How to Import Budgets into QuickBooks Desktop from Excel?

by James Antonio

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 How to 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:

  1. 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)
  2. In your QuickBooks Chart of Accounts, you’ll need to add two accounts:
    • 3300: Earnings from construction >> Contracted
    • 4400: COGS Contracted Jobs
  3. Next, you are required to export the Chart of Accounts:
    • Go to the File >> Utilities >> Export >> Chart of Accounts
    • Save it as COA.iff
  4. Open your Proforma (Invoice template Excel) spreadsheet and move to the “year 1 – Combined” tab
  5. G14 to T106 is the range of cells that are required to copy
  6. Paste it into the budget file starting at cell B4 using “Paste Special” which is found on your “Edit” using drop-down list
  7. Select to paste “Values” and Operation “None”
  8. Any account names in your budget file should be moved from column C to column B
  9. Copy “BUD” all the way down your budget list into cell A4
  10. Copy the word “MONTH” from cell C4 down your budget list
  11. Copy the date “1/1/02” from cell P4 down your budget list
  12. 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:
  13. Earnings from Construction: Income Received should go on the Total 3000 – Earnings from Construction – T&M line
  14. Salaries and Fringe Benefits: Indirect Labor: Indirect HRS Wages should go on the Total 6030 – Indirect Labor line
  15. Change income numbers to negative numbers (should be the two lines: Income Received and Contracted)
  16. Columns D to O should be formatted with “Number” to 2 places
  17. Afterward, save the Budget file
  18. 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
  19. 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.

How to upload the Intuit Interchange Format (.IIF) files while Importing Budgets into QuickBooks Desktop from Excel?

Uploading of the .IIF files is important if you are performing the import or export process:

1. First, go to the File
2. Choose the Utilities tab
3. Select the Import tab
4. At last, hit the IFF files.

What and all Budget Reports can be Printed in QuickBooks Desktop?

It can print the following reports:

● Balance sheet report
● Pay and cost projections for up to 5 years
● Money arranging report
● Profit and loss report.

Is it possible to import a budget from last year’s P&L by month into QuickBooks Planning and Budget to build a new budget without having to type thousands of numbers in it?

Yes, it is possible to import and there are two ways to make a new budget without having to manually enter information. You have the option of importing the previous year’s budget or creating a budget using real data from the previous year. This allows you to copy an existing budget by changing the amount by using the accounts that you already have.

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Dancing Numbers is SaaS-based software that can easily be integrated with your QuickBooks account. You can import, export, and delete lists or transactions from your company file. Using Dancing Numbers you can simplify and automate the process, saving time and increasing productivity. Just fill in a few fields and apply the relevant features to complete the task.

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Banking Transactions

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Frequently Asked Questions

How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.

How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.

How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.

How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.

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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

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