 QuickBooks Online 2022 Budgeted Income Statement Data Input Get ready because it's go time with QuickBooks Online 2022 Here we are in our Get Great Guitars practice file we set up with a 30-day free trial holding down control, scrolling up a bit to get to the 125% currently and the homepage otherwise known as the Get Things Done page and the business view as compared to the accounting view if you want to change to the accounting view it's something you can do by going to the cog up top, switch to accounting view down below we will be toggling back and forth between the two views either here or by jumping to the sample company file currently in the accounting view back to the Get Great Guitars we're going to open up a couple tabs to put reports in going to the tab up top to do so right clicking on it and duplicating it back to the tab to the left right clicking on it again duplicating it again as that is thinking let's see where the reports are located in the accounting view in the sample company which is on the left hand side under reports back to the business view we're in the second tab now reports in the business view in the Get Great Guitars file under the business overview and then reports but it's still thinking it's still thinking hold on a second we're going to close up the hamburger we're going to open up just the income statement this time the profit and loss the P and the L we're going to do the range change up top from 010122 to 022822 run it and then go to the tab to the right and we're going to then take a look at the business overview again go to the reports on the left hand side closing up the hamburger this time the trial balance the trustee TB by typing it in not the trail balance but the trial balance I before A I before A we're not going on a trail we're not going hiking over here 010122 on the range change 022822 and run it there we have it now in prior presentations we discussed that we're going to make a budget when we make a budget we don't typically think about actually creating the budget kind of inside of QuickBooks but rather take the past data from QuickBooks export it possibly to something like Excel then use that to create the budget so the budget also often being thought of as a profit and loss in essence being the major component of the budget because that's the timing statement of what we expect to be happening in the future based on past information so what we did then is we thought about the past information that has taken place in the last two months the two months of data input we have in place is all we have for this company file January and February we exported it to Excel but not in an income statement format but rather on the trial balance because the trial balance doesn't have all the subtotals down here so that we can easily clean it up and just have a very basic income statement without all the subtotals in it we exported it to Excel cleaned it up so it looks like this and then we projected out into the future starting out by taking those two months kind of imagining that they were actually the prior two months like December and November of the prior year and then projecting them out to a monthly basis for 12 months as the starting point taking these numbers divided by two since this consists of two months and then we went back into it and got a little bit more complex with our budget thinking about what changes might happen for things like people just getting recognition advertising taking place differences in our sales prices and so on and so forth differences in the economy and whatnot now we're going to take this information that we have and put it back into QuickBooks to get back to what QuickBooks is good at so we're going to go to the first tab to do that and note that if you're a bookkeeper or something like that this is where the budget if someone's asking you to do the budget then it's something you've got to say hey look I've got to work with the owner in order to do the budget because you're the one planning the company I'm the one entering the data input the plan I provide the financial statement information I can make a basic budget based on past history but obviously again the budgeting thing takes into consideration management of the company or the owner of a company if it's a small company with an alignment and conjunction with the accounting department so the accounting department can provide the data and then also possibly help to format the budget and then get the budget back into the system so that we can then do budget reports budget versus actual reports as time passes being one of the main reports we will use so to enter the budget now going into the cog up top in the first tab and we're in the tools area we're going to go down to the budgeting budgeting and then we're just going to add a budget so we can add multiple budgets we're going to add the budget here and we're going to say this we can call it budget number one budget one I'll just call it and it's going to be for the fiscal year it's going to be for 2022 fiscal year let's run that and then you got the interval on months so you could run it monthly you could do a quarterly budget if you want to see it on a quarterly basis and you can see obviously the items below changing as we go through these you could do a yearly budget most common most likely would be the monthly budget so you could track this information on a month by month breakout pre-filled data like the 2022 data for example or you could take like the 2021 which would be common taking the prior year data as your starting point going forward but