 QuickBooks Desktop 2023. Budgeted balance sheet export to Excel. 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 than 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 guitars practice by we started up in a prior presentation going through the setup process we do every time maximize the homepage to the gray area in the view drop down we got the hide icon bar the open windows list the homepage open on the left reports drop down company and financial profit and loss standard changing to the range in from 010123 to 022823. Let's customize it fonts to the numbers changing the font bringing it on up to 14. Okay. Yes and okay. Open up the other main financial statement report reports drop down company and financial this time the balance sheet standard. I'm going to customize it changing the range in 010123 to 022823 fonts and the numbers must be changed as well to 14. Okay. Yes and okay. That's the setup process that we do every time we've been thinking about the budgeting process and prior presentations we did the budgeting process for the first thing the first report in essence you think of which is usually the performance report that being the income statement. So the income statement is like the report if you're thinking of it as analogous to seeing how far you can drive in a day then you're going to set the odometer see how far you can drive reset the odometer odometer and see how far you could drive in the following day. That's what the profit loss is doing the odometer being equivalent to measuring instead of miles revenue expenses the net income for example. So now however we want to look at the balance sheet which really is showing where we will stand where will we be after we have journeyed for the next day in our car right after we have started from the prior point on the balance sheet where we stand assets minus liabilities net assets the book value of the company and then we think we're going to go so far in terms of revenue expenses net income for example where will we end up at the end of of that that's kind of like the general idea on the balance sheet so we can of course budget you know for for that although it's a little bit confusing because we have to link the stuff together the balance sheet the income statement okay so we're imagining then that the balance sheet this two months of data that we have input we're going to use that two month data as if it was prior data the same way we did before and then try to think about the budgeted income statement that we put together to think about where we're going to end up on the balance sheet and then we'll also consider from an accounting standpoint how we're going to do this from the accounting standpoint noting that it's the same process we're going to think about actually doing the budget most likely outside of QuickBooks but using a report like the balance sheet the firsts or starting point balance sheet as the starting point that we will export and then make our adjustments possibly in excel and then once we've made the adjustments we will import it back into QuickBooks using our our import port system here so just remember that the that the budgeting process is not something that the accountant should do you know on on their own if you hire if you have the accounting departments not someone that's just going to do the budget because their main goal is to do the prior data to make the financial statements they of course might be involved in the budgeting process and are going to be a crucial tool because they know how financial statements work but we can't just build the budget with just the past data we could but it probably is not going to be you know as useful as if we try to project what's going to happen into the future which is going to take information beyond just past data such as what do we think is going to happen in the future what are the changes that are going to happen what do we predict those changes will do okay so we're going to export this to excel but i'm not going to export the balance sheet here i'd like to export the trial balance because it won't have all of those subtotals so we'll do kind of like the same thing we did last time i'm going to make the reports drop down accounting and taxes trial balance and take this from let's take this from now i'm going to run the report now i could try to run it i would just like to see the balance sheet accounts so i could run it you know as of 228 but but the the trial balance is going to include the income statement no matter what i do so i'll have to kind of account for that so for example o one if i if i was tried to say o 228 23 to o 228 23 you would think that it wouldn't have any income statement accounts down here but it does because it's going to be based on like the fiscal year so i'm basically getting the same report as if i just ran it from 0 1 0 1 2 3 to 0 2 0 2 28 23 because that's kind of like the built-in closing process that QuickBooks uses so this is going to be our starting point it's got the balance sheet on top of the income statement in essence and then we'll use that to construct our our balance our budget i'm going to customize it fonts and numbers let's change the font on up to 14 okay yes and okay i'm going export this to excel in the same way that we did before or in the same excel worksheet we had before so i'm going to say excel create a new worksheet but i'm going to put it into the existing workbook if you don't have the prior workbook that's okay you can just make a new workbook obviously you do need excel in order to do it if you don't have excel you can just use google sheets or whatever and just recreate your trial balance it doesn't take that much time you got to just type the whole thing in there and that's how you got to do it but i'm going to say this is going to go into ggg this is going to go into the budget stuff that's not where i want to go i want to go into the budgeting budget there it is that's the one that i want QuickBooks it's going to open up and there it is i'm going to make i'm going to drag this one to the right so there's our trial balance on the right double clicking this one i'm going to call it an income statement for the name that's what we did last time double clicking this one balance sheet for the name i'm now going to lower the size of my screen so it's not zoomed in so much by going to my settings i have it on 150 i'm going to bring it down to 100 and then that's the normal size and then i'm going to zoom in using this zoom in or i can hold down control and scroll in okay i'm going to do the same kind of formatting we did before last time when we did the income statement we started here and then cut everything out except for the income statement accounts this time i'm going to cut all the income statement accounts and look at the balance sheet i want to see the formatting to be the same i want to use start with the baseline excel formatting which is colibri 11 as can be seen in this cell i'm going to use the format painter to paint the whole thing this to start with home tab clipboard format painter paintbrush the triangle so everything's in that i'm going to then right click