 QuickBooks Online 2023 Budgeted Income Statement Data Input Get ready to start moving on up with QuickBooks Online 2023 Here we are in our Get Great Guitars practice file. We started up in a prior presentation using the 30-day free trial. We also have open the free QuickBooks Online Sample Company if you want the to open at the same time, try Incognito or another browser. 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. You can open Incognito if using Google Chrome, selecting the three dots in the browser and new Incognito window typing into the search engine QuickBooks Online Test Drive. We're going to be comparing the Accounting View, the one Get Great Guitars is in and the Business View, the one the sample company is in. You can toggle between the two by going to the cog up top and switch the view down below. Duplicating some tabs to put reports in like we do every time, right clicking the tab up top to do so, duplicating it, right clicking the tab up top to do so, duplicating it. Back to the tab to the middle going to the reports on the left hand side we want to open up one of the faves that being the balance sheet, the major financial statement report. If you're in the Business View by the way in the sample company you know where the reports are at, they're in the Business Overview on the left and then the reports. We're going to go tap to the right and open up the reports on the left and this time the other favorite financial, the profit and loss closing up the hand boogie up top, range and the change in 010123 to 022823, run it to refresh it. Let's actually see it on a side by side by the way going to the months and then run it to refresh it and then we'll tab to the middle, close up the boogie, change the range from 010123 to 022823, drop down in a blaze of glory, shop okay where did that come from I don't we're going to run it we're going to run it to refresh it. There's where we're at so we're going to be putting in a budget in prior presentations we talked about how we might structure this looking at the past data as the starting point for our budget but instead of constructing the budget in QuickBooks will often export the financial statement to Excel is what I would typically do and then adjust it taking into consideration not just past data but projection information into the future about the economy about the changes we're going to make advertising changes how much we're going to invest in property plans and equipment so on and so forth to adjust our budget once adjusted we're going to put it back in which is what we're doing now to QuickBooks in the budget area why so that we can run budget versus actual reports as time passes that's what QuickBooks does well so let's go to the first tab to enter our budget we're going to go to the cog drop down up top this is where the budget's located in the tools and the budget so we have our budget this is the first budget that we've done so we add your first budget budgets makes make growing your business easier just pre-fill with your data add your targets and start towards your goal all right so we can have multiple budgets we're going to be putting together our budget here it's going to be an income statement side of things so we're focusing in on the income statement I'm just going to call it budget one or something like that we've got the fiscal year of 2023 so I'm going to put it this information for the whole year of 2023 imagining that we're entering the data prior to the actual data that we put in for 2023 but I wanted to overlap some of the actual data so we can run the budget versus actual reports so then we have the intervals monthly is the default but you could enter your budgets on a quarterly or yearly basis if you so choose we'll keep it on the monthly you can pre-fill the information with the 2022 information or the actual 2023 information if you so choose the standard concept would be like for example if you're a bookkeeper and you and you want to just provide the data of a budget you could just pre-fill the budget with the prior year data for example but you don't typically want to do that and leave it that way because you could run reports budget versus actual which would basically compare prior year income statement to the current year income statement but that's kind of redundant because you could already run reports by by by running just a comparative income statement to the prior year to date numbers so this would just be a starting point normally that's why I think most people if they're really gonna do a budget that's gonna add value they're gonna export it to like Excel or something like that and then make their adjustments which will be more complex than just the prior year numbers and then you've got a subdivided information don't subdivide and buy customer so we're not gonna deal with the subdivide information here we're just gonna now do the data input you just basically have our income statement from top to bottom note that there's a lot of accounts in here some of which we might not actually be using because in our chart of accounts we've we had all the accounts that were given to us buy into it so let's take a quick look at that before I start right-click duplicate I'm gonna drag this to the left I'm gonna go into our chart of accounts I'm gonna close this out because I have it open in another tab scrolling down to the accounting and then going into our chart of accounts if you're in the business view by the way the chart of accounts are located in the bookkeeping tab and then the chart of accounts and you got to click