You’ve already done the hardest part - creating your budget. But now you want to know how your actual financial transactions compare to your plan. You need to run the Budget Report.
Click on → → . For each account, the Budget Report will show the budgeted and the actual amounts in two adjacent columns for each period in the budget. If you have created multiple budgets, you can use the Budget Report Options to select which budget to use in the report.
Two other types of budget reports are commonly used in the small business setting. They are the Budgeted Income Statement and the Budgeted Balance Sheet.
The budgeted income statement is similar to the income statement. Both show the revenues and expenses for a given period as well as the profit, which is the difference revenue - expenses. The income statement is based on historical data, but the budgeted income statement is based on the predictions made in the budget.