 QuickBooks Desktop 2023. Budgeted Balance Sheet Reports. 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 guitar practice file we started up in a prior presentation going through the setup process we do every time Maximize in the homepage to the gray area in the view drop down we got the hide icon bar the open windows list checked off open windows are open on the left reports drop down company and financial it's open up that P that L that profit that loss that income statement change the range from 010123 to 022823 and then customize it so we can font number change to 14 okay yes and okay open up the balance sheet and the reports drop down company financial the big balance sheet customize it with the ranges they are changing 010123 to 022823 fonts to the numbers are also changing times are changing ranges are changing font sizes are changing it's just crazy times these days so that's what we have here that's the setup process we do every time we've been taking a look at the budget process in prior presentations we considered the budget for the profit and loss report which is the main report we think of as a budget oftentimes that being the performance reports now we're looking at the balance sheet budget report in prior presentations we talked about exporting to from excel i mean i'm sorry exporting from quickbooks to excel the seeds of the budget we did so with a trial balance so that we can then create the budget accounts from it and then when it within excel we generated our budget and now we're going to import it or we have imported it back into quickbooks and we did so by going to the company drop down and we went down to the planning and budgeting and now we've got two budgets that have been set up we created a new budget you can create more if you like and so now we have it in place so we can run the reports although we noted last time that we're out of balance so we're gonna have to do a few little adjustments here to put this back in balance but first let's go back to the balance sheet let's go to the reports drop down the main couple reports and the budgets will be the budget overview and the budget versus actual this one in particular budget versus actual is quite useful that's why we put it back into quickbooks so we can run reports such as this let's first look at the overview report and adjust any problems we have in the data input so i'm on the balance sheet report next finished and there we have it now i only have three months of data in the system so i'm going to change the range up top to go through 03 31 23 and then let's make it a little bit larger so we can see it a little bit better fonts and numbers change in the font bring it on up let's say to 14 okay yes and okay so there's what we have thus far now remember that when we look at the balance sheet if i go back to the normal balance sheet that the assets liabilities and equities will always remain in balance as we enter data in the normal balance sheet because quickbooks forces us to use the double entry accounting system with every transaction that's a great tool when we enter the data into the budget however there's no such restriction so we could enter things out of balance as we can see here we're not in balance because for example assets do not equal liabilities and equity so we um we did have it equal in our budget over here that's an indication that there is something wrong in the data input so now the question is how do we double check in as efficient a way as possible i'm going to see if i can hide this and say i'm going to show tabs only so one way to do it is to is to check the totals so i could say okay total assets and liabilities for january for example would be from here down to here and i could just sum them up the way i have it formatted debits positive credits negative that adds up to 226784 so because those are all the assets right so if i went over here on the balance sheet i could say does that add a 226784 so that's a good indication that my assets are not what's throwing me off i could do the same for the liabilities which should tie out to total liabilities down here boom 83065 so liabilities start at accounts payable going down to the first equity account that's going to be 86064 so dollar difference but we have uh 83 it should be 83064 83065 so that looks good so let's do the same for the equity which should come out to 111447 20 so if i do that that should be these three 1437 20 versus 1447 20 so i know it's something in equity it looks like the 65 000 looks correct the 500 is there and then the 79 but look at this 500 looks like it's it's going the other way it's a contra equity account so i could see that if i was to say what am i off by here i'm off by a thousand dollars oftentimes the other way you can kind of check this to say let's pull up the trustee calculator and i could see the difference here is going to be this this 226784 minus the 227785 thousand dollars if i divide that by two then i could see oh it's that 500 it's going the wrong way i can also add these up and say okay that comes out to 143720 for total equity which should tie out to the total equity here which is at 144720 it's off by a thousand dollars so i gotta flip the sign on this 500 is the bottom line so let's go ahead and do that i'm going to go into my budget stuff again budget planning set it up scrolling down set it up and scroll it down i'm going to say this is a negative i'll do that all the way across and see if that fixes the problem all the way across okay and then back to the balance sheet now do my assets equal my liabilities and equity so 226784 226784 24940 so i'm still got something 230 