Cloud Accounting QuickBooks Xero

QuickBooks Online vs. Xero – Reports Part 2

Written by Greg Lam

In my prior article comparing the reporting features of QuickBooks Online (QBO) and Xero I discussed the differences between QuickBooks Online Redesigned Reports and Xero New Reports. In this article I am providing you with a detailed list of the reports currently found in each. This should help you see which software has the reports you want, or allow you to find the equivalent report in either software. But even if a report is listed, I’d go into the software and see if it contains all the data, displayed in the way you need.

I started by making my report spreadsheet QuickBooks Online, and then seeing if an equivalent report was found in Xero — and if so, naming it (if the names weren’t identical). If there was a major difference between the reports, I stated that. When it came time to do the same for Xero, the exercise seemed a bit redundant and pointless. I did list which reports Xero had that QuickBooks Online either did or did not have, but I didn’t go into as much detail. I only added descriptions of the reports that weren’t found in QuickBooks Online. If you want a full listing of Xero reports and how to use them, you can find all of that, and organized quite well, in the Xero Help Centre. There’s actually no direct link to the part of the directory that lists all reports, but if you go there and go to the reports section, you will be able to see all the reports listed and follow the links to get details on how to use each report.

There are so many reports and variables that I should warn you, there are inevitably going to be some mistakes in there. If you find some, please leave a comment and I can update the list.

Note that this is for the US editions of both software, so you may have less or more reports in other editions, and their names may be different as well.

The Big List of Reports!

* Denotes QuickBooks Online reports that are listed more than once. The contents are the same even though they may be listed twice.