that little button to see it if you're in the sample company and so if I close this up we're looking at it at the income statement accounts down here on the chart of accounts I'm gonna scroll all the way down I'm looking at account types and the income statement accounts income and expenses now remember our general rule was that we're gonna as we're adding data if there's an account already set up I'll use that account if account is set up but I don't like the name of it I'll use the account then change the name of it if there's no account then I'll add another account as I'm entering the data and then at some point in the future after entering a few months of data you probably want to go into the general ledger look for those accounts that are not being used and make them inactive and part of the reason you might do that is because it makes some data input in the future a little bit easier and one of the things that might make easier is your budget because note your budget is taken into account all these all these accounts whether they're being used or not we have all these costs to good sold accounts and so on and we're not using all of those accounts okay that said let's move on moving on alright so we're gonna enter this data we've got the billable expense income so let's just enter this in January billable expense income I gotta say next here in order to get to my actual data input so my January we're gonna say that was what was it now I forgot now you made me forget 100 and then I'm just gonna copy it across with a little arrow which just copies it across boom no problem alright and then we're gonna keep going down we're gonna say alright this is the 1130 equipment rental so that's down here I'm gonna say 1130 copy it across now this one increased we said it's gonna increase by point oh five each time now notice for some reason I think the desktop version has a way for you to increase it by a percent and the online doesn't have that which is kind of annoying so I have to enter it basically line by line I'm gonna make this a little bit smaller you can you can adjust scrolling in or out so what I'm gonna do is I'm gonna I'm gonna data input it line by line for February March and so on and so forth according to our budget at the end of the process I should get up to here so I'm not gonna bore you with the details I'll just give you the recap so this is what we have so you can just check it out so January on through December okay so then the next one that we had the next the next item that we had was sale of product so now we have sale of product 58451 so sale of product I'm gonna go here holding control so you can kind of see it a little bit more sale of product we want to be in here once again I'm gonna enter this because we had an increase overtime each month by an increase of 10% compounded so I'll just increase the numbers from our budget here so this is where we stand then so just so you could recap these are the numbers entered for that one sale of product scrolling on over to the total so here's the total and so and we can't like adjust the size of these columns and whatnot so you've got that capacity alright so let's go to the next one scrolling back on over it'll get easier when we get to the expense side of things because we won't have these changes we've got the service items and these ones also these ones increased by a thousand dollars all the way across so this one I'm gonna say alright let's pull that one in services started at the 4150 and so this one would be 5150 and this would be 6150 so this one would be 7150 8150 Tab Tab 9150 Tab Tab 10150 11150 12150 13150 14150 and 15150 so something like that the next one is the cost of good sold it is increasing in the same way as the sales because it's related to the sale so I'm just gonna punch this in I'll show you the results of that now notice if I make an error on any of this data input we'll see that I'll go ahead and review it when we run the report so I'm not too worried about making an error because I'm gonna go back in and fix it if you see an error then we'll get to it we'll fix it at a future point now cost of good solds is down here where we have the parent account and all these sub accounts we didn't really use any of the sub accounts so we're just gonna be using the main cost of good sold we only have one cost of good sold account that we're gonna be using we'll plug the numbers in there so there we have it so we've entered those in these are the numbers for the cost of good sold totally out to these 491 347 so the next item that we have it should be a little bit easier going forward at least for a couple of these the bank fees are gonna be 18 so let's go back on over and go down to the bank fees so I'm gonna try to click off of the cost of good sold somewhere and otherwise it kind of it kind of copies it down when you when you move which is a little annoying and a nice little trick for doing that is if you click on a cell that doesn't have anything in it and then you can go over here and close it then then you can get off of that thing where you're scrolling around and it keeps that it keeps that one line item in there I think they keep it they do it that way so possibly you can compare one line item to another as you're doing the data input but it can be kind of annoying sometimes alright in any case we're looking for the bank service fees so what was I looking for I'm looking for the bank service charges so here they are down here so there they are so we're gonna say boom it's a little bit hard to find because we have so many accounts