on anything in the selected area everything is selected format the cells i want to go to currency bracketed numbers no dollar sign and we don't really need the decimals for a budget either and so i'm going to say okay i'm going to make the whole thing boldened and so there it is that'll be our starting point i'm going to do this fairly quickly because i know this isn't an excel course but just want to give the general idea of how you might think through the budget and set one up so i'm going to minimize this i'm going to bring this down to here and then we're going to get rid of the debits and credits i'm going to do that by going up top and saying from one to two i'm going to right click on that and delete that stuff so i'll delete that and then i'm i'm going to try to represent my assets in terms of positives and liabilities or credits as negatives so anything in this credit column i'm going to put as a as a negative pull them into this column and that way i should be able to to see that i'm in balance by having my debits and credits subtracted from each other the difference being zero so i'll show you what i mean i'm going to delete the totals down here i'm going to go up top and say this one i'm going to right click and cut it but i'm going to paste it special into this column i'm going to try to flip the sign so it goes to negative so i want to paste it at what let me do it that way hold on a sec i'm going to copy it let me test it out over here right click and paste special and i want to paste it subtracted there we go so let's test that over here i don't know why i needed to test it over there i'm going to paste it special with the subtraction boom i want to do that for all of these i'm going to copy them because i won't let me cut them i'll copy it right click and paste special but i want it to be subtraction boom and then this one copy paste special special paste i'm special here we go we'll take these right click copy those and paste them special and subtract boom this one uno base moss one more time we're going to copy that paste special with the subtraction okay then i can delete everything to the right so i'm going to put my cursor on d to g right click and delete and so i can check that i'm in balance by summing this up it should come out to zero because debits minus credits will be zero there we have it now that's a little bit tricky to get rid of the income statement now because it's kind of like part of equity so in other words like all of this the equity section kind of starts right here opening balance and if i so if i for example looked over here on the balance sheet the equity section includes the owner investment the draws and then the 77896 here and net income so the net income is the income statement amount if i go to the income statement and i condense it to one number it's the 1324 so in other words this whole thing this income statement starts right here down to here is is hold on i missed something here to here is 1324 the sum and if i go from here equity starting in the equity section down to here that comes out to 143 720 so that if i go back to the balance sheet is the 143 720 total equity right there so what i need to do is kind of combine you know these two numbers so so what i'll do is i'll go okay so everything needs to be in equity so everything from here down adds up to 79220 so i'm going to delete this and say negative 79220 boom i'm in balance and all the income statement is gone because this is really setting the odometer to see how far you go right so i'm going to take this whole thing i don't want the total i want i'm going to take this right click and delete it i'm going to delete this total right here and i'll put the total over here maybe and then i'll get rid of column a because i don't need that right click delete that so there's kind of our really just baseline uh baseline statement and you can see here if i highlight these then these are the assets from here to here i'll make them green just so you could see it for now make it that green that adds up to that adds up to hold on a sec equals the sum just to just to prove to you what i'm doing that adds up to 222776 that should tie out to the balance sheet assets 22278 222776 222 i've got the accounts payable in there hold on a second you do not belong here accounts payable this is the assets group so 226784 226784 the liabilities then are going to be here to here right there boom let's make them like orange orange just for practice purposes and say i add those up orange and red does that even stand out enough i think it does i don't know it'll be okay that adds up to to the 83064 so there's the liabilities at the 83064 and the equity 143720 that is going to be this these are equity 143720 so hopefully that's just my balance sheet without indebt and credit format without any subtotals so just bare bones kind of like the income statement but the balance sheet is a little bit more confusing because you got the accounting equation as opposed to like you could think of it the income statement as asset minus liabilities in any case that's our starting point then we're going to do the same thing and try to try to say from january to february of the following year we're going to imagine that this information happened uh was the prior data information from the prior year we'll we'll imagine it was from 2022 and we're going to use it then to kind of think about our future where we will stand you know in the future so before i do this i'm gonna i'm gonna add another row i'm gonna right click i'm gonna select the whole row right click on the selected row and insert and then we can go from jan feb and i'm going to copy that across putting my cursor on those fill handle and it should be able to detect that series quick excel is really smart and then we're going to say let's center that and then make it black and white it's going to become cognitive so far i'm pretty sure excel was talking to me it's become sent to you its ai has come to life notice that these things right here this machinery and equipment that's a subcategory and that really makes things a lot more ugly the way they export it because if i go over to my lists in quickbooks and i look at my chart of accounts see these items are subcategories so furniture and fixture so i don't really want it to say furniture and fixture i just wanted to say accumulated depreciation so really to clean this up i could go through all of these that have that little colon and just say i don't want that subcategory count i could see that it just give me that i'm gonna delete this this has one too i'll just say get that out of there this one has one too don't like that and so that's a little cleaner this one has one and maybe that's not so bad we'll keep that because it is low and well we don't really need it though i'll delete it i can't decide i'm a little indecisive on that one but there that's a little cleaner then i can make this a lot smaller see you see what i'm doing you see that's way better all right let's stop it there and then we'll continue on on how we might think about constructing our balance sheet budget in the following presentation