QBO Reports Description Is it in Xero?
Business Overview
Profit and Loss by Month Shows your income, expenses, and profits (or losses) for each month in one report so you can compare them and identify any unusual variations. Yes (Profit and Loss). Need to change report settings to get this.
Profit and Loss % of Total Income Displays your expenses as a percentage of the total income so you can identify what share of your total income is going to each expense for the period you choose. No. Not currently possible because Xero can’t create formula / comparison columns yet.
Quarterly Profit and Loss Summary Shows your income, expenses, and profits (or losses) for each quarter together in one report so you can compare and identify trends. Yes (Profit and Loss). Need to change report settings to get this.
Company Snapshot Displays your income and expenses in year-over-year comparisons using pie charts and bar graphs. No
Profit and Loss * *
Balance Sheet * *
Profit and Loss Comparison * *
Balance Sheet Comparison * *
Profit and Loss Detail Lists the individual transactions and totals for money you earned (income) and money you spent (expenses). No
Profit and Loss by Class This summarizes the income and expenses for each class using income and expense accounts on your chart of accounts. It lets you see if classes are operating at a profit or a loss. Yes (Profit and Loss). Need to change report settings to get this.
Profit and Loss by Location This summarizes the income and expenses for each location using income and expense accounts on your chart of accounts. It lets you see if locations are operating at a profit or a loss. No. There is no ability to location track in Xero.
Statement of Cash Flows * *
Balance Sheet Summary Summarizes what you own (assets), what your debts are (liabilities), and what you’ve invested in your company (equity). Yes (Balance Sheet in New Reports). Need to edit the report to achieve this.
Budget Overview This report shows a summary of budgeted amounts for a specific budget. Yes (Budget Summary).
Budget vs. Actuals Compares your budgeted income and expenses to the actual amounts so you can tell whether you’re over- or under budget. Yes (Budget Variance).
Realized Exchange Gains & Losses This detailed report lists foreign transactions that are closed (referred to as realized gains and losses) and totals the gains and losses due to changes in exchange rates. Yes (If you view the Realised Currency Gains account, you should get equivalent information).
Unrealized Exchange Gains & Losses This summary report lists your foreign accounts and calculates the potential gain or loss for each account. Yes (Foreign Currency Gains and Losses).
Audit Log Shows everything that has happened in your company file so you always know who’s been in QuickBooks and what they’ve done. Yes (called History & Notes Activity and is found under the Adviser menu).
Manage Accounts Receivable
Customer Balance Summary Shows each customer’s total open balances. Yes (Aged Receivables Summary). It’s this report with less details.
A/R Aging Summary Shows unpaid invoices for the current period and for the last 30, 60 and 90+ days so you can see how long they’ve been open (outstanding). Yes (Aged Receivables Summary).
Customer Balance Detail Lists unpaid invoices for each customer, including invoice date and number, due date, total, and amount owed to you (open balance). No, but there’s a similar report called Customer Invoice Report
A/R Aging Detail Lists all unpaid invoices, grouped by number of days past due. Includes due dates, customer names, amounts, and totals for each billing period. No
Collections Report Shows overdue invoices grouped by customer. Includes the due date, days past due, and total for each customer. Yes (Aged Receivables Detail). Need to change the settings (but shows all invoices, not only overdue invoices). Customer Invoice Report is also similar, but doesn’t group overdue invoices by customer.
Invoice List Shows a chronological list of all your invoices for a selected date range. Yes (Aged Receivables Detail and Receivable Invoice Summary). Need to change the settings.
Statement List Lists statements you sent to customers during a selected time period, including the statement date. No
Manage Accounts Payable
A/P Aging Summary Shows unpaid bills for the current period and for the last 30, 60 and 90+ days so you can see how long they’ve been open (outstanding). Yes (Aged Payables Summary).
Vendor Balance Detail Lists all the bills that make up the total amount you owe each vendor (balance). No, but there’s a similar report called Vendor Invoice Report
Bill Payment List Shows all the bills you paid during a selected date range. Yes (Aged Payables Detail and Payable Invoice Summary). Need to change the settings.
A/P Aging Detail Lists all your unpaid bills, grouped by when the bill was due (aging period). Includes due dates and amounts. No
Unpaid Bills Shows your unpaid bills, their due dates, and days past due so you can avoid late payments. Yes (Aged Payables Detail). Need to change the settings (but shows all invoices, not only overdue invoices)
Vendor Balance Summary Shows the total amount you owe each vendor. Yes (Aged Payables Summary). It’s this report with less details.
Manage Payroll
Time Activities by Employee Detail Lists the products/services (time activities) provided by each employee, including hourly rate and duration. Yes (Timesheet Details Report).
Recent/Edited Time Activities Lists the 25 products/services (time activities) most recently entered or edited so you can see your employees’ latest activities. No
Payroll Summary Shows details for each paycheck you’ve created, including total wages, taxes withheld, and deductions. Yes (Payroll Activity Summary).
Payroll Tax Liability Shows the taxes you need to pay and the ones you’ve already paid. No
Payroll Tax Payments Shows all the payroll tax payments you’ve made. No
Payroll Billing Summary Shows all charges for your QuickBooks Online Payroll account. No
Payroll Details Provides details for selected paychecks, including the amount, taxes, and deductions. Yes (Payroll Activity Details).
Employee Details Shows a current snapshot of each employee, including pay rate, deductions, and tax withholding. Yes (Employee Contact Details and Employee Renumeration).