again that's just a real basic starting point so if someone did ask you for a budget and you're like you're the accountant and they want a budget well that's what you would do you would take the prior year data and say I'm just going to make a budget you could do that quite easily but it's not a very detailed budget so what we're going to do is say we don't want any of the data because we want a fresh starting point and put in what we put in place with Excel and then it says subdivide don't subdivide or customer I'm not going to subdivide here so we're going to say next and so now we've got our data input field and we can these are a little bit funny the way they kind of move around but not too bad so we can put this data in the system now so this will be a bit tedious with it's a lot easier with two screens so I'm going to actually go through this one by one so we've got the billable items up to one thousand or one hundred billable now if we just copy it across that makes it nice and easy I could just basically copy it across and there we have it we don't have the other kind of formats that are as nice to like multiply it across or something like that in the online version they do in the desktop version so I kind of wish they would pick that up on the online but in any case I'm going to say that that one is done I'll make it green for it being done let's mark it off as green here and then we got the equipment is one one three zero let's see if we could find the equipment there one one three zero one one three zero now this one we're going to say that it's going to increase by that ten percent and notice again it would be nice if I could take the prior sell over here and then multiply it times the ten percent they don't really give us that option so I'm going to actually have to fill this in manually and say okay that means that this is going to be one one eight seven about there's rounding involved one one eight seven tab and then go and say okay the next one is one two four six this is a lot easier with two screens one two two four six and so on and so forth I'll jump forward so now I've entered it for the whole thing here and so you got the totals at the seventeen nine eight which ties out pretty close here it's going to be off by rounding because I've got pennies seventeen nine eight eight so that looks pretty close so I'm going to say good enough for the budget sales of product income twenty nine two two six so sale of product is going to be down here I'm going to skip a few twenty nine two two six now note QuickBooks is going to have all these other accounts involved here because remember they have that huge chart of accounts that we didn't really clear out so you're going to have all these other accounts that we kind of have to deal with as we go through and so that's why it's kind of nice to one reason it's kind of nice to clean out the chart of accounts for those accounts you're not using if you're going to be budgeting here thirty two one forty eight so we got to do the same thing because it's not the same thirty two one forty eight so I'm going to copy this across so the whole way same kind of idea so after copying that across we got the we got the six twenty four nine nine six so we just entered these one by one from the table these numbers here and then I'm going to make that green next one is the services which we increased by a thousand that'll be a little bit easier to do four thousand one fifty is our data input so this is going to be the service items right that's what I said it was isn't it service four thousand one fifty four one five oh and then I just increased those by a thousand so five one five oh tab tab six one five oh right that's the trend I got here gun yeah some message seven seven one five oh and then eight one five oh nine one five oh and then one oh one five oh and then one one one five oh and then one two one five oh and then one three one five oh and then 1 4 1 5 0 and finally 1 5 1 1 5 1 5 oh getting us to the 1 15 8 and the total does that tie out to what we've got here 1 1 5 8 it does in deed it does indeed that's what counts the deeds the deeds done and it ties out 22 9 7 7 22 9 7 7 cost a good sold the expenses by the way should be a lot easier because we're just going to copy those across most likely so the so what am I on I'm on the cost of goods sold so we've got all these other accounts for the income and then they got other income up top and then the cost to get sold which I'm just going to put into this line item just for the cost of good so they got sub accounts for the cost of good sold I just want the cost of good sold that's it 22 9 7 7 starting point 22 9 7 7 this one changes as we go across to I think it increased by 10% so I got to do it one by one so I'll do that myself so on the second one we've got the 20 25 25 275 and then I'll keep on going across so the total here on our worksheet is is going to be the 491347 we entered these just one by one in and so that's going to be the total 491347 I believe is good so let's go back to the worksheet then again make this green so now we've got the bank fees 18 this is going to be all the way across so I just got to find those bank feeds and it's kind of funny this one kind of hangs around there which is a little annoying but whatever so I'm looking for the bank feeds which is there they are they're under the general so I'm going to say this down here is going to be the 1 8 so just 18 otherwise no one is 18 copy that across so nice and easy next one is the insurance which we did something funny for so let's find the insurance so the insurance