QuickBooks Online 2022 budgeted income statement reports to get ready because it’s go time with QuickBooks Online 2022. Here we are in Alberta get great guitars practice fine, we set up with a 30 day free trial holding down control scrolling up a bit to get to the one to 5% currently and the homepage otherwise known
as the get things done page. In the business view, as compared to the accounting view, if you want to change to the accounting view, it’s something you can do by going to the top switch to the accounting view down below.
We will be toggling back and forth between the two views either here or by jumping over to the sample company currently in the accounting view, back to the get great guitars, we’re going to open a few tabs to put reports in, go into the tab up top, we’re going to right click on that tab and duplicate it.
Going back to the tab to the left, going to right clicking on it again and duplicating it again, back to the tab to the left one more time right clicking on it and duplicating it another time. Jumping on over to the sample company as that is thinking just to locate where the reports are at which is on the left hand side under Reports.
Going back on over to our get great guitars the reports are located we’re currently in the second tab in the Business View, we’ll start up opening the Standard Report reports the balance sheet and the income statements, we’re in the reports section,
I’m going to close up the hamburger. And then it’s going to take a little time to think because my computer’s a little slow, but it’s okay. It’ll get there going into the balance sheet. And then we’re going to do the range change up top range change from Oh 1012 to 202 28 to two,
let’s take a look at this on a side by side changing that to the months here to see Jan and Feb. That’s the two months of actual data that we have input in this time. And this is the point in time As of Jan and Feb the end of those two months tab to the right.
Going back to the business overview on the list left back into the reports close on the hamburger this time I opened it up dot P and L the profit and loss the income statement ranging the change in up top from a 1012 to 202 28 to two and changing the two months here total only two months running it.
So we can see that performance from January to February. Now we’re focused here mainly on the profit and loss type of statement, because we’re going to focus now on the budgeted information.
And the budget information is primarily thought of what is our activity, what’s our performance going to be, that’s going to be the income statement. Remember, what we have done thus far is we said, we’re going to use the information or the budgeting tool in QuickBooks basically,
as a reporting tool to run reports, one of the main reports being the budget versus actuals report. So we took the data from our current two months of data, we exported it to Excel,
we did that with the use of a trial balance, which is the easiest thing to kind of trim down into like a nice schedule to work with. And then we’ve mapped out based on that information,
what we thought the 12 month range would be for a budget basically imagining our two months of data as if they were the prior two months of data. Then we took that information, we put it back into the system by go into the first tab here, let’s take a look at that process.
And we went to the cog up top into the budget data, we went into the budget team here, remembering that this isn’t really where you’re thinking of creating a budget as in put doing all the things you need to do to think about what’s going to happen in the future. In other words, taking into consideration not just the past data, but also the current environment and changes you plan to make on a business strategy.
This is where you put the budget and data input the budget after you have thought about those things, so that you can then run reports such as a budget versus actual report. So we go into this budget, this is the budget that we put together, we can edit it here.
But before going back into it, let’s do the comparison, now that we have run the budget, we can compare what we have to work on the budgeted reports and if there’s any problems with them, we could go back in and adjust the budget again.
So in essence, we have 12 months of data now which and we have two months of data that is actual data, 12 months of data that we have input that are now the budgeted data, which means we can do budget versus actual analysis for two months,
January and February and the rest of the 12 months. The other 10 months in other words are not going to have budget versus actual because we’re imagining those to be out into the future.
So if I go to the tab to the right, then we can open up the budget reports, which we could do by going to the business overview on the left hand side into the reports closing up the hamburger I think the easiest way to find it is simply typing in budget And let’s first think about the budget overview. And then we’ll go to the budget versus actuals. So let’s go into the budget overview.
So here is our report, we’ve got all the months that are broken out January through December here, we could do the normal kind of adjusting to these reports that we’ve seen with many different reports, we can of course, change the date range up top, we can select multiple budgets,
if we have multiple budgets, we only have one. So this is the one that’s going to be active at this point in time, as well. And then we can customize the report up top and do some of our normal type of customizations that we have seen in prior presentations.
For now, let’s go and see if we can compare and contrast what we have done with the data input to what we had in Excel. So we can kind of double check if there’s any problems with it, we can go back in and adjust the budget. So maybe the easiest way to kind of do this is to think let’s take a look at the end result numbers here.
Possibly the first number, you’d want to check as if there’s only one number to check if you did the data input properly, maybe the net income for the entire the entire process here, the 125 964 on the year would be the first number we might want to take a look at.
And we could say okay, does that tie out if we’ve got the 125 979 versus the 125 967. So that’s pretty close, we got the 120 597-912-5979. And this is this minus that we’ve got $15 could be rounding, it looks like something possibly off more than that.
But it looks like that might possibly be just simply round in. And it’s probably not material, but we can try to drill down then more in more detail on what could be the bigger of the problems on each month.
