In summary, as of the current version of QuickBooks Online in 2024, it seems that the software does not have the capacity to generate budgeted balance sheet reports directly. While QuickBooks Desktop has had this capability for some time, the online version has recently introduced the ability to input data for budgeted balance sheets.
Despite this progress, there are no corresponding reports, such as budget overview or budget versus actual, specifically designed for the budgeted balance sheet. It is expected that future updates to QuickBooks Online may include these features, allowing users to generate reports based on the data input for budgeted balance sheets.
In this demonstration using a sample company file, the process involved creating a budgeted balance sheet by manually inputting data into QuickBooks Online. The focus was on assets, liabilities, and equity accounts for each month of the year. Challenges were encountered in balancing the entries due to certain quirks in the software, particularly with the treatment of credit card adjustments affecting equity rather than liabilities.
While the current system may not be as user-friendly as desired, it is essential to go through the data input and reconciliation process to enable the generation of reports. Hopefully, future updates will enhance the functionality and streamline the process for budgeted balance sheet reporting in QuickBooks Online.