QuickBooks Tips & Tricks – Profit & Loss Budget Performance Report

QuickBooks Tips & Tricks – Profit & Loss Budget Performance Report
Issue 3.17 July 6, 2004

This report show the annual budget amount in total along with the month budget versus actual and the year to date budget versus actual amounts.

Prior to version 2003 it was not possible to create a report in QuickBooks that would show the budget versus actual for month and year to date amounts. New with version 2003 is a Profit & Loss Budget Performance report.

To create this new report, choose Reports > Budgets & Forecasts > Profit & Loss Budget Performance. This report by default has columns for: month actual, month budget, year to date actual, YTD Budget, and a column for the annual budget. The actual columns can be removed by modifying the report. It is also possible to add the $ or % difference to the month and year to date budget versus actual columns.

This report is beneficial since it will show all of the necessary information on one report as compared to several reports as was needed in the prior versions.

As a resource for this and other questions, submit a question via “Ask the Expert” or attend our free, monthly discussion forum tele-class.

Bonnie J. Nagayama, CPA (925-247-0100) has been featured by Intuit in their QuickBooks Advisor Spotlight and frequently teaches and consults on using QuickBooks to its maximum advantage. For a FREE weekly newsletter of QuickBooks tips and tricks, plus many free and low cost QuickBooks resources visit www.4luvofbiz.com.

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For further information, visit the following articles:
Ask the Expert – Balancing the Profit & Loss by Job (Free!)
QuickBooks Tips & Tricks – Adding % to Profit and Loss Report (Free!)
Report Presentation Questions (Subscription required)
Budget Reports (Subscription required)
Profit and Loss Budget Performance (Subscription required)