 QuickBooks Desktop 2023 budgeted balance sheet data input. 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 practice file we started up in a prior presentation going through the setup process we do every time maximize the homepage to the gray area view drop down we got the hide icon bar the open windows list open windows open on the left reports drop down company and financial the P the L the profit the loss change the range from 0101232022823 then we'll customize so we can go to the fonts to change to 14. Oh yes K then reports drop down company and financial the balance sheet standard report customizing it so we can range the change 0101232022823 and fonts and numbers need to change to 14. OK yes and OK that's the setup process we do every time we're looking at the budgeting now in prior presentations we looked at the budget related to the income statement the profit and loss which is generally the first report we think about with budgets because that's the performance report measuring how far we have gone this time we're working on the budget for the balance sheet and that's it could be a little bit more complex to visualize because that's trying to think about where we will be at the end of the budgeting process. No team we took the same kind of strategy of exporting the first balance sheet that we had to excel as our seed as our starting point and then using Excel to help us create the budget because it will likely not simply be the bookkeepers kind of process the bookkeeper will help with the accounting side of things the accountants will be involved because they know how financial statements work but you're also going to need you know projective information to think about what's going to happen into the future. Once we have the budget that we put it together in Excel this is what we have this is what it looks like we're now going to take this information and put it back into QuickBooks. The purpose of putting it back into QuickBooks and not just keeping it in Excel now that it's already in Excel is that we want to be able to run reports such as the budget. The budget reports like the budget overview and particularly the budget versus the actual so we can see as time passes what we budgeted to happen versus what actually happened. Okay so then we're going to import the budget so I'm going to go to the company drop down and just say we want to plan and budget set up a budget. Now we've already set up this budget now right but I want another one so I want to drop down we can have a multiple budgets so we can have we can even have multiple income statement budgets multiple balance sheet budgets we might have a cash flow budget and a budget that's on a cruel basis and whatnot. You get silly you can get crazy with budgets any case we're going to create a new budget here this time though it's going to be a balance sheet budget two thousand and twenty three in the practice problem I'm going to say okay and finish it. So we've got our balance sheet in essence just laid out data input that's all we're going to do is simply input the data at this point. Now we could enter it on a month by month basis remember that the balance sheet because it's where you're going to stand at the end of the period. Maybe you don't do it every month right maybe you do it on a quarterly basis you know where you're going to be at the end of the quarter or the end of the year or something like that you know it depends on what you want to do. But we broke ours out on a monthly I'm going to put in just the first three months so that we have something that we can we can see the budget versus actual on January. February and then we'll have April as well which will be out into the future in our practice problem. So I'm going to we're going to put this information I'm just going to pull it in from our budget so we have January information we had cash. I'm going to try to hide some cells to make this a little bit easier to do it possibly so I'm going to put my cursor on B to D right click and hide those cells I don't need those. And then that looks good I don't need anything past March so I'm going to just put the budget in through March I'm going to hide everything from H to Q or whatever. Hide don't delete them just hide them and then there we have that and so now maybe it's a little bit easier to see my checking account that's where we stand. So 95259 going back on over so that's 95259 that's where we stand at the end of the of the budget and then I'm going to go to the next one which is 106212. So 106212 and then we're going to go into the March 117978. So I'm going to go back on over and say 117978 and then we've got the accounts receivable. So I'm going to greenify this greenify it it's been done not the letters I want to greenify the whole thing like that. So 2023152 so I'll do this a little bit quicker 23152 and then we've got 2825814 and 28673. So I'm going to go back on over I've got a cheat sheet over here so my memory is not that good it would be easier to do this on two screens. Maybe my memory is OK but it's not good enough to memorize going back and forth three numbers that are you know four dishes long or whatever. That's why I have a cheat sheet I'm just telling you I have a cheat