 QuickBooks Online 2022 Budgeted Income Statement Reports. Get ready because it's go time with QuickBooks Online 2022. Here we are in our get great guitars practice five we set up with a 30-day free trial holding down controls scrolling up a bit to get to the one to five percent currently in the home page otherwise known as the get things done page. In 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 the accounting view down below. We will be toggling back and forth between the two views either here or by jumping over to the sample company currently in the accounting view. Back to the get great guitars we're gonna open a few tabs to put reports in going to the tab up top gonna right-click on that tab and duplicate it going back to the tab to the left gonna right-click it on it again and duplicating it again back to the tab to the left one more time right-clicking on it and duplicating it another time jumping on over to the sample company as that is thinking just to locate where the reports are at which is on the left hand side under reports going back on over to our get great guitars the reports are located we're currently in the second tab in the business view we'll start up opening the standard report reports the balance sheet and the income statements were in the reports section I'm gonna close up the hamburger and then it's gonna take a little time to think because my computer's a little slow but it's okay it'll get there going into the balance sheet and then we're gonna do the range change up top range change from 010122 to 022822 let's take a look at this on a side-by-side changing it to the months here to see Jan and Feb that's the two months of actual data that we have input in this time and this is the point in time as of Jan and Feb the end of those two months tab to the right going back to the business overview on the list left back into the reports closing the hamburger this time opening up the P and L the profit and loss the income statement ranging the changing up top from 010122 to 022822 and changing the two months here total only two months running it so we can see the performance from January to February now we're focused here mainly on the profit and loss type of statement because we're gonna focus now on the budgeted information and the budget information is primarily thought of what is our activity what's our performance going to be that's gonna be the income statement remember what we have done thus far is we said we're gonna use the information or the budgeting tool in QuickBooks basically as a reporting tool to run reports one of the main reports being the budget versus actual report so we took the data from our current two months of data we exported it to excel we did that with the use of a trial balance which is the easiest thing to kind of trim down into like a nice schedule to work with and then we mapped out based on that information what we thought the 12 month range would be for a budget basically imagining our two months of data as if they were the prior two months of data then we took that information we put it back into the system by going to the first tab here let's take a look at that process and we went to the cog up top into the budget data we went into the budgeting here remembering that this isn't really where you're thinking of creating a budget as in doing all the things you need to do to think about what's gonna happen in the future in other words taking into consideration not just the past data but also the current environment and changes you plan to make on a business strategy this is where you put the budget and data input the budget after you have thought about those things so that you can then run reports such as a budget versus actual report so we go into this budget this is the budget that we put together we can edit it here but before going back into it let's do the comparison now that we have run the budget we can compare what we have to what's on the budgeted reports and if there's any problems with them we could go back in and adjust the budget again so in essence we have 12 months of data now which and we have two months of data that is actual data 12 months of data that we have input that are now the budgeted data which means we can do budget versus actual analysis for two months January and February and the rest of the 12 months the other 10 months in other words are not going to have budget versus actual because we're imagining those to be out into the future so if i go to the tab to the right then we can open up the budget report which we could do by going to the business overview on the left-hand side into the reports closing up the hamburger i think the easiest way to find it is simply typing in budget and let's first think about the budget overview and then we'll go to the budget versus actual so let's go into the budget overview so here is our report we've got all the months that are broken out January through December here we could do the normal kind of adjusting to these reports that we've seen with many different reports we can of course change the date range up top we can select multiple budgets if we have multiple budgets we only have one so this is the one that's going to be active at this point in time as well and then we can customize the report up top and do some of our normal type of customizations that we have seen in prior presentations for now let's go ahead see if we can compare and contrast what we have done with the data input to what we had in excel so we can kind of double check if there's any problems with it we can go back in and adjust the budget so maybe the the easiest way to kind of do this is to think let's take a look at the end result numbers here possibly the first number you'd want to check as if there's only one number to check if you did the data input properly maybe the net income for the entire the entire process here the 125 964 on the year would be the first number we might want to take a look at we could say okay does that tie out if we've got the 125 979 versus the 125 967 so that's pretty close we got the 125 979 125 979 and this is this minus that we've got $15 could be rounding it looks like something possibly off more than that but it looks like that might possibly be just