 QuickBooks Online 2024 budgeted income statement data input. Get ready and some coffee because QuickBooks Online is even quicker to the trigger than QuickDraw McGraw. First a word from our sponsor. Yeah actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us but but that's okay whatever because our merchandise is is better than their stupid stuff anyways. Like our crunching numbers is my cardio product line. Now I'm not saying that subscribing to this channel crunching numbers with us will make you thin fit and healthy or anything. However it does seem like it works for her just saying so yeah subscribe hit the bell thing and buy some merchandise so you can make the world a better place by sharing your accounting instruction exercise routine. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. Here we are in our gift great guitars 2024 QuickBooks online sample company file we set up in a prior presentation opening the major financial statement reports as we do every time the reports on the left hand side in the favorites right clicking on that balance sheet to open a link in a new tab right click the profit and loss to open a link in a new tab doing the same with the trustee TB trial balance. Let's tab to the right close up the hamburger and then change that range we're going to go from 010124 tab 022924 tab I'd like to see the side by side so we'll select the drop down months and run then tab to the right same process closing the hamburger changing the range 010124 tab 022924 tab drop down months and run it to refresh it tabbing to the right closing the hamburger again changing the range 010124 tab 022924 tab drop down months and refreshing the report once again let's go back to the income statement in prior presentations we've been thinking about the budgeting process which can be found for the data input in the cog up top and the budgeting however typically we're going to need to create the budget before we do the data input if we want any more detail then simply a budget based on past data so what we might start with is exporting the financial statements starting possibly with the profit and loss report to excel using excel to then make adjustments and predictions into the future as we did with our worksheet over here once we have our budget put together we can then upload it back into the budget within quickbooks allowing us to run reports such as budget versus actual as time passes so we've have exported the two months of data we did so on the trial balance for the two months combined as the total here because that's where our data was we then took the average of the two months in a similar way as you might do for the average of a year as our starting point our monthly averages per account and then we made adjustments to each account according to the to the good advice of all the all the wonderful people involved that are making changes to improve this organization okay so then so the revenue is going to be increasing greatly because of all the all the amazing changes that we put into place so now we need to put this back into quickbooks so there's a couple ways to do that let's go to the first tab over here and we could hit the drop down up top and say we're going to go into the budgeting I want to import this in now I have it in excel so you would think possibly using the import would be a way to go and we might check we'll might check that out but let's first just look at the budget creation screen without the import first to get an idea so I'm going to say tab how do you want to set up your budget select your preference we're going to first be looking at the profit and loss otherwise known as the income statement it's going for 2024 that's what we want so I'm going to be picking that one and then available setup options and then custom budget create a budget from scratch that's what we're going to be doing because it's the only budget we have thus far and then again we could import it but let's take a look at this before we think about the importing all right so in this screen we have the drop down over here here's our here's our period we got the actuals so so we have the compare reference so we have a compare reference to the actuals year to date of 2024 or possibly we would want to look at the prior years for example and that would give us our column over here that would be a quite useful possibly if I was just creating the budget from from prior information but in our case it's not going to be as helpful given the fact that we already have our data that we exported we can also toggle between yearly budget so we have the yearly budget the actuals for 2023 the quarterly budget so then it gives us our actual numbers on a quarterly basis there's only information over here and the end for us and then the monthly information so we have that but I think it would be easier for us to toggle this off so that we can just enter our information the total is on the left hand side and then the months across the top for a monthly budget which is kind of the most common type of budget now obviously we could just go into our data input line items now and go one by one say like entering a hundred dollars for example and then copying it across and by default it copies that across right and we can basically repeat that process now we don't have a lot of stuff to do our our kind of calculations remember you would think that like in the desktop version they have some ability to to to to multiply each column by by like a percent right like we did in excel so you can see the easy kind of increases you can try to increase it by by a rate so this is 1.05 so I didn't do it for this one so this I took the prior one times 1.05 it increases by 5 percent or we can increase it by a fixed amount each time like a thousand so but we don't have those kind of options over here possibly because they recognize that if you're getting into more complex information like that you might be using excel and then importing it so let's now close this let's think about their importing feature do you want to sit leave without saving I'm going to say leave and let's think about importing it now so let's say we wanted to import a budget and then once again it's going to be for 2024 consolidated so if you're already got a budget onto your template you can skip this I'm going to say next and then I'm going to look at their budget template so I'm going to enter their template which should be in excel we basically created our budget