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growgenicsllc
January 8, 2024
Question

Incorporate Bank Balance into P&L Style Budget

  • January 8, 2024
  • 1 reply
  • 0 views

Hi all,

 

We've just started using Quickbooks Online's Budget feature. However, we're trying to add our beginning bank balance for the year so we can see the budget predicted out for the year including the actual cash at end of month. Right now it shows us our net income, as if our bank balance were at zero. 

 

Has anyone figured out how to do this? Am I better off using Cash Flow Planner, or will I just have to export and insert my beginning bank balance to check my budget against my cash flow? Any solutions are appreciated.

 

1 reply

A
ArielI
January 8, 2024

Hello, @growgenicsllc.

 

Let me share some information about P&

 

I wanted to provide some clarity regarding the beginning balance in the Profit and Loss statement. The beginning balance won't appear in the Profit and Loss statement as it reflects the company's revenues and expenses during a specific period, and the beginning balance is not an income or expense.

 

Moreover, to better handle your finances, export budget data from QuickBooks Online and insert your beginning bank balance. This simple step can help you more accurately evaluate your budget against your cash flow and make any necessary adjustments to improve your financial situation.

 

Furthermore, if you have your reports ready, you can always customize them to your preference. You can use filters only to see specific things.

 

If you have further questions about the P&L budget, you can comment below, and we'll respond to you as soon as possible. Take care!

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