 QuickBooks Desktop 2023 Budgeted Income Statement Data Input Let's do it with Intuit's 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 while we started up in a prior presentation going through the setup process we do every time maximize on the home page. Going to the view drop down we got the hide icon bar open windows list checked off open windows open on the left reports drop down company and financial. Let's open up the profit and loss the P and L change the range from 010123 to 022823 then we're going to customize it go to the fonts the numbers changing the font up to 14. Yes and OK reports drop down again company and financial again but this time the balance sheet customized in the report changing the range 010123 to 022823 and fonts to the numbers changing the font size bringing it up to 14. Yes and OK in prior presentations we talked about the budget process focusing mainly on the income statement the timing statement the performance statement and instead of exporting the income statement we exported a trial balance. Adjusted the trial balance to basically the income statement component of it as our baseline to construct the budget in Excel so that we can make alterations within Excel. Now that we have it constructed we're going to use this data to put back into QuickBooks so that we have that future data in QuickBooks and then we can use QuickBooks to do what it does best which is to make reports such as in the reports drop down we've got the budget reports we've got the budget overview and this is the big one here of the budget versus actual so as time passes we can see what we plan to do and what we actually did. So right now we're going to just input the budget so we're going to go to the company drop down we're going to go to the planning and budgeting and we're going to set up a budget. Now if we don't have one set up we're going to make a new one here we're going to say it's for 2023 just a quick recap of our our thought process. We started with the two months of data that we currently had in the system and kind of imagined as if they were the prior two months of data so that we're going to be entering information in for January through December of 2023. That will allow us to have comparative data when we run reports for two months the January and February and then we'll have the rest of the months out forward that we don't have any comparative data for that's the general thought process we're doing here so we're going to say 2023 I will say okay next I know additional criteria so I'm going to keep that and then choose how you want to create the budget create budget from scratch. This option lets you manually enter amounts for each account that you want to track or we can create the budget from the previous actual data. So we're going to have a budget I'm going to break it out by month if we made the budget from the last period's actual data then we can obviously have our budget which will line up to what actually happened in the prior year. Now that could be good there's pros and cons to that but no matter what you do if you want a more sophisticated budget or even any kind of sophistication generally you have to basically export to excel or do something else to it because you're going to need to make changes. Based on what you think is going to happen in the future and even if you used last year's data you might have differences in the timing of of like some some months might be more than the other in terms of revenue. But even still oftentimes the later information sometimes is going to be more relevant because hopefully you're moving in a positive upwards direction and that will be relevant going forward. But we're going to choose the first option here and we're going to say finish. And now we in essence just have an income statement on down below broken out by month and we're just going to populate our income statement and make this a little bit wider which you could do kind of like excel with the three dots up top. And so let's just do some data input and see what it looks like. So let's start with one by one. We've got in equipment rental one one three zero. So equipment went to right there one one three zero and then I'm going to put my cursor back on it. We increased that one over here by one point oh five each period. So let's see if I can adjust that I'm not going to copy it across but adjust row amounts as we copy across for the year. It has two options first month currently selected month. We're on both first and currently selected but I'm going to say currently selected as my general rule increase each remaining month amount in this row by this dollar amount or percent. So you can use then either a dollar or amount or percent increase if I delete the percent it will be a dollar amount which we'll see in a future component. We're going to use a percent here which is going to be one point oh five and I think it's just going to be five percent. It'll be a five percent increase from the last time period which in our formula here would be one hundred percent plus five percent increase. So let's see I think that's what we need. I'll double check it we can check it out see if it calculates as we would expect which would be you know this let's pull out the trusty calculator just to see what we would expect it to be doing. What I wanted to do is go from one one three oh times point oh five fifty six point oh point five increase plus the one one three oh would be that the one one eight six or you could say one hundred plus point oh five five percent one hundred five percent one point oh five times one one three oh gets us to that one one eight six. So that's what we'd expect to see in Feb you worry so and then I want to enable compounding because I wanted to continually increase as we go up compounded on the prior period increase. I'm going to check that one off and let's see what it does. So did it do what we expect it to do it does so that looks good there then we're going to go let's maybe I can make this like green to say I've marked it off done. On that one and then this one is going to be sales twenty nine two two six sales sales is going to be twenty nine two two six. I'm going to go back on it and this one we increased by one point one each time or 10% increase. Okay so I'm going to 10% increase it doing adjustment of the rose again and I'm going to take the current sale and I'm going to make it a 10% increase one. Zero percent so I'm converting from a percent to a decimal when I go to my worksheet here but enable compounding should do the same thing. Okay thirty two one forty eight is Feb airy that looks good. Let's greenify it