 QuickBooks Online 2024 budgeted income statement export to excel and modify part number one. Get ready and some coffee because we don't just do data input. We get totally into it. With intuits. QuickBooks Online 2024. Here we are in our get great guitars 2024 QuickBooks Online sample company file we set up in a prior presentation opening up the major financial statement reports like we do every time the reports located on the left hand side. We're in the favorites opening up the balance sheet which is everybody's favorite report at least one of them open link in new tab right clicking on the profit and loss otherwise known as the income statement open link in a new tab right clicking on the trial balance to open a link in a new tab. Let's tab to the right. I'm going to close up the hamburger and then we'll do the changing of the range to the data points where there's actually information in this practice file that being 010124 tab 033124 tab selecting the drop down so we can see it broken out month by month and then running it to refresh it. Let's tab to the right. Same thing with the profit and loss otherwise known as the income statement closing the hamburger changing the range 010124 tab 033124 tab from totals to months and then run it and then we'll do this one more time tapping to the right on the trial balance closing the hamburger changing the range 010124 tab 033124 and then selecting months and run it. So now we're going to be starting the construction of our budget remembering that within QuickBooks the budgeting is something that you can do a data input into and make a very basic budget based on past information. However to do a more detailed budget you might want to take past information such as we're starting on the income statement information export it to excel use that to make projected budgets from then import it back into QuickBooks why do that because QuickBooks is good at running the reports such as budget versus actual so you can compare what actually happens as time passes to what you predicted to happen. So if I go back to the first tab just to note where the budgets are located in QuickBooks it's in the cogs drop down and then we have the tools and then we have the budgeting. So we can create a budget here we can make balance sheet budgets and both profit and loss and balance sheet budgets the profit and loss is probably the first place to start when you're thinking about how to budget it being the performance type report. So we'll get back to here when we import our budget back into QuickBooks so that we can run reports the reports being found under the reports here and we'll then have our budget reports that basically we can run such as the budget versus actual. Okay so let's go back to the income statement so our plan is going to be this we're going to take the prior information that's usually the starting point to create the budgets going forward if we had a whole year's worth of data one strategy might be that you take the whole year of last year budgeted out month by month export month by month and then and then use that as your starting point that works good if you have a seasonal business method number two you take the whole year's worth of information from the prior and just run it as a total right we'll just do the totals only we only have two months but if it was for a year you run the totals and then say I'm going to take those totals divided by 12 and that will be basically my starting point for each month averaging out my income for the prior year as my starting point that might be a good method if you're in a situation where you don't have a seasonal business and you want kind of like the average performance over the year if you're somewhat static over the year if you've been growing over the years then you might say hey look I don't I want to take December's numbers because I think they are in alignment with my growth trend which I believe will continue going forward therefore I'm going to start with December and then do my budget from December mapping out December as what I think is going to happen as my baseline budget and then adjusting from there for us we only have two months of data input so I'm going to kind of imagine as though those two months of data input we have two and a half months we did some in March but only two full months so we're going to kind of imagine that those two months were actually last period November and December export them to excel adjust the excel budget and then import them back into our system so we can run reports budget versus actual for the first two months let me show you what I mean now you could do it with the income statement but I don't like exporting the income statement as much if I'm going to adjust the budget because there's all these stuff