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lthough accounting information systems of- and load data into Power BI. The second method,
fer vast value to accountants and their clients, which we call the QuickBooks interface ap- About the
Athey often lack the data analytical capabilities proach, is more complicated and uses the custom authors
desired for creating additional value. QuickBooks, interface in Power BI to retrieve data directly from William Stewart
for example, provides basic analytical support QuickBooks. Either method can be used to create Thomas, CPA,
through a powerful, affordable system for small and a visualization like the one shown in the screenshot CGMA, Ph.D.,
medium accounting applications. “Power BI Dashboard.” View a video illustrating is a professor
However, no matter how comprehensive systems the steps below with the version of the article at of accounting
like QuickBooks are in offering data analysis, journalofaccountancy.com. and former vice
accountants often want to do more to meet client chancellor at
needs. When a client needs more analytical capabil- EXCEL-BASED APPROACH the University of
ity than QuickBooks can provide, accountants can Three steps are required to access QuickBooks data North Carolina at
use additional technological tools, like Power BI, using the Excel-based approach: Pembroke. Dena
to conduct the analysis. They can perform detailed ■ Step 1: Generate a report in QuickBooks; Dail Breece, CPA,
analyses of transactions, account reconciliations, ■ Step 2: Export the report to Excel; and CGMA, Ph.D., is an
and other analytical reviews when data is linked or ■ Step 3: Import, transform, and load the data assistant professor
loaded from QuickBooks into Power BI, moving into Power BI. of accounting at
them one step closer to providing desired cli- In Step 1, the user generates a report in Quick- the University of
ent value. Books compiling the data desired to be analyzed; North Carolina at
This article covers two ways to analyze and either standard or custom reports can be used. For Pembroke.
report QuickBooks Online data using Microsoft’s purposes of illustration, assume that you are using
Power BI Desktop Version. The first method, which a QuickBooks standard report, “Transaction Detail
we call the Excel-based approach, is fairly simple by Account” (shown under the report heading “For
and uses Excel to retrieve data from QuickBooks my accountant”), to collect data to be analyzed.

Power BI dashboard

journalofaccountancy.com December 2022 | 19