 QuickBooks Desktop 2023. Budgeted income statement, export to Excel and modify part number one. 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 going through the setup process. We do every time maximize on the homepage to the gray area going to the view dropdown noting that we got the hide icon bar the open windows list checked off open windows open on the left. Going to the reports dropdown company and financial. Let's open up that T and L the profit and loss. I'm going to take this from 010123 to 022823. That's the two months that we have data input for for this particular file thus far. Let's go to the customized tab to make it a little bit larger fonts and numbers changing the font. Let's bring it up to 14. Okay. Yes, and okay. Then we're going to open the balance sheet reports dropdown. We're going to go to the company and financial. Let's open up the balance sheet standard and customize it. I'm going to change the date from 010123 to 022823 fonts and numbers and increase the font size here as well to 14. Okay. Yes, and okay. That's the general setup process I do every time we basically open up the QuickBooks file. We're now focused in on the income statement or profit and loss because this is the report we're going to use as our seed as our baseline for then creating a budget. So what we would like to do is take this information, export it to Excel and then use it to project into the future. And then once we have that data, we'll take it and import it back into the system in QuickBooks. And when we put it back into the system in QuickBooks, we will be using the company dropdown and then the planning and budgeting setting up the budget. But for now, we're using the actual data of the actual reports and exporting. Once we have the budget set up, then our goal is going to be to have the budget reports here, including in particular the budget versus actual. Now note that I only have two months worth of data in this system. So what we're going to do, I'm basically going to use the same two months of data and imagine that this was the last couple months for the prior period ending in December. And then we're going to use that to kind of try to project out into the future for 12 months. The typical budget is like a 12 months time period into the future. So I'm going to kind of imagine that this is my past data and we'll use it to project into the future. Hopefully that will make sense as we go. Now I could export this actual profit and loss, but all these subtotals are not typically helpful oftentimes when making a budget. I want to streamline it down to the bare bones for the budget, just income and expenses. So I don't need a subtotal here. I don't need a subtotal here. I don't need a subtotal here and so on and so forth. Therefore, I think the easier report to use is actually the trial balance, which I will export, then trimmed down to just an income statement component of it and be able to compare it to this profit and loss. To compare the net income, for example, to see that we're coming to the proper number. That being our seed, our starting point for our budget. So I'm going to go to the reports dropdown. We're going to go to the accounting and taxes. Let's open up a trial balance report. Change the range from 010123 to 022823 and I'll customize it fonts and numbers and bring the font on it up to 14. Let's say OK, yes and OK. Now this is just the balance sheet on top of the income statement. So the income statement starts right here and down to here. If you don't understand debits and credits, that's OK because we're going to make it basically into an income statement. We're just going to take these accounts and take the income minus expenses and we'll delete the balance sheet accounts. So I think that'll be easier. Let's actually export this. I'm going to go export up top, create new Excel worksheet. Now if you don't have Excel or you want to use Google or something, you could just read data input this data into Google as you're starting or Google Sheets. If you want to use some other spreadsheet program. I'm going to make a new workbook here and notice in the advanced settings that I took off the freeze panes. That makes it a little bit easier. And I also told it not to show include export guide worksheet. I don't want to see that. So I took those off just so you know and then we'll export it. It'll open up Excel. So there is the Excel worksheet. I'm going to save this where I want to put it. I'm going to go to file, save as browse. And then I'm going to go to the desktop and put it on my QuickBooks file here. I made a budgeting folder and this will be the budget folder. So I'm going to say OK, save it. Now I'm pretty zoomed in here because I zoomed in for QuickBooks. So what I'm going to do is actually lower my screen back out by saying my display settings are currently on 150. I'm going to bring them back down to normal 100 just so you can see my process on why I'm doing that. So you can see that I'm zooming in the screen when I go into QuickBooks. Now it looks a lot smaller. Now I'm going to zoom in just using the normal zoom feature here. Or you can hold down control and use the scroll arrow. And that's the way I like to zoom in in Excel. OK, so now I'm going to just trim this thing down. I'm going to do it fairly quick because I know this isn't an Excel course. But I just want to show