Payroll Tax and Wage Summary Shows total and taxable wages that are subject to federal and state withholding. Yes (Taxable Wage Summary).
Worker’s Compensation Shows wages paid for each Workers’ Comp class you’ve assigned any employee so you can prepare forms for state agencies or insurance companies. No
Total Payroll Cost Shows all costs associated with paying your employees, including total pay, net pay, deductions, and taxes. Yes (Total Cost Summary).
Payroll Deductions/Contributions Shows totals for your employee deductions and company contributions. Yes (Taxable Wage Summary Report).
Paycheck List Shows all the paychecks you’ve created and lets you take action on specific paychecks, such as changing check numbers or printing pay stubs. Yes (Transaction Listing Summary).
Total Pay Shows each employee’s total pay by type (for example, salary or hourly). Don’t know
Vacation and Sick Leave Shows how much vacation time and sick leave your employees have available and how much they’ve used year-to-date. Yes (Time Off Balances, Time Off Requests, Time Off Transactions).
Retirement Plans Shows both employee and company contributions to all your retirement plans. Don’t know
Multiple Worksites Provides information you can use to complete your Multiple Worksites Report (if required by your state). Don’t know
Employee Directory Provides contact information for each employee, including work location, phone, and email. Yes (Employee Contact Details).
Manage Products and Inventory
Inventory Valuation Summary Summarizes key information, such as quantity on hand, value, and average cost, for each inventory item. Yes (Inventory Item List). Need to change settings.
Inventory Valuation Detail Lists the transactions that each inventory item is linked to and shows how the transactions affected quantity on hand, value, and cost. Yes (Inventory Item Details). Need to change settings. Doesn’t have avg cost, but otherwise the same.
Product/Service List Lists the products and services you sell along with detailed information about each: sales price, name, description, and (optionally) purchase cost and quantity on hand. Yes (Inventory Item List).
Purchases by Product/Service Detail Groups your purchases by the items in your Product/Service List. Yes (Inventory Item Details). Need to change settings.
Sales by Product/Service Summary Summarizes sales for each item on your Product/Service List. Includes quantity, amount, % of sales, and average price. Yes (Sales by Item). Except it doesn’t have % of Sales column.
Sales by Product/Service Detail Lists sales for each item on your Product/Service List. Includes the date, transaction type, quantity, rate, amount, and total. Yes (Inventory Item Details). Need to change settings. Doesn’t include running balance.
Review Sales
Sales by Customer Summary Shows total sales for each customer so you can see which ones generate the most revenue for you. Yes (Income by Contact).
Sales by Customer Detail Lists the individual sales transactions for each customer, including dates, types, amounts, and totals. No. But if you use the Income by Contact report, you can add the drill downs of each customer to the report.
Sales by Product/Service Summary * *
Sales by Product/Service Detail * *
*Product/Service List * *
Income by Customer Summary Shows your income minus expenses (net income) for each customer. No
Customer Contact List This report lists each customer’s phone number, email and billing address, and other contact information. Yes (Go to Contacts page, then Customers tab, then choose Export).
Payment Method List Lists the types of payments (cash, check, and so on) that you accept from customers. No. Xero doesn’t have a Payment Method field.
Terms List Lists the terms that determine due dates for payments from customers, or payments to vendors. Terms can also specify discounts for early payment. No
Transaction List by Customer Groups transactions by customer name, so you can see all activity related to each customer. No
Sales by Location Summary This report summarizes your unit and sales amounts for all the locations on your Location List. No. There are no locations in Xero.
Sales by Location Detail This report is a more detailed version of Sales by Location Summary. In addition to the unit and sales amounts for each location, this report lists the transactions that contributed to each total. No. There are no locations in Xero.
Sales by Class Summary Summarizes sales by the categories (classes) you assigned to your transactions; for example, all sales for a particular product line. Yes (Tracking Summary). Need to modify settings.
Sales by Class Detail Lists sales for each category (class) you assigned to your transactions. Includes the date, transaction type, product or service, quantity, rate, amount, and balance. No
Time Activities by Customer Detail Lists the products/services (time activities) your employees provided to each customer. No. Xero doesn’t have a time feature.
Estimates by Customer Lists your estimates by customer, and indicates whether estimates were accepted and invoiced. Yes (Go to the Sales page and then the Quotes area). You can filter the data to get this information.
Unbilled Time Lists products/services (time activities) provided by your employees that have not yet been billed. No. Xero doesn’t have a time feature.
Unbilled Charges Lists customer charges (transactions) that you have not yet invoiced. No
Deposit Detail Provides detailed information about your deposits, including date, client or vendor, and amount. No
Review Expenses and Purchases
Expenses by Vendor Summary This report shows your total expenses for each vendor. Yes (Expenses By Contact).
Transaction List by Vendor Lists all transactions by vendor, so you can view your business activities with a specific vendor. No
Vendor Contact List Lists each vendor’s name, company, phone number, email, mailing address, and account number. Yes (Go to Contacts page, then Suppliers tab, then choose Export).
Open Purchase Order List Lists your open purchase orders, grouped by vendor. Includes the original amount of each P.O. No. But, you can find this same data on the Purchase Orders page, but it can’t be exported as a report.
Purchases by Vendor Detail Shows your individual purchases and totals for each vendor. No. But if you use the Expenses by Contact report, you can add the drill downs of each customer to the report.