sheet. OK, so we're got this one then so the inventory let's populate those items. That's going to be here that's going to be the the 43464846 and I'm sorry that's going to be. Yeah, that's right and then the 5382 and then the prepaid insurance. So I'm going to greenify that that's the same 11000 all the way across 11000 11000 11000 I could have copied that one across I got too many zeros and then we'll greenify that one and then this one 98000 all the way across. So that's going to be the furniture 98000 98000 98000 depreciation. Hold on a sick K-pa so with my greens that one that one now this one do I entered it in as a positive or a negative. I think it's a negative 98 because it's a contra asset 9834 if it's backwards we'll have to come back in and fix it 9834 negative 9834 negative 9834 and then we've got the machinery and equipment 5000 5000 5000 5000 and then we've got the Accumulated 139 it's going to be a negative 139 negative 139 negative 139 and greenify. Now we're on the liabilities we're moving right along this is this is a lot of data input I know accounts payable accounts payable it's okay we're almost there. This is a positive of because it's it's a liability now of the accounts payable which I said was 400844694964 I think those two are boggling my mind I might have dyslexified them or made them backwards or whatever 1000 for the visa. 1000 to 1115 to 1238 and then we'll greenify that interest. This is 73000 across the board. That's moose fossil very easy and we'll say then the loan is the same what happened there I want to make the whole thing green 5000 and 13109. So we'll say five this one five thousand five thousand five thousand this one is 131091310913109 pay roll. I pay roll that's how I roll I pay and then I roll 2076 so we got 2076 and then it goes to 23152572 on the pay and roll sales tax payable 554. So we've got 554 and then it goes to and then it goes to on the sales tax payable 617686 I believe and then we have that other sales tax. Here which was the 25 I'll set 25 to 28231 unearned revenue. What are you talking about unearned I earn my revenue dang it called my revenue on this is going to be 4502557 and then we've got the chase loan. 56770 that's 56770 56770 56770 chase loan actually should have been down here 56770 56770 56770 and then I'm going to delete this delete delete delete and then we're so close almost this is quite tedious quite tedious but we're really close 5,000 owner investment owner investment 650065006500 that's one too many owes I knew it and then and then 500500 for the draws we only get two more and then we have to stop so enjoy these last two get maximum enjoyment out of it because this is the last one and then we have to stop because there is no more 79220 this one's a little confusing. So 79220 and then 9242 9242 and then 106562 106562 106562. Now so I'm going to say okay now I might have messed up some if I messed up any of the data input. Then I'll be able to see it on the report so if I go to the reports dropdown budgets and the budget overview this time now we've got two kinds of budgets I want the balance sheet because now we got two of them. I'm going to say okay and finish and then notice that it might be out of balance right which is something so this one is actually out of balance right that means I messed something up here and I'm going to have to go back in and fix it so we got something that is not quite right. Now I'm not going to go in and drill down and and pick it up right now because because I want to do that on the following presentation but just note that that's going to be the process will do the data input and then. We forced this to be in balance by having the plug here making our debits and credits basically forced to be in balance. So but there's nothing in QuickBooks that forces us to be in balance when we go to the balance sheet here on our actual data. It does force us this assets is always going to be equal to liabilities and equity unless you do something really weird because QuickBooks forces it to be in balance with the use of the double entry accounting system. When we do a budgeted balance sheet we don't have the double entry accounting system it's just us entering data into the system and therefore we're the ones that are going to have to verify and make sure that our data input is proper. This balance not being in balance is a good indication that I have a data input error that I'm going to have to go back in and find and correct which will get into more in the following presentation. When we do do those corrections however note that I can of course just open my report back up going to the company planning and just set up the items. I'm on the balance sheet and I can go in here and make any adjustments that we need to be making. The other thing if I go back to the reports once we have the report set up we have this report and then the budget versus actual report the other being the other key report that will help us to see what we budgeted to happen versus what actually happened. And that's one of the main reasons we want to put it back into QuickBooks so that we can run those comparative types of reports. We'll dive more into that make some corrections run some reports next time.