from the template but I didn't do it from like an end so here's the template that they have here so let's just see what it says so use this template to get your data into format for QuickBooks understands QuickBooks uses the budget details on this sheet to read budget type timeline categories and so on when you update this info and save the budget with a new name and budget period you're creating a new budget okay so do not change the sheet name it says do not change the rows or column labels rows with invalid entries will be ignored during the upload so we want to keep everything basically the same because it's copying kind of our chart of accounts right leave unwanted columns or rows blank I think that says blank you can edit the budget in QuickBooks once the update is complete and then add columns only at the end and not in between so you can add or remove rows as needed the accounts you see in the template are taken from the company chart of accounts to which you want to import your budget so you can format the template rename your budget and add in numbers and formulas intercells values only between these large numbers okay so here's our actual data so here's the actual budget they took our chart of accounts now notice the chart of accounts is going to be a lot longer than just our income statement why because for example QuickBooks gave us this massive chart of accounts when we started the company file but we're only using a small fraction of the accounts within it so your budgeting will be a lot easier if you were to clean up your chart of accounts so for example if I right click and duplicate this tab and go into the I'm going to close this out yes and then I'm going to say let's go into my transactions and then into my chart of accounts see the QuickBooks by default gives us this massive chart of accounts because they try to give a chart of accounts that covers every type of industry instead of specializing based on the information you provide to them so that chart of accounts is going to be a whole lot longer than our actual income statement if you went in and made inactive a lot of those accounts hopefully they still would not show up on the budget and your budgeting would be a lot easier in this data input system also note that our income statement has these subcategories and when we exported it we used the trial balance because we wanted to make it as as clean as possible without the subcategories and whatnot so so that means you know we have we're going to have to just copy and paste our information into basically the budget information just trying to make sure that we get the proper lines lined up so let's see if we can do that let's go back on over here I'll save the budget all right and then we're just going to so now so so now I'm just going to go over here and say okay this would be a lot easier if we had two screens right but let's see if we could just we might be able to even if you see it this way I can put it side by side and say that might be workable actually so I can say here's my my billable income here's my billable income over here so I'm going to make this one green maybe as I go try to see if I can line this stuff up and then I'll just copy this whole thing I'm just going to copy I'm not the total they don't want the total and then just paste it maybe I'll paste one two three without the without any formulas so it goes out to December perfect so then we could just do that all the way down so we're going to say all right that one's done this is the equipment so so this one was here oh see I got it on the wrong line already for crying out loud so that's why the subtotals are no good so I'll pull this down to here and let's color these as I go so we did that one and so now we're on the equipment so equipment let's make that one green and that lines up to this one so I'll just copy that and copy and then put that here right click pasting it one two three uno dos tres cuatro that's going to be values only and then we'll do this one this is going to be for the sales so that lines up to this one so let's go and copy that and we'll paste that right there movie B to the end and then be nice if they had some formatting so it looked like a number but that's okay actually let's change that I'm going to select all of the area in between because I don't want to mess up the date formatting up top I'm just going to take this huge box and then format it in a number format so I'm going to right click in it format the sales and then let's make it currency negative numbers bracketed get rid of the dollar sign and the decimals okay so there we have it all right so then we have the services let's copy the services now I see a problem when we get to the negative numbers because I don't think they want negative numbers so I'm going to put this in here paste it one two three on the services so we did that one so now oh I didn't want to make it a tele-sized so so now maybe I'll copy my template over and switch these numbers to positive so that it'll be easier for me to copy and paste them over here so what I'll do is I'll make another tab I'm holding down control left click and dragging to the right and then what I'm going to do is I'm just going to take this whole thing all these negative numbers and copy them and I first want to paste them down so that there's no formulas so I'm going to right click and paste them one two three and so once they're in there with no formulas as you can see in the formula bar I can copy them again and then right click and paste special and I want to make it subtract which hopefully will flip the sign from negative to positive so oh and it didn't do it hold on a sec wait let me do it again I'm going to undo that undo that something went horribly well let's copy it and paste it over here because it tried to subtract what was already in the cells I think so let's paste it over here and right click and paste special and subtract it over here boom and so now it flipped the sign and then I'm just going to copy that and place it right back on top so that they're now pasting one two three so now I just have positive numbers my net income no longer makes sense down below but that's okay and then I can delete all of this stuff it has served its purpose it has served its purpose and now it shall be deleted haha it shall be deleted oh wait a sec there's my okay I'm gonna shift up sorry about that I had the I'm still working on my soundboard okay so this one over