How to Import Budgets into QuickBooks Desktop from Excel?

Budgets are very helpful in terms of estimating a company’s future performance of the financial. A budget can be used to create a future plan and to calculate performance by comparing actual results to the budget. Moreover, you can import budgets into QuickBooks Desktop from Excel at any time. But importing a budget from excel into QuickBooks is not as simple as you think. However, once you try it and understand the concept, you can perform yourself. The below write-up gives you complete awareness and explains step by step how to import budgets from Excel so read out the guide very carefully till the end.

How to Convert Excel Spreadsheet into a Format can be Imported.

Go to the QuickBooks budgeting template in Excel. You can delete any accounts but you don’t need, especially balance sheet accounts. The deletion could leave you with debits and credits for your spending and income accounts. It would be beneficial if the credits were converted to negatives and the debits were converted to positives. To accomplish this, create a formula (debits-credits) and then drag it over the entire excel spreadsheet.

The debits minus the credits will be your current calculated annual budget, which will be you’re starting point. You have an annual budget, but it’s simpler to project month by month for the whole year, from January to December.

Step by Step instructions for Import Budgets into QuickBooks Desktop from Excel

For best import results carry out the below-mentioned steps but it is suggested you follow these steps in the given sequences:

• First, you have to create a file with necessary heading and in QuickBooks, you export an empty budget file:
  • Go to the file >> Utilities >> Export >> Budget
  • Save the budget (year).iif (it must be saved as an *.iif file)
• In your QuickBooks Chart of Accounts, you’ll need to add two accounts:
  • 3300: Earnings from construction >> Contracted
  • 4400: COGS Contracted Jobs
• Next, you are required to export the Chart of Accounts:
  • Go to the File >> Utilities >> Export >> Chart of Accounts
  • Save it as COA.iff
• Open your Proforma (Invoice template Excel) spreadsheet and move to the “Year 1 – Combined” tab
• G14 to T106 is the range of cells that are required to copy
• Paste it into the budget file starting at cell B4 using “Paste Special” which is found on your “Edit” using drop-down list
• Select to paste “Values” and Operation “None“
• Any account names in your budget file should be moved from column C to column B
• Copy “BUD” all the way down your budget list into cell A4
• Copy the word “MONTH” from cell C4 down your budget list
• Copy the date “1/1/02” from cell P4 down your budget list
• In column B of your budget file, replace the Account name with the Account name from your Chart of Accounts file (also found in column B). With the following exceptions, clear any cells in column B for any subtotal or total lines:
• Earnings from Construction: Income Received should go on the Total 3000 – Earnings from Construction – T&M line
• Salaries and Fringe Benefits: Indirect Labor: Indirect HRS Wages should go on the Total 6030 – Indirect Labor line
• Change income numbers to negative numbers (should be the two lines: Income Received and Contracted)
• Columns D to O should be formatted with “Number” to 2 places
• Afterward, save the Budget file
• Finally, you have to perform the steps to import budget file into QuickBooks:
  • Go to the File >>> Utilities >>> Import
  • Select “Budget.iif” and then click on the Open tab
• In the end, check your budget by moving to the Reports >> Budget >> Profit & Loss overview.

Hopefully, this blog covered the major information regarding How to Import Budgets into QuickBooks Desktop from Excel. With the above-discussed steps, you can successfully execute the import process.

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