So then you might the next numbers you might want to check then would be the totals in terms of net income on a month by month. So January’s the 1041, the negative three to six, two. And this is easier to do.
Obviously, if you had a if you had a side by side computer. So we got 1037 here versus 1041. So it looks like something’s a little bit different here. So then we can go to January. And if we did the the side by side, possibly, then we do the side by side like this, dragging it on the side by side. And then we could say okay, let’s see if we can take and tie this whole thing out, we’ve got the 100, the 100.
Or I can then go to my totals, I could say this adds up to the sum of 30 460-630-4606. The cost of goods sold here is the 22. Nine, that looks correct. And then we’ve got the 18. We’ve got the 90 over there, we got the four 486. So 486, this looks like one that is a little bit different. We put it in there at 483 on the taxes. So that’s one week.
Now if we wanted to change that, I could say okay, maybe I should make the taxes 486, I could go to the first tab. And then let’s let’s go into the editing. And I’m going to go down here and say okay, the tax is down here.
We’ve got the taxes. On this one, where are the taxes? Where are you? There they are. So we’re at four, we’re at the 483. And we’re going to stay here they should be 486486 not a big change.
But we’ll make that change for eight, six, I’m going to put it all the way across, I probably just miski to three and a six. That’s probably what happened. 486486486 and 486.
Okay, let’s save that and see if that’s the difference. I can go back to the first tab over here. And let’s run it again. We’re going to run it again and say okay, do I did I do my data input proper, let’s let’s check the total number first. Let’s say 125 961. So let’s see that.
One 125 9611 25 125961. So now we’re $3 off that looks way closer to rounding. So then if I did if that was still often the next thing you’d want to check would probably be your net income lines 101037 To drill down. So we’d say okay, net income for January 1038.
That’s rounding most likely, and then a negative three to 653 to six, five, and then 448944896330. And then we’ve got 8243 and 8243. So it looks like pretty good. I’m gonna I’m gonna assume it’s pretty good.
There. If that was if we were off on those and or if you want further verification, then you could go into the subtotals would be the next big thing. You could check instead of going down into each line item.
You could say okay, here’s net income adds up to 30 For 606, in January, if I was to add up net income here, I can add it up this way, which would add up to 34 606.
Obviously, the biggest category that you can’t do that with as easily is all the expenses, because that’s the biggest group, and enough in and of themselves that that’s usually where the problem is, because that’s the hardest one to kind of drill down on and check. So it looks like the data input went in properly.
So this, this will be like the standard report that we could run. Obviously, when we’re looking at this report, then we’re thinking we’re thinking about it as if it’s like December, and then we’re thinking out all of this report out into the future for the 12 month time period into the future, we can of course, change the date range, if we want to just the first three months 203 Say oh 331 to two, for example,
and and run it out and that way, or run out some portion of the year, if we so choose as well, now that we have this done, we’re going to imagine that two months have now passed. So let’s say that January and February have passed.
So now we can run the report on the budget versus the actual. And that’s really one of the major tools you can have within QuickBooks. One of the major reasons you’d want to put it into QuickBooks,
you might say, well, what’s the point? If I did it in Excel here? Why don’t I just use Excel? Well, you know, you got the subtotals in QuickBooks, which is kind of nice, might be useful for some things as well. And you have the capacity to run the budget versus actual and those different kinds of reports.
And that’s, that’s, that could be a useful tool. So let’s go back to it, let’s make another tab, actually, I’m going to right click on this tab, duplicate it, so that we can make another report,
this being the budget versus the actual. And we’ll go into the reports on the left hand side to do so to do so. And here we’re gonna I’m gonna close up the hamburger, what are you going to do, I’m going to do so. And here we go. This is going to be the budget.
This is budget, again, versus actual this time, budget versus the actual. And then we’ve got the whole 12 month timeframe again, and now you’ve got each month on the actual versus the budget. And then the difference between the budget and the actual,
and the percent of the budget on the right, the percent of the budget being calculated as the actual divided by the budget amount. So in other words, we could take out the trusty calculator, and we could say,
Okay, if the actual in this case, 200 divided by the 100. And that’s going to be to move to places over on the decimal 200%. That’s going to be how the percent is calculated. So obviously, this can be important,
because now we can say, Okay, here’s my income, what actually happened versus what we planned to happen. And that’s going to be the difference, which is, which is the actual is over here. And then we can see what the percent change is.
And of course, at that point in time, hopefully that allows us to then set the benchmark again, for the next time period, to an appropriate level that we can be aiming for. And so that’s the same kind of analysis we have all the way down in January, and so on February, and so on.
So if we wanted to, then we could change for example, and put this for like a quarters time period. So in other words, in our case, we only have two months that have passed. So we might make it from January 202 28 to two to make it a smaller report.
And so now we’ve got January and February here, which are the only two months that have the budget versus the actual and then all the way to the right, we’re going to have the total of those two months.
