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jhalfhill-charte
November 14, 2023
Question

Please explain why Quickbooks allows you to create a Balance Sheet Budget, but you are unable to use it anywhere? It does not show up in any drop down box under reports

  • November 14, 2023
  • 1 reply
  • 0 views
I am trying to create a budget vs. actuals report using a created Balance Sheet budget. Quickbooks allows me to create the budget (by selecting "Balance Sheet" as opposed to "Profit vs. Loss") however, there seems to be no way to use the created Balance Sheet Budget, anywhere.

1 reply

MJoy_D
MJoy_D
November 14, 2023

Thank you for reaching out to us regarding the Balance Sheet budget report, @jhalfhill-charte.

 

To help me better assist you, could you please provide more information on where you plan to use this report? This will enable me to provide you with a more accurate solution to your concern. 

 

Please feel free to click on the Reply button below to add more details. 

 

Looking forward to hearing back from you soon. Have a great day ahead and stay safe!

J
jhalfhill-charteAuthor
November 14, 2023

Thank you!

 

So, my goal was to create a budget using our balance sheet account lines and be able to run a Budget vs. Actuals report. 

 

When I go to run a report such as "budget vs. actuals" the created balance sheet budget does not show up in the drop down box when selecting a budget. I just am not sure why QB's has an option to create a budget based on balance sheet, but then not have any way to use that budget.

 

 

JaeAnnC
JaeAnnC
November 14, 2023

Your confusion ends here, Jhalfhill. Allow me to explain why Balance Sheet budgets are not showing in the Budget vs. Actuals report in QuickBooks Online (QBO).

 

When running the Budget vs. Actuals report in QBO, the information displayed is limited to income and expenses. Since the Balance Sheet contains assets, liability, and equity accounts, the program is unable to generate the Balance Sheet budget report. 

 

As a workaround, you can use the Spreadsheet Sync feature in QBO Advanced, so you'll have the freedom to seamlessly create budget reports relevant to your business needs and transfer the data between the program and your Microsoft Office Excel. 

 

Additionally, you can utilize the cash flow planner in QBO to forecast your income and expenses. This way, you can add and adjust future items to see how certain changes affect your finances.

 

Feel free to reach out to us anytime whenever you have further concerns about creating budgets. The Community is always here to help. Stay safe, and have a good one.

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