and we're gonna say 18 so we need to delete some of those GL accounts would be nice but I'm gonna copy that across boom I'm gonna click off of it to another cell and then close it out so I can scroll without it driving me crazy let's scroll back in a little bit and then the next one that we have is gonna be that liability insurance so the insurance stuff is down here liability so this one we had a data input in what is this February February 6,000 in Feb and then I think it was September September I'm tabbing over was another 6,000 I believe is that correct is that correct the other side was in the other amount was in September yes okay next item we've got the internet for the business okay so I'm gonna click off of this one again and then scroll down and so I'm so now I can scroll down without driving me crazy and we're gonna say internet so that was they put it under office I think in here somewhere the internet for the business there is it's in its own place it's right under the right under the insurance so close I didn't see it all right so there's 90 90 dollars there for January 90 I'm gonna copy it across so that's good I'm gonna click on another row and then X out so I can scroll around so there is that one bringing it back to the front let's see what else we've got here we've got the taxes these are the payroll stuff so I'm gonna go into the payroll info so that should be in its own little subcategory payroll so we've got the taxes on payroll this one had that step up so we got the 486 which I'll copy across which is 486 copy across but then it's stepped up in what is this in July to 53535 in July it's stepped up so July to 535 535 and then I'll copy that across that's where it was after the step up that happened in July okay same thing over here with the next one so I'm gonna hold control and scroll down a bit the next one is the wages so if I go into the wages it was at it started at the 6983 so 6983 6983 I'm gonna copy that across and then we're gonna step it up at the same point in July it went up to 7682 so this is gonna be 7682 and then I'll copy that across so there's that one alright and then I'm gonna click on something else and X out of it hold control scroll in a bit alright next one so those are those are those two supplies 350 supplies so it's just the supplies accounts so there's did it should be underneath some here and I think we just use the parent account for supplies instead of breaking it out to suit to supplies materials so I could make these inactive if I'm not supporting if I'm not gonna use the supplies materials sub account I'm just gonna put 350 350 and when you make something inactive you should you should actually make it not a sub account and then make it inactive because otherwise if you want to make a sub account later it could mess things up if you have sub accounts that are inactive of it so any case so then we're gonna go back on over here and see what else we've got the next one is telephone telephone alright hold in control down scrolling up we've got telephone January that one was for 385 so 385 let's copy that across boom I'm gonna click on something else and X out hold control scroll back down a bit then scroll back up alright so there's the telephone and next next up we've got the utilities so utilities after the telephone somewhere utilities I'm just gonna use the parent account I didn't break it out into the sub accounts I just grouped them into one utility account so we're gonna say that that's the 634 so 634 copy it across and then I'm gonna click on something else and X out scroll down so I can go to the left and scroll back in which is kind of tedious but there it is utilities no gain depreciation let's put that in one two three six so depreciation it's gonna be one two three six I'll copy it across we're gonna scroll down so I can get back to my starting point and then I'll scroll back in over here and then we've got interest expense 334 so interest expense is gonna be here we'll say 334 copy it across holding control scroll down back to the left and then scroll back in and then it's easier to do this by the way if you have two screens of course and then then you don't have to go back and forth but other miscellaneous 75 so other miscellaneous we're gonna say 75 copy it across hold control scroll down and that's what we have that's what we have thus far so we've got our totals down here you can kind of check down the totals down here which are at the the 125 965 is the first total you'd probably check 125 and I'm a little off so something there's an issue here with something of it so I'm gonna drill down on that in a future presentation so we'll dive into the differences in a future presentation for now I'm gonna save it and we'll come back into it and I'm gonna close this back out and just note that what we can do now is construct the actual financial statements which are located in the reports on the left-hand side for the budget and if I just type in budget you've got the overview and the budget versus actual the budget versus actual is kind of like the one that's quite nice as time passes because then you got the actual numbers compared to the budget and that's one of the major things that you're gonna be looking for oftentimes when you're generating the budget so next time we'll we'll look for those differences and we'll make some make we'll tie everything in onto the budget we'll show you how to go back into the budget and make changes if you need to with it and then we'll generate these reports and we'll get into these reports in a little bit more detail