 QuickBooks Online 2024 Budgeted Income Statement Correction. Get ready and some coffee because we're doing some quick thinking with QuickBooks Online 2024. Here we are in Outward Gik Ray Guitars 2024 QuickBooks Online Sample Company file. We set up in a prior presentation opening the major financial statement reports like we do every time the reports on the left within the favorites we're going to be right clicking on that balance sheet to open a link in a new tab right clicking the profit and loss to open a link in a new tab and doing the same with the trustee trial balance then we'll tab to the right so we can close up the hamburger on the balance sheet and then we're going to change the range 010124 tab 022924 tab and then we're going to see it on a month by month breakout run the report then tab to the right we're going to close the hamburger on the income statement this time the income statement is the meat and we're closing the hamburger on the income statement but the bun on the anyway 010124 tab 022924 tab selecting the drop down months month by month run the report tabbing to the right one more time hamburger closing on the trial balance then we're going to go from 010124 tab 022924 tab let's see it side by side with the months and run it let's go back to the balance sheet or let's go to the income statement actually the profit and loss report in prior presentations we've been putting together the budget the process for doing so was that we first take the past information that we have in our case was the past two months january and february export that to excel so that we can use the past data as some kind of starting point to then make adjustments on based on what we're going to do to improve the future now i had some questions about the improvement process but as the accountant i was told to shut my mouth and just put the numbers in there so i was like okay you know this is so we're going to be making 125970 uh next year based on your based on all the stuff you were saying so that's where we're at and then we took this and we put it back into our quickbooks file and we did that by going to the first tab let's take a look at the process we went to the cogs drop down and then we went into the budgeting and we used an import feature to import the budget so we actually then looked at a template that we used to populate so that we can import the information which is a little bit easier now after that we've noticed that the budget's a little bit off and we can see the budget here let's actually open a budget report going from the tab to the right right clicking on it duplicating that tab and then i'm going to go into the budget and so we'll go to the reports there's two types of budgets we can type in here budget and we see the primary budget uh reports budget overview and the budget versus actual i think the budget versus actual is actually the more uh significant budget because it gives something different than our excel worksheet as time passes but now however we would like to just look at the overview report to review to see what the differences are with what we have so that we can then make the adjustment to it so the question here is just taking and tying off our our line items right so i can say okay if i pull out a trustee calculator just to put my numbers in place in excel i can select each category so here's my income that comes out to 34 606 right so i'm just going to type that in here it comes out to 34 606 and if i go into my profit and loss then over here i come out to 34 uh 605 606 about with rounding i'm off on the net income that's the issue i see the net income isn't tying into my net income here 1307 versus the 1371 so i can check section by section right just like that i can check the cost of goods sold and then each of the categories meeting the next big category is the expenses that's probably where the issue is given the fact that expenses is the longest category so that so it's going to be the most difficult to find right but the other way you can kind of look if you see a difference like this is to say well where's my net income at 1037 minus what is over here minus the 1371.73 and say okay i'm off by about 334 and is there a 334 in here which would indicate that i put something on my side that wasn't on the excel side or i can look over here and see if there's a 334 over here which would indicate there's something on the excel side as we could see here i've highlighted it that's not in quick book so here we can see we didn't add the interest expense and the next step if that didn't work you could take that difference and divide it by two oftentimes might give you a number that would help you to find something because it could be the case that you entered something twice so you're off by like double the amount or something like that or you flip the you flip the sign it should have been an expense but it was income or something like that okay so i can see that i i i didn't add this interest expense so that's fine i could just fix it now so that the budget is not set in stone it's not set in stone or anything it's in quick books so let's go to the tab to the left and we went into our budget so we're in the