I think they had their own little sub category for the insurance general there it is so I'm just going to put it here in the insurance and then I said insurance we're going to put in there on February and September 6000 so February 6000 and then September 6000 so there we have that so these two are that insurance is done and then we've got the internet expense 90 across internet expense where did we put that one where is it located there it is internet expense and now I forgot the number was 90 90 across copying it across that looks good so I'll make that green and then we've got the payroll taxes and wages which had a change like in the middle over here so payroll taxes and wages I'm going to go down and say that payroll payroll so we started with the taxes so I'm going to copy it across and then I'll change it 972 for the taxes 972 and then it changed in the middle of the year so I'll fix that in a second wages we're at the 1396 no not 13 hold on the set taxes were 486 and then 6983 486 that is this should be 486 and then copy that across and then this one is going to be 9683 9683 for the wages 9683 9683 copy it across and then we changed it over here we said we're going to level up and give some raises or higher people in July so it's going to be 7682 in July for the wages so July I'm going to say that hold on a second did I do it wrong again should be 6983 6983 sorry about that 6983 okay copy that across okay and then we changed it in July 7682 July is here 7682 copy that across for the rest of the year and the related taxes at that point 535 535 we're going to copy that across 535 and copy it across okay so I think we got that one in place the totals are on the 6186108 and the 8799 let's just check that we got these 6128 and 8799 I think that's right so I'm going to go back on over we can always double check it and fix it if there's any errors so if I make any errors it was totally intentional so we can we can demonstrate that now we're looking for the supplies let's look for the supplies there they are here I'm going to put that in January so we're January supplies and that's going to be 350 350 for the supplies 350 copy it across so we'll copy it across hold on a second it's frozen there it goes there it goes okay and then telephone telephone is 385 so we're looking telephone which is right here was it 385 or I'm looking at the total yeah 385 did I change it no 385 385 how many times how many times do I have to say it that's what it is let's make that green utilities we're going to go down to the utilities 634 634 on the utilities there it is make it go down 68684 utilities copy that across so there's the 634 not 684 634 634 that's what it is okay let's make that green there's nothing on the game that's good depreciation 1 2 3 6 on the depreciation so we'll find the depreciation where did that go they actually put it down here and other I don't really like it down there personally but we'll put it down here for now we might have to change that I'm not happy with that to 1 2 3 6 1 2 3 6 they might do that because it's a non-cash item to say it's not a cash flow item possibly but still that's not that's not normal accrual stuff I don't think so whatever so I'm going to make that green and then we've got the interest expense interest expense which I put into other so interest expense is going to be down here and so we're going to say that that's going to be 334 334 we'll copy that across and then finally the last one we're going to have to do something different with is this the last one miss miscellaneous actually know the interest expense we changed making it go down by the 0.95 of the prior one so we're gonna have to change this all the way across so I'll do that here okay so I've entered those in the total comes out to the 307 3 we increased it point that your point we decrease at 0.9 for 5% of the prior period 307 4 so there's a rounding difference and that's okay and then we finally got the other miscellaneous which also was put down here so I'm going to say that that's going to be then the 75 across 75 and we'll just copy that across okay so now I'm going to save this I'm going to save this and we're gonna want to of course double check it we could kind of check it out here we can look at our totals down below but it might be easier to just generate the report check it and then if there's a difference we'll go back into here and change it so we're going to close this out for now I think it might be easier to actually run a report we'll do that next time by going to the the items up top going into the reports on the left hand side I think it's easier to find easiest to find them by just typing in budgeted reports and then the budget overview is the standard report that we can kind of compare our numbers to most easily closing up the hamburger and so now we've got our budget report that we can check our numbers on and if there's any errors or any problems with it we can then go back into the data input for the budget which is in the cog up top and then we go into the budgeting and then we can choose that particular budget notice you can make multiple budgets we can edit this particular budget and then make any adjustments we need to do we'll continue with that next time so if I have any errors here if you say hey there's a problem you missed it something we'll take a look at it next time and in any case it's really just kind of a practice problem to see what the data input process would be with our with our mock data so bear with me if I've got any any issues or errors at this point in time we'll continue with it next time