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QuickBooks Online Accountant's Wrap-up Feature

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At the recent QuickBooks Connect virtual event, Intuit announced some new features in QuickBooks Online for Accountants (QBOA). In the Accountant Tools section, under Month-end review (Bookkeeping Review) there is a new section called Wrap-up, where you can “put the finishing touches on your work.”

Dec 1st 2021
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QuickBooks Online Accountant's new Wrap-up feature was worth giving a look, so I decided to give it a try for my October closing reports to my clients. Honestly, I really like it, here's why.

For all of my clients, I have memorized reports in a folder called “Month-End Reports” (found in the Custom Reports section). I number each memorized report, like this:

01-P&L YTD

02-P&L by Class

03-Balance Sheet

Etc.

The numbers don’t print on the report, they just help display the reports in my preferred order in the memorized reports folder. I realized that for some of my clients, I export these reports to Excel, and for others I export the reports to .pdf, then use a utility to combine all the .pfds into a single .pdf document.

Using the Wrap-up feature, I can streamline this process.

1. In Wrap-up, select the Prepare Reports tile.

2. Select Basic Company Financials, then Open

3. On the left scroll bar, scroll down to “Reports.” You will see the basic canned reports: Profit and Loss, Balance Sheet, Statement of Cash Flows. Select the pencil on the far right to delete each of these reports, until there are no reports left in the package.

4. Before continuing further, create a Template Name in the upper left corner of the screen. Change the name from “Basic Company Financials” to something like “Monthly Reports Package.”

5. Click the blue link to Add new report. In the drop down menu, select the first report from your Custom Reports Group, in this example, 01-P&L YTD.

6. Change the title of the report, as QBO will pre-fill the title with the name of the Custom Reports folder, including the “01” or “02” designations. Change it to the actual report name, such as: P&L YTD Cash Basis.

Hint: Pre-numbering the reports in your Custom folder has the added benefit of assisting you in adding the reports to the Wrap-up reports package in your desired order, because once you add a report, there is no handle to re-order or re-position the reports. That would be a nice feature for Intuit to add in the feature, so be sure to submit some Feedback.

7. Verify and/or change the Period (date range) of the report.

8. Click Save.

9. Repeat these steps until you have added each report, in order, from your Custom Folder. When you have added the last report, click Save & Close.

10. Return to Wrap-up, Prepare Reports. This time, select the Template you just created.

11. Now review the Cover Title, Subtitle, and Report Period names. The Intuit defaults are:

Cover Title: Management Reports

Subtitle: {Company Name} – Intuit inserts the name of the company file you are working in

Report Period: For the period ending {Report end date} – Intuit inserts a month-end date, but if that is not the month-end you want, change it.

Prepared by: {Accountant firm name} – Also pre-inserted by Intuit

12. Go to Preliminary Pages , and add any custom notes you might like, to describe the reporting period. You can give this page a title, such as “Notes” or “Executive Summary.” I like to put in custom comments, such as reminders that the month was five weeks instead of four, or that the company was closed for a week vacation during the reporting period, or any other relevant information.

Hint: Since you cannot highlight in color figures on the report (like you can if you were sending Excel-exported reports), this section is highly useful. I actually like to type up a few paragraphs of comments. I prepare them in a Word document, which is named “[Company Name] Monthly Reports Comments,” so I can review what I wrote the last reporting period, and use the same format for the current reporting period. Then I copy/paste the comments into the Page Content Screen.

13. There is also an option to add End Notes, as the final pages of the package.

14. When you are done, print the package to .pdf to proofread and review before sending.

Hint: Intuit offers the feature to Send the reports package from inside QBO, but I prefer to email them as an Attachment from Outlook, so I have a trail.

My colleagues have reminded me that this reports package has been available for a long time. I know it has been available in QB Desktop, but I did not recall that it was also a QBO feature. Using this feature, I don’t have to take the extra step of combining the separate .pdf reports manually, and I really like the professional look, including the cover page and Executive Comments pages.

Conclusion

Use the QBO Wrap-up feature to prepare a handsome monthly reports package, with custom comments, for your clients. A little setup is involved the first time, but the next time you use it, small tweaks to report titles and date ranges will be all that’s required.

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