And obviously, when we’re looking at the income statement, we’re talking, we’re taking a look at those two much combined together, the total that has been actually incurred for or earned in this case, and then expenses incurred for January and February,
the year to date at this point versus the budget amount. And then we’re taking the actual amount minus the budget amount. In this case, we have then the last year.
Now you could change the settings up top, you might say maybe I want it to be going the other way, you could go up top and say possibly you want the remaining. And the percent remaining here. Let’s uncheck these two, and then run that one.
And so now we’ve got then the the actual minus the budget or basically the budget minus the actual right. So if I look at this one, now I’ve got the budget minus the actual gives us the negative, negative 19 251.
So we’re kind of thinking what’s remaining in terms of the budget in terms of the budget amount that we could have here so that the actual here being the 7469 minus the actual so there’s 1144 kind of remaining. So you’re thinking well, we could we could still actually spend,
in that case 1144 on the payroll. So you can, you can kind of switch the the terms, if you would like to see it in that format, I’m going to bring it back to the other formats, I’m going to say over budget, which is the standard, we’ll keep it at that one. And so that can then. So now we’re back to here, we’re saying down the actual minus the budget is to over budget, the 19 to 51.
Now, obviously, this would be run after time has already passed, meaning January and February have passed this, at this point, if you run this report, after this time frame, saved from like, oh, 601 to two to 1231 to two, then you’re not going to have any actual data.
Because the actual data is what we are putting in place. When we enter things go into the first tab, such as I’m going to close this back out, such as the the invoices, the bills, the checks, and so on, and so forth to actually create the financial statements. Whereas back to the tab to the right,
the budget, and we just entered directly in to the budget. So if time hasn’t passed, the actual time hasn’t passed, obviously, the budget versus actual report is not useful. And you would just be running the standard budget type of report the budget overview and once time had passed,
then you’d be running the budget versus actual. Now, if you were to if you were to export this to Excel, for example, and give this to someone, and it was like a 12 month budget, if we bring this back out to 1231, to two, just to put this in Excel, rerun that.
And then you might present this to someone, so you might then export it to Excel possibly, so that you can then do some adjusting, because it’s going to be a very wide report. Let’s try to export it to Excel. And see if we can put that, put it into our information here. So I’m going to put that in place.
And then I’m going to drag this on over. And I’ve got two files that are called budgets now. So this one, the second one, I’m going to put budget from QuickBooks Online, rename, budget, Q B,
oh, and I’m going to double click on it, open it up. And then you can you could possibly do some editing. Once you’re in here, I’m going to I’m going to basically open up, I’m going to scroll in a bit.
And so there we have it, let’s see if it fits on a page, go into the tab to the right in the Page Layout View. So of course it doesn’t fit on a page, because it’s gonna be a very wide type of report. So then we might go up top and say, Okay, I’m gonna make this landscape.
Let’s bring it to landscape, like so let’s unmerge these items up top, going to the File tab, not the file tab, the Home tab, alignment, unmerge, and then go here and unmerge and then go here and unmerge. So that we have unmerged those items, so that we can hide any rows that we might need,
I’m going to delete this one down below, right click and delete it. And so is there any, so then we could try to make this one a little bit smaller on this side. And then we could try to make, we could basically play with the font to bring it down. But that still makes makes the whole report look a little bit shorter.
So if I was to take this whole thing here, and try to try to double click on it, possibly to make it as tight as possible, it’s still going to be over a page.
So then at that point, if you can’t do any anything more to kind of decrease the size of the text, you could basically try to mess with the indenting on this items to the right.
So you could try to bring this in even further and see if he could fit it on one. But if it doesn’t work, you might have to force it to fit on a page by going to the first tab possibly.
And then when you print it, you could kind of force it to fit on a page. And you might have this option when you actually print a PDF within QuickBooks as well. And it’s going to be down here scaling.
So you want to fit, we want to fit the fit all columns to one page, I don’t want to fit the whole sheet to one page, because I don’t care if it’s two pages long. I just want to make it one page wide. So I don’t have to take the thing together or scroll down when I’m trying to see a side by side.
So fit all columns on one page is what we want. Now there there we have it now it happened to fit it on one page long as well. But that was just that was just a coincidence that the fact that how short they needed to make it to fit it on one page wide,
also put it on one page long, you can see that the reports can be a lot smaller this way. So this is the last resort that you want to do typically with the formatting. Because if you put this report with other reports, the fonts going to be looking a lot smaller.
If you package this report with other reports, it looks kind of ugly, because it’s the font is going to be out of sync with the fonts on the other reports. And plus it’s going to be just a small report. But that’s it.
That’s the last resort You can do that’s the last resort. What you don’t want to do typically is if there’s clear, obvious things that you can do to edit and make it fit on one page without decreasing the scale of the of the report, then I would suggest doing that first, it’s usually going to look more professional.
And if they can’t do that, then fit it on one page rather than having something that’s going to be two pages wide. So I’ll go ahead and export the other one as well. So you can have this just to look at for an example, as well for the budget.