simply rounding and it's probably not material but we can try to drill down then in more detail on what could be the bigger of the problems on each month so then you might the next numbers you might want to check then would be the totals in terms of net income on a month by month so january is the 1041 the negative 3262 and this is easier to do obviously if you had a if you had a side-by-side computer so we got 1037 here versus 1041 so it looks like something's a little bit different here so then we can go to january and if we did the the side-by-side possibly then we do the side-by-side like this dragging it on the side-by-side and then we can say okay let's see if we can tick and tie this whole thing out we've got the 100 the 100 or i can then go to my totals i could say this adds up to the sum of 34 606 34 606 the cost of goods sold here is the 22 9 that looks correct and then we've got the 18 we've got the 90 over there we've got the 486 so 486 this looks like one that is a little bit different we put it in there at 483 on the taxes so that's one week now if we wanted to change that i could say okay maybe i should make the taxes 486 i could go to the first tab and then let's let's go into the editing and i'm going to go down here and say okay the taxes down here we've got the taxes on this one where are the taxes where are you there they are so we're at four we're at the 483 and we're going to say here they should be 486 486 not a big change but we'll make that change 486 i'm going to put it all the way across i probably just missed key to three and a six that's probably what happened 486 486 486 and 486 okay let's save that and see if that's the difference i can go back to the first tab over here and let's run it again we're going to run it again and say okay do i did i do my data input proper let's let's check the total number first let's say 125 961 so let's see that 125 961 125 9 6 1 so now we're three dollars off that looks way closer to rounding so then if i and then if that was still off then the next thing you want to check would probably be your net income lines 10 1037 to drill down so we would say okay net income for january 1038 that's rounding most likely and then negative 3265 3265 and then 4489 4489 6 3 3 0 and then we've got 8243 and 8243 so it looks like pretty good i'm gonna i'm gonna assume it's pretty good there if that was if we were off on those and or if you want further verification then you could go into the subtotals would be the next big thing you could check instead of going down into each line item you could say okay here's net income adds up to 34 606 in january if i was to add up net income here i can add it up this way which would add up to 34 606 obviously the the biggest category that you can't do that with as easily as all the expenses because that's the biggest group in and of in and of themselves that that's usually where the problem is because that's the hardest one to kind of drill down on in check so it looks like the data input went in properly so this is this will be like the standard report that we could run obviously when we're looking at this report then we're thinking we're thinking about it as if it's like december and then we're thinking out all of this report out into the future for the 12 month time period into the future we can of course change the date range if we wanted just the first three months to 03 say 03 31 22 for example and and run it out in that way or run out some portion of the year if we so choose as well now that we have this done we're going to imagine that two months have now passed so let's say that january and february have passed so now we can run the report on the budget versus the actual that's really one of the major tools you can have within quickbooks one of the major reasons you'd want to put it into quickbooks you might say well what what's the point if i did it in excel here why don't i just use excel well you know you got the subtotals in quickbooks which is kind of nice might be useful for some things as well and you have the capacity to run the budget versus actual and those difference kind of reports and that's that's a that could be a useful tool so let's go back to let's make another tab actually i'm going to right click on this tab duplicate it so that we can make another report this being the budget versus the actual and we'll go into the reports on the left hand side to do so to do so and here we go i'm going to close up the hamburger what are you going to do i'm going to do so and here we go this is going to be the budget this is budget again versus actual this time budget versus the actual and then we've got the whole 12 month time frame again and now you've got each month on the actual versus the budget and then the the difference between the budget and the actual and the percent of the budget uh on the right the percent of the budget being calculated as the actual divided by the budget amount so in other words we could take out the trustee calculator and we could say okay it's the actual in this case 200 divided by the 100 and that's going to be to move two places over on the decimal 200 percent that's going to be how the percent is calculated so obviously this can be important because now we can say okay here's my income what actually happened versus what we planned to happen and that's going to be the difference which is which is uh the actual is over here and then we can see what the percent changes and of course at that point in time hopefully that allows us to then set the benchmark again for the next time period to an appropriate level that we can be aiming for and so that's the same kind of analysis we have all the way down in january and and so on february and so on so if we wanted to then we could change for example and put this on for like a quarters time period so in other words in our case we only have two months that have passed so we might make it from january to 022822 to make it a smaller report and so now we've got january and february here which are the only two months that have the budget versus the actual and then all the way to the right we're going to have the total of those two months and obviously when we're looking at the income statement we're taking we're