Purchases by Class Detail Classifies your purchases by group (class) so you can track your spending. Yes (Tracking Summary). Need to modify settings.
*Purchases by Product/Service Detail * *
Purchases by Location Detail This report groups the purchase transactions by Location. No. There are no locations in Xero.
Check Detail Provides detailed information about each check you’ve written, including date, payee, and amount. No
Accountant Reports
Account List Provides the name, type, and balance for each account listed in your Chart of Accounts. No
Reconciliation Reports Lists all reconciliations you’ve completed and provides links to the individual reconciliation reports. Yes (Bank Reconciliation Summary). Xero is spread into three reports whereas QBO is a single report. Xero has Statement exceptions report which is not found in QBO.
Trial Balance This report summarizes the debit and credit balances of each account on your chart of accounts during a period of time. Yes. Xero also groups together Account types (revenue, expenses, assets, liabilities, equity) and includes YTD figures. Can sort by account name or code. QBO can show non-zero or active only, display negative numbers differently, divide by 1000, display without cents, change accounting basis.
Adjust Trial Balance This report summarizes the debit and credit balances, including adjusting entries, of each account on your chart of accounts during a period of time. No
Journal This report breaks down every transaction during a period of time into debits and credits and displays them chronologically. Transaction List by Date also lists transactions chronologically, but not as debits and credits. Yes (Journal Report).
Adjusting Journal Entries This is a list of journal entries during a period of time that have the “Adjusting” checkbox selected. No
*Profit and Loss Shows money you earned (income) and money you spent (expenses) so you can see how profitable you are. Also called an income statement. Yes
*Profit and Loss Comparison Shows a year-over-year comparison of income and expenses. Yes/No (Income Statement). You need to change report settings to get this. This is not really a new report in QBO, as it’s the exact same Profit and Loss report but with a comparison setting checked.
*Balance Sheet Lists what you own (assets), what your debts are (liabilities), and what you’ve invested in your company (equity). Yes
*Balance Sheet Comparison Shows a year-over-year comparison of assets, liabilities and equity. Yes/No (Balance Sheet). You need to change report settings to get this. This is not really a new report in QBO, as it’s the exact same Balance Sheet report but with a comparison setting checked.
Transaction Detail by Account This report lists transactions subtotaled by each account on your chart of accounts. It is like General Ledger without opening balances. Yes (Account Transactions). In QBO you can display many more columns as well as a running balance after each transaction.
General Ledger For each account in your chart of accounts, the report shows all the transactions that occurred in that account over a period of time. It includes the beginning balance and total for each account. Yes (Account Transactions). In QBO you can display many more columns as well as a running balance after each transaction.
Recent Automatic Transactions This report shows the automatic transactions most recently created within the last 4 days. Yes/No (Sales or Purchases page). You can get similar information by going to the Sales or Purchases page and sorting by INV # (repeating transactions start with RPT).
Transaction List with Splits This report lists each transaction with its associated split lines. No
*Statement of Cash Flows Shows cash generated by your business (operating activities), cash spent on your business (investments) and cash in or out from stock and dividends (financing). Yes (Cash Summary)
Transaction List by Date This report lists all the transactions that occurred within a period of time. The report is useful if you need a straight chronological listing of all the transactions your company made. Yes (Account Transactions). You need to adjust the report settings to get the same information.
Recent Transactions This report shows the transactions most recently modified within the last 4 days. Yes (Account Transactions). I believe you can get the same information from the Account Transactions report.
Location List If location tracking is turned on, lists the company locations you set up so that you can categorize transactions by various locations. No. There is no ability to location track in Xero.
Class List If class tracking is turned on, lists the classes you set up so that you can categorize transactions or line items by class. Yes (Account Transactions). You need to adjust the report settings to filter based on tracking categories (which are the equivalent of classes in QBO).
Recurring Template List Lists recurring (reusable) templates that you can use to create transactions. It groups templates by template type (scheduled, reminder, and unscheduled). Yes (Sales or Purchases pages in the Repeating tab).

About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a company’s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

Connect with Greg on Twitter, Google Plus, YouTube, LinkedIn, or Facebook.

3 Comments

  • 1. There is a Payroll Summary report in QBO, just have to run the Payroll Details report and filter Summary by Employee. Details same info as the Payroll Summary in QBDT payroll.
    2. Detail Account Transactions report–in QBO , run the Transaction Detail by Account report to get this info. So QBO supports this as well.
    3. Timesheets–QBO has the Time Activities by Employee detail report, as well as Recent/Edited Time Activities report. Not sure why you have No for QBO on this one.

    Greg, we have also recently added several new Redesigned reports, and in neither article do I find anything re Management Reports. Happy to send you the gird I have of all QBO reports broken down by QBO sub level.

    • “but not safe” – would you care to explain what you mean? In many ways, a reliable could based system may be considered to be more safe that an entirely desktop based system, depending on how you are set up.

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