let's do let's check that out february still has a problem 238237 minus the minus the 240900 so there's a difference of 2663 there okay so i don't know what that is let's try to do the same method for february i'm going to go okay february winning capos so let's add up my assets here down to here that's 279484 if i go back on over here total assets are 238 so it looks like there's something in the assets then i can look at the subtotals for the assets so i might look at total current assets 145 210 and that's going to be from here actually wait a sec that doesn't i messed up hold on a sec it goes from here down to the liabilities start there it should be 24899 total assets and so i'm still off okay so then current assets should be 145 210 so current assets go from here to here i'm at 147 so it's something in current assets is off so cash is 106212 and it should be 106212 25814 this is 24 so it looks like here's the problem in the ar okay so let's go back on over company drop down and go to my budget again ultra base and we're going to say this is going to be for february is going to be 258125814 so this one should be 25814 and then march should be 28673 this one in march should be 28673 is that right 28673 i think so let's do it again let's save it and check it are we in balance now finally 24899 248900 we're off by a dollar i'm okay with that so then 25660 and 25662 once again off by a dollar which once again i'm okay with actually that's off by two dollars i'm still okay with it i'm still okay with it you can obviously go in there and and change one of these items by a dollar it's a budget so it doesn't need to be of course exact because we don't know what's going to happen to the future that's why we're kind of rounding here and the fact that i rounded as part of the reason that we're off you know by a dollar or so but no worries that looks good to me so then let's go up top that's what we have thus far for the reports then this is what we have for those three month period because we only entered the budget for three months we could of course do the budget as a total column notice that it's different than the income statement just like the profit loss versus the budget in normal times whereas we're we're measuring a point in time and therefore when i go to the months when i break it out by month it's not going to give me a total of the three months because this is showing where we stand at the end of each of those three months whereas the income statement is performance that went through kind of like how far did we go in those uh in each of those months now we could also do it by quarter clearly and so on and so forth let's bring it back to the months and then the other report is going to be the reports drop down and the budgets will be the budget versus actual report which we'll do as uh proclaimed there we want the balance sheet one it's going to be comparing the budget and the actual just like we saw on the income statement let's bring it just for the three months that we have we'll bring it out to 033123 and let's increase the size of the fonts again let's take it up to just 12 this time okay yes and okay so now we've got the same kind of thing we saw with the income statement each month will then be broken out by the actual data we have two months of actual data that has happened we don't have anything yet for the month uh of march that has happened there's still balances in it but we haven't had any new stuff that happening these are permanent accounts that's why there's still those balances in there we've had activity for for uh january and february so if we pull out the trustee calculator we can see the differences here and the percent differences so clearly uh if i go all the way to the left we can see the difference is 88645.25 minus the 95259 on the budget negative uh 6613 and the percent then the percent difference or the percent then is going to be the 88645 the actual divided by the budgeted amount 95259 that's moving the decimal two places over 93.1 about so that's how we calculate that percent and clearly now we can kind of say okay you know where did we budget we're going to be after the month of january what actually happened in january what's the difference between the two what's the percentage change and that can lead us to then think okay you know what was what was good or bad about it then we can then we continue on with the budgeting process in the following month hopefully refining it down hopefully getting a better understanding hopefully doing it better going forward same items in february and then we had march although we didn't have any activity uh in march these being so so they're permanent accounts we still have the balances but no new activity happened in march so those are the the main budget reports budgeted the budgeted versus actual and the budget overview for both again the balance sheet and the income statement just to quick recap note that the income statement is probably the primary thing that you think of as the budgeting tool first you know as your performance report and then you can get into the budgeting reports here you probably as the accountant are are going to help out with the budget but it's not something that you would think that you would automatically be doing uh if you know if you just were hired for a bookkeeping job or an accounting job right because your job is to do the past data and you need help with the future data the general process i would think would be something like export prior data to excel adjust it within excel then import it back into quickbooks so that you can run reports such as the budget versus actual reports