Microsoft Dynamics CRM Online contains a very easy to use Report Wizard to build reports without knowledge of the underlining architecture.  The Wizard was developed to address many reporting needs but for some customers this does not fill all reporting requirements.  One of the common challenges with Microsoft CRM Online is delivering robust and flexible reporting because importing custom reports is not currently supported with the Online version.

John White recently posted a great article the explains an option customers have to address these additional reporting needs in detail.  To sum up the article there are three steps:

1. Extract CRM Data and make accessible to SRS.
2. Create SRS Report based on the data.
3. Create a report in CRM Online that points to the SRS report.

If you are an Online customer not able to create all the reports you need with the Wizard I highly recommend reading this article…

http://blogs.msdn.com/dynamicscrmonline/archive/2010/01/26/using-microsoft-sql-reporting-services-with-microsoft-crm-online.aspx