 QuickBooks Online 2024, Budgeted Balance Sheet Export to Excel. Get ready and some coffee because we get things done on time with QuickBooks Online 2024. First, a quick budgeted balance sheet disclaimer. It looks like at this time QuickBooks Online does not have the capacity to run budgeted balance sheet reports. Let's go over a quick history of budgets from QuickBooks to get an idea of the progression over time. I believe that the desktop version of QuickBooks has had the capacity for some time to run budgets for both the profit and loss, otherwise known as the income statement as well as the balance sheet. However, QuickBooks Online has not had the capacity prior to recently to even do the data input for the budgeted balance sheet, only having the capacity for the budgeted income statement, otherwise known as the budgeted profit and loss reports. So recently, we now have this option to be able to do the data input for the budgeted balance sheet, but it doesn't look like we have the related reports that you would think would be generated from that data input, such as the budget overview for the balance sheet and the budget versus actual for the balance sheet. Now I would expect or I would think going forward that hopefully QuickBooks would be able to use that data input to then create those reports, but I don't believe they are there as of the time of this recording. First, a word from our sponsor. Yeah, actually we're sponsoring ourselves on this one because apparently the merchandisers, they don't want to be seen with us. But that's okay, whatever, because our merchandise is better than their stupid stuff anyways. Like this CPA thinking cap, for example. CPA thinking, CAP, you see what we did with the letters? And this CPA thinking cap is not just for CPAs either. 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We're going to be right-clicking on that balance sheet and open a link in a new tab. Right-click on the profit and loss. Otherwise, no one has the income statement. Open link in a new tab. We'll do the same thing for the trustee TB. We'll tab to the right. We're going to close that hamburger bun on the meat of the balance sheet. And then let's change the range. We're going from 010124 tab, 022924 tab. Selecting the dropdown. We want the months to see them side by side. Let's run the report. Let's tab to the right. Do the same thing. We're closing the hamburger bun on the meat of the income statement. And then we're not quite done with it. We put the hamburger bun on top, but we're still picking out the lettuce and whatnot, even though the hamburgers closed now. We're going to go from 010124 to 022924. And then we'll change this to months again. And then we'll run it. Now we can finally eat the hamburger. We've got the lettuce situated. We're going to go to the tab to the right. And we'll close the hamburger on the meat of the trial balance. Change the range. We're going from 010124 tab, 022924 tab. Once again, selecting the dropdown months and run it. OK, so in the prior section, we've been thinking about the budgets. And the first budget that comes to mind when you're thinking about a basic budget is, of course, the income statement. Otherwise, no one has the profit and loss. That being the performance report. So when I'm thinking it's kind of like running a track and field or something, we're trying to say, you know, how far did we go? Instead of seeing how fast it took us, we're thinking how far did we go within a certain time frame like an hour. And then we're going to try to beat that record next time. That's what the income statement is. How far did we go month by month, year by year? Can we do better next year by possibly making good decisions, hiring good marketers and whatnot that are going to have advertising that doesn't totally alienate everyone that used to buy our stuff and actually might make them like it more? That would be nice. And then that'll increase our revenue. That's the idea. But if we're getting more detailed on the budget, we would want to do a more comprehensive budget to say, well, where will we be after the next month, after the next year? That's the balance sheet. So the balance sheet is the double-entry accounting system. You will recall the balance sheet has assets, liabilities, and equity. That is the double-entry accounting system. Assets are what we have. Liabilities and equity, who has claim to the assets. We can adjust this by thinking of it as assets minus liabilities equals the book value of the business, which is equity, ownership, the owner's claim to the assets of the business. So that's kind of like the bottom line from a finance perspective of the business at any given time, in essence. So the income statement gives us information about time that has passed to get us to the bottom line of the balance sheet, equity, and owner's claim to the assets of the business. So when we're budgeting, the income statement's going to be the primary mover that's going to be basically telling us where we will get to by the end, which will be a new balance sheet perspective of equity, because the income statement is part of the equity. Net income rolls into the income statement. However, the budget's a little bit more complex than that because you also have other things that could happen which we're concerned about, such as, for example, the cash. We want to make sure that we have the cash flow. So if we were doing a full budget process, which we have other course and sections on, we'd probably want a cash flow budget as well, as well as budgets based on purchasing, which might include like inventory purchases and stuff, especially for making things, as well as the budget for the capital expenditures. What kind of fixed assets do we plan to be purchasing, and that those are going to have an impact on our cash flow budget and our revenue budget because we might be purchasing more fixed assets in an attempt to, of course, increase revenue not only in the next year, but in future years and months and so on into the future. So the balance sheet can be a little bit tricky as well because note that the balance sheet, of course, has to be in balance. When we're entering transactions into the balance sheet, I'm trying to, what am I doing? I don't know. I'm trying to just see assets and then I want to see the liabilities and equity. So liabilities and equity. So when I enter things into the balance sheet, usually that, when our normal data input happens with us entering forms, which then QuickBooks forces us to use a double-entry accounting system so that at least two accounts who are affected all the time are ending result being in balance. That may not necessarily be the case when we're entering a budget because when we enter the budget, QuickBooks