greenified and then we've got four two five oh service revenue four two five oh four two five oh put my cursor back on it and then I'm going to say that one. We just increased by a flat amount of 1000 each time so let's do that. I'll just flat amount increase it and say put my cursor back on it adjust this time current month but no percent just increase it by a thousand dollars each time slightly different. We're going to enable the count compounding so that should do it. That's forty four two five two five zero for second month boom does it. I can check my totals over here one one seven six twenty four nine six six one one seven six twenty four nine six six. Mui be in that's how I'm being Mui being caused to twenty two nine seven seven costs a good sold. That's down here skipping a few twenty two nine seven seven and that's because these are accounts that we have that didn't have any activity in them in the prior period. So to make this whole process easier if you're not using some accounts you might want to go into your chart of accounts and delete some some of them or or make them inactive if you can't delete them. So we'll do that one and that one is going to go up also by ten percent ten percent we're going to adjust them adjust it by ten percent ten boom twenty five. So this total is going to let's just check the total for ninety one three forty six. That's the safest way to go for nine. Yep looks pretty good close enough for a budget and then we've got eighteen bank service charge. Now these are going to be easier because a lot of these are the same all the way across. So bank service charges is down here and that's going to be eighteen eighteen eighteen and we'll just copy that across. Copy across eighteen bank service charges are an adult now at eighteen and then the depreciation one two three six depreciation right there. One two three six and then I'll just copy it across boom and then greenify it greenified and then this one we did. We had a six thousand and Feb and SEP Feb and SEP for the insurance insurance on Feb six thousand and SEP SEP six thousand. Okay just to change things up a bit there and then greenify it and then this one ninety dollars internet expense all the way across sixty. Is that what it was I think it was ninety ninety dollars. You got your little symbol backwards upside down and reversed or something whatever basically the same. I'm going to make that one green miscellaneous seventy five miscellaneous seven to five copy it across copy it across then greenify. I'm going to testify to the greenify office supplies three fifty office supplies three five zero copy it across greenify it. Boom I got a rhythm going here. Oh this one's going to mess us up because it changed in July. That's how Forrest Gump says it I think I don't know six nine eight three six nine eight three payroll. So payroll six nine eight three and then I'm going to copy it across but then I'm going to change it in July which is going to be seven six eight two seven six eight two. And then I'm going to copy that across but it only goes across with the remaining stuff. Boom and then greenify. And then four eight six four eight six four eight six copy it across copy that Roger Roger out Roger out and then I'm going to increase it. Going forward I'm going to increase this one to just like we did five three five for the rest of the year to step up step up five three five. We have a step up going to step up stepping into the step up the greenify it and then we've got the telephone expense three eighty five three eighty five for the telephone. I'll tell the phone something leave me alone phone that's what I'd like to tell it three eighty five three eighty five always always ringing at me. I don't want to hear you ringing anymore. I'm going to greenify that one utilities six thirty four six thirty four for the utility six three four copy it across Roger that Roger out. And then greenify almost there no gains because we remove those enter interest expense went down. So we're going to start with the three three five and then decrease it by ninety five percent so three three four. I should say because that's the right number three three four three three three four and then I'm not going to try to adjust that across. And I want this to decrease each remaining amount by a percent of nine of five percent. It's going to decrease by five percent leaving us with ninety five of the prior and we're going to enable editing. I think that'll do what we want. The total is that three oh three seven did that match out here. No no no it doesn't. What did I do wrong three three four the next one's three eighteen looks like it's doing all the totals over here. That's why three oh three seven three oh three seven close enough for for a budget. Let's greenify greenify and then we could check our numbers. So I'm going to say that and then I can check my totals here. But sometimes it's easiest just to just to run the report and then check your numbers to the report. So we'll just run the report here. I might do a more detailed check in the future. If something's off you can always go back in here and kind of fix it so you could do the data input fairly quickly as we did here. We could save it and say OK now I'm going to what I'm going to do now is run the report reports budget. Overviews the general report and we're going to do a profit and loss. That's the one we just made. So we're going to say and I want to do a account and then finish. So there it is. It breaks out to a month by month as like the general here and gives us the total on the end. So we're at the one twenty five nine seventy four fifty two total. That's a good check number. If that ties out you got a pretty good indication one twenty five nine sixty five one twenty five nine seventy four. It's pretty close. Is that close enough for rock and roll and budgets one twenty five nine sixty five minus the minus the one twenty five nine seventy four point two nine dollars. I think that's you know pretty good. I might I might look at it in a little bit more detail. But that's the general idea of it. So in future presentations we'll go into more detail on this budget now just to note if there was an issue I can always adjust my budget. Right. So if I if I close that budget I can go back into my budget because it's just a data input field and I can go into the the company and planning and budgeting set up the budget and boom it defaults to that one. I can make a new budget if I wanted to. I can also toggle between budgets if I had multiple budgets I can adjust the numbers if necessary here. We'll talk more about the reports in future presentations.