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These questions have to do with Quickbooks please answer in your own words. 6. What financial...

These questions have to do with Quickbooks please answer in your own words.

6. What financial reports should you prepare at the end of the year in order to prepare for tax preparation or other types of financial reporting?
7. What is the difference between a Custom Summary Report and a Custom Transaction Detail Report?

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Answer #1

6. Answer

The following are the financial reports you should prepare

Profit and loss statement

Balancesheet

Inventory valuation summary report

Sales by Rep

Profit and loss by Job

A/R aging summary report

A/P againg summary report.

7.Answer

Customer summary report shows total of a particular account of a customer for a particular period of time , it does not show each transaction in detail.This is report is used for quick review.

Otherwise Customer transaction detail report shows each transaction in detail , line by line and also shows each item included in transaction.This report is used detailed study.

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