 QuickBooks Online 2024 Budgeted Balance Sheet Export to Excel. Get ready and some coffee because we get things done on time with QuickBooks Online 2024. First, a quick budgeted balance sheet disclaimer. It looks like at this time, QuickBooks Online does not have the capacity to run budgeted balance sheet reports. Let's go over a quick history of budgets from QuickBooks to get an idea of the progression over time. I believe that the desktop version of QuickBooks has had the capacity for some time to run budgets for both the profit and loss, otherwise known as the income statement as well as the balance sheet. However, QuickBooks Online has not had the capacity prior to recently to even do the data input for the budgeted balance sheet, only having the capacity for the budgeted income statement, otherwise known as the budgeted profit and loss reports. So recently, we now have this option to be able to do the data input for the budgeted balance sheet, but it doesn't look like we have the related reports that you would think would be generated from that data input, such as the budget overview for the balance sheet and the budget versus actual for the balance sheet. Now, I would expect or I would think going forward that hopefully QuickBooks would be able to use that data input to then create those reports, but I don't believe they are there as of the time of this recording. Here we are in our Get Great Guitars 2024 QuickBooks Online sample company file. We set up in a prior presentation opening the major financial statement reports like we do every time. The reports are still on that left-hand side. We're in the favorites. We're going to be right-clicking on that balance sheet and open a link in a new tab, right-click on the profit and loss, otherwise known as the income statement. Open a link in a new tab. We'll do the same thing for the trustee TV. We'll tab to the right. We're going to close that hamburger bun on the meat of the balance sheet, and then let's change the range. We're going from 010124 tab, 022924 tab. Selecting the dropdown, we want the months to see them side by side. Let's run the report. Let's tab to the right. Do the same thing. We're closing the hamburger bun on the meat of the income statement, and then we're not quite done with it. We put the hamburger bun on top, but we're still picking out the lettuce and whatnot, even though the hamburger is closed now. We're going to go from 010124 to 022924, and then we'll change this to months again, and then we'll run it. Now we can finally eat the hamburger that we've got the lettuce situated. We're going to go to the tab to the right, and we'll close the hamburger on the meat of the trial balance. Change the range. We're going from 010124 tab, 022924 tab. Once again, selecting the dropdown, months, and run it. In the prior section, we've been thinking about the budgets, and the first budget that comes to mind when you're thinking about a basic budget is, of course, the income statement, otherwise known as the profit and loss, that being the performance report. So when I'm thinking it's kind of like running a track and field or something, we're trying to say, you know, how far did we go? Instead of seeing how fast it took us, we're thinking how far did we go within a certain time frame, like an hour? And then we're going to try to beat that record next time. That's what the income statement is. How far did we go month by month, year by year? Can we do better next year by possibly making good decisions, hiring good marketers and whatnot that are going to have advertising that doesn't totally alienate, you know, everyone that used to buy our stuff and actually might make them like it more? That would be nice. And then that'll increase our revenue. That's the idea. But if we're getting more detailed on the budget, we would want to do a more comprehensive budget to say, well, where will we be after the next month, after the next year? That's the balance sheet. So the balance sheet is the double entry accounting system. You will recall the balance sheet has assets, liabilities and equity. That is the double entry accounting system. Assets are what we have, liabilities and equity, who has claimed to the assets. We can adjust this by thinking of it as assets minus liabilities equals the book value of the business, which is equity, ownership of the owner's claim to the assets of the business. So that's kind of like the bottom line from a finance perspective of the business at any given time in essence. So the income statement gives us information about time that has passed to get us to the bottom line of the balance sheet, equity, owner's claim to the assets of the business. So when we're budgeting, the income statement is going to be the primary mover that's going to be basically telling us where we will get to by the end, which will be a new balance sheet perspective of equity, because the income statement is part of the equity. It's net income rules into the income statement. However, the budget's a little bit more complex than that because you also have other things that could happen that you're concerned about, such as, for example, the cash. We want to make sure that we have the cash flow. So if we were doing a full budget process, which we have other course and sections on, we'd probably want a cash flow budget as well as well as budgets based on purchasing, which might include like inventory purchases and stuff, especially for making things, as well as the budget for the capital expenditures, what kind of fixed assets do we plan to be purchasing and that those are going to have an impact on our cash flow budget and our revenue budget because we might be purchasing more fixed assets in an attempt to, of course, increase revenue not only in the next year but in future years and months and so on into the future. So the balance sheet can be a little bit tricky as well because note that the balance sheet, of course, has to be in balance. When we're entering transactions into the balance sheet, I'm trying to... What am I doing? I don't know. I'm trying to just see assets and then I want to see the liabilities in equity. So liabilities in equity. So when I enter things into the balance sheet, usually that, when our normal data input happens with us entering forms, which then QuickBooks forces us to use a double entry accounting system so that at least two accounts are affected all the time, our ending result being in balance. That may not necessarily be the case when we're entering a budget because when we enter the budget, QuickBooks might not force us to be in balance. So we're going to have to use our own conception of a better understanding in order to properly calculate the balance sheet based on the income statement, right? So if I'm going to say this is our performance on the income statement, that's going to be part of telling us how we get to the next point, the end result on the balance sheet is the general idea. Okay, so the starting point could be similar on the balance sheet in that I might start with a balance sheet format from the prior period and then basically make adjustments to the balance sheet. So I'm going to start with a balance sheet basically where we are at a certain given time and that's going to be the end.