 QuickBooks Desktop 2023. Budgeted Income Statement Reports. Let's do it within two weeks QuickBooks Desktop 2023. Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course each course then organized in a logical reasonable fashion making it much more easy to find what you need then can be done on a YouTube page. We also include added resources such as Excel practice problems PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it. Here we are in QuickBooks Desktop. Get great guitar practice while we started up in a prior presentation going through the set of process we do every time we're going to maximize the home page to the gray area in the view drop down we got the hide icon bar the open windows list checked off open windows open on the left reports drop down company and financial it's open up that P&L profit and loss change the range mode 101 2 3 2 0 2 28 2 3 we're going to customize it we're going to go to the fonts and numbers and change that font on up to 14 okay yes and okay let's now go to the reports again this time company and financial but the balance sheet and then customize the report change the range from 0 1 0 1 2 3 0 2 28 2 3 fonts and numbers changing the font to 14 okay yes and okay that's the setup process that we do every time we've been going over the budgeting process and we've been thinking about the process as first taking past data which we imagine to be from the profit and loss from a prior period exporting it to something like Excel we used a trial balance to do that working the budget in Excel using the prior data as the baseline and then adjusting it for what we think is going to happen in the future due to our changes and economic circumstances and then we took this information put it back into QuickBooks in the budget area which we did in a prior presentation populating it here so that we can now run the reports by going to the reports drop down budget and then we've got the two main reports the budget overview budget versus actual reports so let's take a quick recap on the data input which is on the company drop down and we entered the budget by going to the planning and the setup budget here noting that the budget is just a straight data input item it the budget is not being built from us creating the financial statements by entering forms the actual financial statements are being created that way and we might then use those financial statements to predict the future to help us to build the budget but then when we enter the budget we're just going to do a straight data input which we did from this Excel worksheet this Excel worksheet was started or seeded from prior data from the trial balance which was from QuickBooks why then if we already have it in Excel would we put it back into the QuickBooks system because QuickBooks allows us then as time passes to be able to compare what we budgeted for to what actually happens and those reports can be quite useful so the main two reports if I go to the reports drop down and we go to the budget reports and note once again that these reports are different than in essence all other reports except like maybe the bank reconciliation is different as well because this for these reports are not being built from past data they're just strictly being built from this data input so let's look at the overview first which will just be repeating the budget we only have one budget in place we could of course create multiple budgets we might do another one as well just to practice it for like the balance sheet then I'm gonna say next and we're gonna say next and finished now this looks similar to it like a normal profit and loss that is broken out by month that's the default setting that the report is usually displayed in and so if I we have the date range from from January through December we are imagining now that we put this information together at the end of 2022 budgeting out through 2023 and now at this time two months have now passed that being January and February we've got the same kind of formatting options in general we can customize the report for example we've we can change the name and all that kind of stuff we could take the date time report basis off we can go to the fonts and numbers we can increase the font maybe not to 12 but let's make it maybe not to 14 but let's let's try like 11 let's try 11 if I can say 11 and then we'll say okay let's put some parentheses in red around the negative numbers and that looks good I'll say okay so there we have it we've got a month by month breakout the bottom line on down below notice that this month here of course is going to be an issue for us we kind of did that more in a cash flow basis you can think of a budget on an accrual and cash flow basis and there's our budgeted information we can run it by month we can run it by total just like a normal kind of income statement although it defaults to a month we can run it by quarter which could be a useful another of course useful way to see the budget now as time passes then we can take this budgeted information and compare it to what actually happened now that we have physical data in the system we have two months of data thus far let's open up the second report reports drop down the budgeting and look at the budget versus actual and we'll say same drop down here next and finish and so there we have it the month by month is usually kind of like the standard breakout that we have here let's just take the budget because we only have the first quarter of information we only have two months of information are really so let's take from 0 1 0 1 2 3 2 0 3 31 2 3 and that'll trim it down just a little bit I'm going to customize it fonts and numbers let's bring it up to 11 and we'll zoom in on it a bit okay okay so now we have January February it's broken out by month because that's the drop down we have up here and then we've got the total at the far end this being for the three month period the range that we have selected in each of those categories we have the January information that we actually did in January and then the budget and then of course we've got the difference and then we've got the percentage a percentage often being useful because it helps us kind of to zero down on things in some more specific ways often times so this one is going to be if I take the 46 actual 46 877 divided by the budget 29 226 we're at 160 if you move the decimal two places over 160 of the budget so that's kind of how the percentage column is going to work and then we've got this breakout all the way down so we can compare and contrast what we thought would happen to what we would actually happen we can look at the kind of like the bottom line for January and February here and then we can continue that on to March which doesn't have any information or very little for what actually happened because we haven't started March so all we have is the budgeted information for it and then we've got of course the totals on the right we can then make this the total only so we can look at it for the year where we stand for the current year for example we can break it down to a quarter by quarter breakout as we saw with the other report as well quarter by quarter bringing this up to 1231 23 so that's the general idea of the budget reports and just a quick recap as an accountant in the accounting department the budget is not something that you would think of as your job by default although you can create a pretty quick easy baseline budget just based on the past data if you want to do that but an actual budget is going to be needing not only past data but input from the the managers and whatnot of the business to see what's going to happen in the future and therefore you'd have to you'd have to get input from the managers in order to do that again a lot of that might be done outside of QuickBooks the QuickBooks system is going to be useful in order to run reports like this once we have got the budget settled in and put in place as an accountant if you're not actually running the business but you're an accountant of the business then of course your skills are going to be necessary because the budget is going to be in the form of financial statements in in general but you also need the input from from decision makers in terms of advertising and what's the market environment economy and that kind of stuff in order to process the budget