here okay so that's good so now we're gonna say that was services and then so we have cost of good sold now cost of good sold is going to be down here where we don't we just put it into there's a parent account and then I think we just put it into one account so we'll just put it in here cost of goods copy that and we'll put it right here I don't even need to paste it one two three because that now everything is just numbers so that's good and then we've got the bank charges bank charges where are those over here bank fees expenses advertising to see this is why see it's way down here because I have all of these accounts that are not using that's why we should go back and delete those it's ridiculous to have all those accounts I think I copied the total last time that's okay I'll delete it later so then we have the liability insurance so insurance to do to liability there we go let's do that one so I'll copy that one over copy that Roger Roger out copy and paste okay what else do we have internet we've got the internet expense so this is right there that looks like it so let's copy that 90 bucks across 90 dollars we'll paste that just normal boom all right we're really moving now I have the system down taxes this is payroll payroll taxes and wages so I'll go payroll taxes do it make that one green copy over boom payroll taxes bam and then the wages I'll copy this because that's right underneath copy boom wages bam so payroll taxes and wages okay and then supplies supplies we'll copy that across do to do to do copy that supplies do I need to put it in the parent account I think I just put it in one parent account I'm not using the subsidiary account for that one so we just put it right there and then telephone expense the tele the tele I think the British people call it the tele or something I don't know I'm going to copy that and put it right there and then we're going to say then utilities utilities don't day so I just put it into one parent account for utilities so we'll copy that and we'll just put it there that one and then see if we didn't have all these added accounts it would be easier I don't have that one there's nothing there depreciation depreciation don't day there it is it's under other expenses okay all right if that if you say so it should be there copy that depreciation depreciation and then boom boom and then other miscellaneous expenses to other miscellaneous expenses last one ultra base so we're going to say other boom all right so I think we have everything let's make this large and then I think I added a total column out here on one of them no everything looks clean so yeah here's I after December that column in I'm going to get rid of column in there's no totals okay so then so I have some funny formatting which hopefully doesn't throw off the system when I import it I'm going to make it non-green and so I think that's everything so let's save this and and import it and see what happens so we're going to say close this out I'm going to close this for now and then I'm going to locate it so here is the file so that's the one it's an excel file so okay so instead of a csv file which they sometimes require you to use so now we're going to say boom let's go back into my budget so if I go back in here do you want do you want to cancel the import I'm going to say yes just to show us how to get in there again so we were in the budget to do we're in the budgeting the budgeting here and then we're creating the budget we want to import the budget and so it's a budget and it's for 2024 consolidated I'm going to go next and then it says download budget and then and then so it says all budgets in one place so use the template will give you to get your data in a format QuickBooks under signs find out more about the import okay we've done that upload the budget upload the budget and so I'm going to go boom it's right there so it's in an excel format that's the one to do so we'll say next and so now it's working on it it wants to know if it did a good job I don't know I haven't seen it yet QuickBooks it's a little premature budget created successfully sit back while we make sure all your data comes in correctly okay view the budget all right so there we have it so now it's basically done the data input for us now it's hard for us to kind of check the bottom line when it was in the budget template in excel but I think here it might give you a butt so here's the net income that we have and it comes out to through December and then the budget total net income is at 129 which I don't think is correct I don't believe see we thought it should come out to 125 970 and we have here 129 43 now I'm gonna I'm gonna save this and note that we can go back in and fix it so we'll do that in a following presentation so I'm gonna save it and then I'm gonna I'm gonna analyze it in the reports which I think is easier to do in the following presentation and then we'll go back into the budget and make an adjustment for that so I'm gonna go ahead and save it for now and say doon there it is and then I'm gonna close it and then if I go into my reports then well now we have our our budget information I go into my my hamburger let's go into the reports and see if I could search for a budget report now I have these two budget reports which weren't there before because I didn't have them so let's take a look at the budget overview and then this gives us basically the overview and then the budget versus actual will give us a comparison between what has happened over time which we have two months of data input and so we'll take a look at that later but for now I'll use this report to kind of see what where we went wrong and then make an adjustment to it and this might be one of the better like the best way to do it because again their template if we get it right in excel we can use excel to then populate their template which is a little bit more difficult to to calculate net income with although we could have done that and then we can import it into into QuickBooks and see what went wrong with their data input template and see if it would be worth re-uploading it again fixing the template or simply just adjusting the budget within the system which we can do by going to the tab to the left dropping it down and then we go back into the budget and then so here's our here's our actual budget uh run budget versus actual and we can edit it so I can go back in and make the adjustments to it so we'll get into that more next time