taking a look at those two much combined together the total that has been actually uh incurred for or earned in this case and then expenses incurred for january and february the year to date at this point versus the budget amount and then we're taking the actual amount minus the budget amount in this case we have then the loss here now you could change the settings up top you might say maybe i wanted to be going the other way you could go up top and say possibly you want the remaining and the percent remaining here let's uncheck these two and then run that one and so now we've got then the the actual minus the budget or basically the budget minus the actual right so if i look at this one now i've got the budget minus the actual gives us the negative negative 19 251 so we're kind of thinking what's remaining in terms of the budget in terms of the budget amount that we could have here so the the actual here being the 7469 minus the actual so there's 1144 kind of remaining so you're thinking where we could we could still expend in that case 1144 on the payroll so you can you can kind of switch the the terms if you would like to see it in that format i'm going to bring it back to the other format so i'm going to say over budget which is the standard we'll keep it at that one and so that can then so now we're back to here we're saying now the actual minus the budget is the over budget the 19 251 now obviously this would be run after time has already passed meaning january and february have passed this at this point if you run this report after this time frame say from like 0601 222 1231 222 then you're not going to have any actual data because the actual data is what we are putting in place when we enter things going to the first tab such as i'm going to close this back out such as the the invoices the bills the checks and so and so forth to actually create the financial statements whereas back to the tab to the right the budget we just entered directly in to the budget so if time hasn't passed the actual time hasn't passed obviously the budget versus actual report is not useful and you would just be running the standard budget type of report the budget overview and once time had passed then you'd be running the budget versus actual now if you were to if you were to export this to excel for example and give this to someone and it was like a 12 month budget if we bring this back out to 1231 222 just to put this in excel and rerun that and then you might present this to someone so you might then export it to excel possibly so that you can then do some adjusting because it's going to be a very wide report let's try to export it to excel and see if we can put that put it into our information here so i'm going to put that in place and then i'm going to drag this on over and i've got two files that are called budgets now so this one the second one i'm going to put budget from quickbooks online rename budget qbo and i'm going to double click on it opening it up and then you can you could possibly do some editing once you're in here i'm gonna i'm going to basically open up going to scroll in a bit and so there we have it let's see if it fits on a page go into the tab to the right in the page layout view so of course it doesn't fit on a page because it's going to be a very wide type of report so then we might go up top and say okay i'm going to make this landscape let's bring it to landscape like so let's unmerge these items up top go into the file tab not the file tab the home tab alignment unmerge and then go here and unmerge and then go here and unmerge so that we have unmerged those items so that we can hide any rows that we might need i'm going to delete this one down below right click and delete it and so is there any so then we could try to make this one a little bit smaller on this side and then we could try to make we could basically play with the font to bring it down but that still makes makes the whole report look a little bit shorter so if i was to take this whole thing here and try to try to double click on it possibly to make it as tight as possible it's still going to be over a page so then at that point if you can't do anything more to kind of decrease the size of the text you could basically try to mess with the indenting on on this items to the right so you could try to bring this in even further and see if you could fit it on one but if it doesn't work you might have to force it to fit on a page by going to the first tab possibly and then when you print it you could kind of force it to fit on a page and you might have this option when you actually print a pdf within quickbooks as well and it's going to be down here scaling so you want to fit we want to fit the fit all columns to one foot page i don't want to fit the whole sheet to one page because i don't care if it's two pages long i just want to make it one page wide so i don't have to tape the thing together or scroll down when i'm trying to see a side by side so fit all columns on one page is what we want now there there we have it now it happened to fit it on one page long as well but that was just that was just a coincidence that the fact that how how how short they needed to make it to fit it on one page wide also put it on one page long you can see that the report's going to be a lot smaller this way so this is the last resort that you want to do typically with the formatting because if you put this report with other reports the font's going to be looking a lot smaller if you package this report with other reports it looks kind of ugly because it's the font is going to be out of sync with the fonts on the other reports and plus it's going to be just a small report but that's if that's the last resort you can do that's the last resort what you don't want to do typically is if there's clear obvious things that you can do to edit and make it fit on one page without decreasing the scale of the of the report then i would suggest doing that first it's usually going to look more professional and if you can't do that then fit it on one page rather than having something that's going to be two pages wide so i'll go ahead and export the other one as well so you can have this just to look at for an example as well for the budget