might not force us to be in balance. So we're going to have to use our own conception of a better understanding in order to properly calculate the balance sheet based on the income statement. So if I'm going to say this is our performance on the income statement, that's going to be part of telling us how we get to the next point, the end result on the balance sheet is the general idea. Okay, so the starting point could be similar on the balance sheet in that I might start with a balance sheet format from the prior period and then basically make adjustments to the balance sheet. So I'm going to start with a balance sheet basically where we are at a certain given time and that's going to be the end of February. Now we have the same kind of thing that I could use this balance sheet but it has a bunch of subtotals in it and whatnot and it might be easier for our budget to exclude all of these subtotals so it might actually be easier to once again use the trial balance because it doesn't have all the subtotals. So if I go to the trial balance over here, I can run this. Let's run it for the totals as my starting point and now I just have my balance sheet on top of my income statement, the balance sheet being the assets which are from cash down to the machinery and equipment. Those are mostly debits and then we have the liabilities and equity being the other side. We have the accounts payable credits of the liability and then we have the liabilities down to the equity here. Here's where equity starts and this is where it gets a little bit messy in that the income statement is part of equity. So there's a couple different, I don't really want the income statement, I would like to remove the income statement and have it just roll into owner's equity but I could just squish all these numbers into one number as owner's equity. I could do this a couple different ways like I could start for example by just taking this up a year to 010125, 010125 and run it. So then now everything's been squished into equity, same numbers but what if I had transactions in January of 2025? So let me just do it this way. I'm going to say 010124 to 022924 and so there's our two months. I'm going to export this and then I'll just delete the income statement and roll the income statement into equity. I'll show you how to do that. It sounds complicated but it's not difficult. So let's go ahead and check it out. So I'm going to say export this to Excel. Now I've already done the income statement in Excel over here so we already have a worksheet open. So if you don't have a worksheet then you don't have to use that one but I'm going to so I'm going to enable the editing and I would like to move this over to the other worksheet where we already have the income statement budget stuff. So I'm going to right click on the trial balance here and I'm going to say copy or move and then I'd like to put it over in another in my other workbook which is the budget workbook and then I'll just say move it there poor five or please if you would and then I'm going to grab it and drag it to the right. So the first two tabs are income statements so I'll double click on them and I'll just say let's say P and L for short P and L one and then this was the P and L worksheet P and L worksheet or something like that and this one's going to be the balance sheet we'll say one. Okay so now I can just clean it up. I'm going to hold control and scroll up and I'm just going to clean this up to get to get just to all I want is just one line of numbers possibly having not debits and credits but rather assets being positive liabilities and equities being negative or in other words I'll represent the credits with negative numbers so I can put them in one column and prove that I'm in balance not by having two columns that match each other but rather by having to sum up the negatives and the positives debits positive credits negative and it'll map out to zero. That's a little bit easier to see because then I can easily make my adjustments on one column instead of two columns. So let me show you what I mean. There's not really a whole. You could try to do this with an accounting equation format and not use debits and credits but in my opinion this area is where the debits and credits are going to become more useful and so it's a lot easier to do I think although if you don't understand debits and credits you'll still be able to see what I'm doing here pretty clearly I believe. So let's go ahead and do this. I'm going to format the whole worksheet to be the normal format first. So I'm going to go to the home tab and paint brush just a cell over here and then I'm going to paint brush the entire worksheet on the triangle so that's my default formatting. Then I'm going to right click on it and format the cells to what I would like so it's all uniform formatting to start out with. I'm going to go currency, negative numbers bracketed I don't really need, I don't want the dollar sign and I don't need the decimals because it's a budget right. So it's going to be rounded. Okay and then I'm going to make it all bold home tab, font group bold you don't have to make it bold yourself but I think that shows up a little bit better possibly on a screen recording. And then I'm just going to delete all the stuff. So let's just delete from I don't need the header from row one to five I'm selecting actually on the numbers row one to five, right click delete and then I'm going to scroll down and say I don't need the totals down here I'll go ahead and delete that I'll be able to use my balancing concept hopefully to figure out if I messed anything up so I'm going to delete this stuff and then I'm going to go up and say okay now the credits these are the credits what I'd like to do is put them in here but have them be negative so the trick to do that here's a little trick we can use we can pull this I'm going to take this whole column or I could take the whole column this way like here's the column right click copy it I'm going to paste it over here first right click pasting it special but subtract so it's going to subtract nothings in these cells therefore it should just give me negative numbers flipping the sign boom they're all negative then I'm going to copy that and put that back over here right click and paste I want to paste it just like one two three because I don't want any any format formulas notice that these still have these funny formulas even though it's just a number so I'm going to do the same thing over here just to get rid of those equal signs I'm going to select the whole thing right click and copy and then right click and paste one two three and now there's no equal signs it's just what we call a hard coded number I no longer need this cell so it has