memorized" in profiles which can be applied to QuickBooks reports multiple times. This way the tool is set up once and then at each reporting period the same modifications can be applied saving any hours of manual work per month.
The tool can be customized using each company's format and requirements , and the changes are "memorized" in profiles which can be applied to QuickBooks reports multiple times. This way the tool is set up once and then at each reporting period the same modifications can be applied saving any hours of manual work per month. How does it work? The tool is an Excel add-in. It is accessed from within Excel using special menu options. To use the tool, there is a simple six step process.
- Step 1 - Open Excel
- Step 2 - Create the appropriate report in QuickBooks. The tool is designed to work with the Balance Sheet, Profit & Loss, Statement of Cash Flows, and any similarly structured cross-tab reports (summary reports).
- Send the appropriate report to Excel using the button in QuickBooks. Create a new spreadsheet or send the report to an existing file. Be sure under the advanced button the choice has been made to send report header to page set up. Then click on OK.
- Step 3 - Click on Smart Reports for QuickBooks then Transform Report.
- Step 4 - Choose the options you wish to use, save the profile, and transform the report in a matter of seconds.For information on the options available, see the information below.
- Step 5 - Print the reports.
What does it do? The following is a list of features with a brief explanation and example of use.
- Merge rows - It is possible to merge a row into another row, or to create a new row to merge into. For example, a client has several accounts that should be combined for presentation purposes. An example would be undeposited funds could be merged into the checking account.
- Departmentalize columns - This feature is used to distribute row summary amounts accross multiple columns by selecting the appropriate row and then indicating which column and what percentage should be included. An example for this feature is the ability to create a Balance Sheet for various departments (similar to the profit and loss by class feature available in QuickBooks). This feature can be used for other reports as well.
- Rename row labels - By using this feature, change how any row is displayed. For example, instead of Total Checking/Savings it can be changed to read Cash and Cash Equivalents.
- Move rows - Select rows to move to other positions on the report using this choice. For example, include Accounts Receivable with Other Current Assets rather than subtotaled by itself.
- Remove row subtotals - Have an account grouping removed for presentation purposes. In the example above, the account was moved to another group and the subtotals for Accounts Receivable can be removed using this feature.
- Update column titles - Does the date showing as the column title on the Balance Sheet make you crazy? With this feature, you can change it to say Month or whatever you want instead. Another use for this feature is for personal financial statements where the Budget column has been used for Market Value.
- Update headers & footers - With this feature, control the font, bold, and font size. Want the title of the report to say Income Statement instead of Profit & Loss. Want to add an accountant report footnote? No problem.
- Round to the nearest dollar - Get rid of the distracting cents to comply with the suggestion of the CA State Board of Accountancy. Used with the next option of forced-balance balance sheet you will never have to worry about a rounded statement not footing.
- Forced-balance Balance Sheet - With this feature you can designate which equity account should be used for the rounding difference.
- Remove account numbers - check the box and like magic they are gone. No more changing the preference to turn them off, printing the reports, then returning to the preference to turn them back on.
- Add % of income columns to income reports - Have you ever been frustrated by trying to figure out how to add a percentage of income to a month and year to date Profit & Loss report in QuickBooks? You cannot do it. You can show all the months and a total with the percentages, but not just two columns.
- Create a copy of report to update - Never loose the original report. By using this feature, you can update the report and make sure all the choices have been set just the way you want. If not, no problem, go back to the original report and try again.
- Save profile name - By saving specific instructions in profiles different settings can be applied to different reports or reports from different clients. All of the above settings and more can be remembered in profiles. You can save multiple profiles, each with its own custom settings.
How do I learn more? What are the system requirements? QuickBooks Pro (or higher-end SKU with MS Office integration features), version 99 or higher plus Excel 97, 2000, or XP. This tool extends Excel's capabilities but does not change the core of Excel in any way. Much of what the tool does is already available in Excel, but cumbersome to use, especially when the need exists to repetitively apply changes to a batch of periodic reports. Instead of this manual work, the tool makes changes to QuickBooks reports very quick and simple.
What are the support policies? Email support is offered, free of charge for 1 year from purchase or upgrade. If you have any questions, please use the links within the tool to send a request.
What is the price? $197 for a single user license. If you consider the time it takes to issue each financial statement when manually grouping the accounts then re-entering the information into Word or Excel, this tool will improve your efficiency immediately resulting in higher profits and better employee morale.
Multiple license discounts are available, send us an e-mail for pricing.
How do I purchase it? Purchase from our secure server. You will be able to immediately download the product as you purchase it. Or, e-mail us, fax us at 925-376-3454, or send us a check with your contact and credit card information and we will e-mail you the link to download the tool.
Updated Info 2/11/03: More features added to the tool including "smart" placement of $, improved control over subtotals, the ability to re-name and re-order the columns, and consistent row heights, just to name a few.
Updated Information 2/17/03: The Smart Reports tool has also been updated to permit merging of similar reports. For example, a budget versus actual report for the month and year can now be merged onto one report, or a Profit and Loss for the month with percentages can now be merged with a Profit and Loss for the year with percentages.
As a resource for this and other questions, submit a question via "Ask the Expert" or attend our free, monthly discussion forum tele-class.
Bonnie J. Nagayama, CPA (925-247-0100) has been featured by Intuit in their QuickBooks Advisor Spotlight and frequently teaches and consults on using QuickBooks to its maximum advantage. For a FREE weekly newsletter of QuickBooks tips and tricks, plus many free and low cost QuickBooks resources visit www.4luvofbiz.com. |