how I think the budget would be best to kind of be put together here. So I can see it. Usually I go to the view tab over here to see how many pages it's taking. Obviously it's on multiple pages. So I'm going to try to make it skinnier and I don't need a lot of this stuff. I don't need this total column over here. I'm just going to delete column A altogether. Right click and delete. And then I could make this whole thing thinner. But some of the things that's making it long are these sub accounts. And these are because I made sub accounts which kind of messes things up a bit. If I go into QuickBooks and I go into the list dropdown and I look at my chart of accounts here. You can see when I have these sub accounts, those are the things that make it a little bit longer. So I can delete these. This is the first portion of the sub account. So I'm going to go in there and do that after we make some adjustments for the balance sheet. So I won't delete. I won't do too much else at this point and we'll get to that. The next thing I'd like to do is say note that the formatting. I'm going to see if I can get my dropdown to always be there. Okay, so now if I select this cell, I'm on Arial and 14. And if I select this cell, I'm on Calibri. I'm going to make the whole thing formatted the way I want to see it first. I want to make it just the standard Excel formatting for me, which is this cell. So I'm going to put my cursor here, home tab, clipboard, paintbrush. And I'm going to paintbrush the whole triangle, the whole sheet, and that'll copy the formatting. And then I'm going to put the general formatting I want in place, right click. I'm going to format the entire worksheet with the underlined formatting of I usually go to currency, negative numbers, bracketed, no dollar sign and no decimal. That'll be the general number formatting over here. I'm going to say, okay. So there we have it. I'm going to make the whole thing bold. Hopefully that'll make it a little bit easier to see. And then I'm going to now I have a lot more room to make column A smaller, putting my cursor between column A and B till it looks like that, making it smaller. So there we have it. I don't need this, this upper piece at all. So I'm going to put my cursor on one and two rows. And since it's the whole row, I can just right click and delete the entire row. Now the income statement starts down here after the equity. It's an order, assets, liability, equity. And then the income statement starts right here, actually right here. So everything above it, I don't need. I'm going to put my cursor on 24 all the way up to the top. And then all this stuff, I'm going to right click and just delete it. Don't need it. And so there we have it. So now we've got the income in the outer column over here. These are the income items with a credit and the expenses in here. So what I'd like to do is make the income positive and the expenses negative in the same column. So I don't, and I don't need this total down here. I don't need the total debits and credits. I'm going to put my cursor in column or row 17, delete that. And so one way that I can make all these negative really easily is I like to, I can right click and copy it. And I'm going to paste it over here just to test it. I'm going to right click and I'm going to paste special and there's a, there's a special called subtract. And that'll paste it, but make them all negative. Hopefully is my goal. And so there we have it. Beautiful. So now I'm just going to, I'm going to copy these or cut them. Let's cut them this time and put them back right here. Paste. Oh, hold on. I copied. Let's move them. Let's do it this way. I'm going to drag it over there. Drag it on it. Boom. There's that. And then I can just move these over to the same column. Control X cut. Put it right there. Control V paste. This one. Control X cut. Control V paste. I'm going to delete everything over here because I don't need, I don't want any funny formatted columns. Delete. And then I'm going to make this smaller. And I don't have any problem with those sub accounts now because none of them were on the income statement. So now I've got income positive, expenses negative, and then this is income and then the total. So I can sum it up down below just to check it and see if this is the appropriate starting point. It comes out to one, three, two, four. If I go back on over to my QuickBooks profit and loss, we had net income of one, three, two, four. So it looks like I didn't, I didn't mess anything up. I just simplified the income statement into an essence, kind of like a one step income statement instead of a multiple step income statement without the subtotals and whatnot, just income minus expenses. So that's the easiest kind of starting point that we can have for the budget. And then I can use this prior data number that we're imagining is prior data numbers to try to think about what we're going to have going forward as at least my baseline, my seed component to then start my budgeting thought process to what's going to happen in the future by then taking into consideration things like what am I, what are my changes? Am I going to change advertising? Am I going to hire people, fire people, include more departments, less departments, change the quality of this or that or whatever. So we'll save this for now and we'll continue on on it later.