served its purpose and now it will be deleted so I don't know why that's we're going to take it out because it's served its purpose you're going to delete that okay I'm trying to mess with my sound board apologies for that it's going to be good once I get it so I'm going to pull this over so now I can just drag these into the same column it's easier to use this and then control X which is the same as cutting right click and cut and then hold on a sec control X and control V pasting so I'm just going to do this all the way down control X control V cut and paste control X control V control X control V and control X control V control X and control V boom and then we have it in one column so now if I sum up this column this is the total debits debits and credits should come out to zero equals the sum of those let's go all the way up here up to the top and it adds up to zero so that's my check figure that everything looks good we could do a fancy formatting down here and say as long as this is if it's greater than well let's just I'll leave it like that I won't do fancy formatting right now let's put let's make it a different color just for now so I'll make it green and actually I don't know which color I want let's make it black and white let's make it for now let's make it black and white to see that that's my total column okay so then let's go down now I don't really need anything see this gives me the drop down and in the subcategories so I don't really need those subcategories so that if I go to my worksheet over here you can see the balance sheet has these bank accounts and then the subcategory or where we went on property planting equipment I have a furniture and a fixture as a parent and then a subcategory I just want the accumulated depreciation I don't need the parent here so what I'm going to do is say is just delete all of the ones that have a colon in it just so I have the actual account not including the parent so I'm going to delete that so let's see if there's any more of those here's one so I'm going to delete everything from the colon on before this one is just California is just a super long payable account and then this one let's delete everything here to do and then this one let's do the same and then I could do everything for all these liability accounts payroll liability I might have to combine these into one account actually might be the better way to go and by the way that could be another method that you might you might start with a summary balance sheet but that could cause you problems because when you import it into into QuickBooks it's going to go account by account rather than the summary so I think this is the safer way to go to actually see all of the accounts so that's what we'll do and then everything so now I'm going to go into the income statement so everything from down to here the balance sheet stops right here now here's where we get here's where I'm going to make the adjustment so this whole thing right here if I sum this up should be the equity section because it's the income statement right so boom and so that comes out to 79 270 for total equity or that's what when the income statement is rolled out into it in other words if I look at the balance sheet over here and I pull out a trustee calculator and we said and we just say okay here's the equity section and so here's let's do this for February so here's the whole income statement that's the bottom line of the income statement which was 132447 132447 so that's going to close out so 77896 plus the 1324 .47 gives us the 79 27047 that should give us the 79220 47 sorry I said it wrong I think and then the income statement here the income statement is just credits minus the debits on the income statement so here's the income statement which is 13 1324 that's what the income was 1324 and then 1324 plus what's in owner's equity gives us this 79220 so I'm just going to delete this whole thing and just put 79220 in there so I'm going to say I'm just going to close out the income statement negative 79220 I can also see down here that's what I need to be in balance and then I can delete the entire income statement I'm just going to go from here the billable and then 31 down to 49 right click and delete so then this still a good formula so now I'm still in balance because my debits equal the credits I just have my balance sheet starting balance sheet so this is my starting point balance sheet so then we can budget out what's going to happen on a monthly basis or we might do the budget like on a quarterly basis right we might not do like a budget after each month because it's kind of tedious to do that maybe we do a budget a budgeted balance sheet where we will be at the end of the quarter or the end of the half a year end of a year but we'll do months we'll start to do months right now so where will we be at the end of each month this isn't a performance thing it's where are we going to end at at the end of each month so I'm going to add a column a row by selecting row one right clicking and insert and then I'm going to make a skinny over here and then I'm going to say Jan and then Feb and then I should be able to select those two put my cursor on the fill handle drag it to the right till we get to December and then I'll make that a header by going home tab font group black white let's center it I'm also going to make a little bit smaller because the only reason it's long is because of this and I don't even need that one I don't even need that one man I should just delete you right here right now this long account let's get rid of that okay so now we have everything kind of on one page so this is where we stand what we're going to imagine to be our starting point we're kind of going to imagine even though this was for January and February we'll imagine this is where we were at at the end of December of the prior year and then we'll make some assumptions to see okay how can we get from there to see what's going to happen and then where will we be at the end of January which in part in large part is the performance of the profit and loss report but again it gets a little bit more complicated than that because of everything else that's going on if you have accounts receivable then how much is in accounts receivable versus you know the cash or the checking account for the revenue that we generated you know there's cash flow issues what if we purchase equipment and so on and so forth so it's actually a bit more complex to give you an idea of the budgeting processes that you could apply but again we have other courses and sections on this this borders into basically getting into like finance and managerial accounting concepts and we have courses on that if you wanted to dive into those topics in more detail