Possible Errors in the HISTORICAL DATA Menu : Budgeto

Q: "I am having issues connecting QuickBooks Online/Xero to Budgeto"

A: This can happen for one of 3 reasons:

There is a technical issue on QBO/Xero's end.
Sometimes, their platform might be down, which can halt the synchronization process. Although unlikely, it still happens in the software industry. Make sure to check their social media accounts for updates.
You do not have the permission rights to connect to the their platform. Make sure with your employer that you are approved with "manage" rights to use the QBO/Xero platform.
There is an issue in the Budgeto and QBO/Xero communication link.

There are three errors that can arise from the use of HISTORICAL DATA. If you have one of the following three errors, this means that there is a risk of a corrupted balance sheet and you need to correct it.

Error 1 – The Historical Balance Sheet does not balance!

The Historical Balance Sheet must always be balanced. The Total assets line (1) must be equal to the Total liabilities and shareholder's equity line (2). If it is not balancing, you will see a red cell in the Validation line (3) with the problematic amount. This problem does not happen because of Budgeto, it just means that you are not retyping your data correctly!

Budgeto will always let you save your Historical Balance Sheet even if it does not balance but will show you a warning (4).

You will still be able to work your on budget, but until you have resolved this problem, you will not be able to export your budget to PDF or Excel. If you try to export it, you will get the following error message (when clicking on the Export menu).

Error 2 – Retained earnings difference

To be able to access the REPORTS menu (1), you must ensure that the amount in the Retained earnings (deficit) line (2) in the Historical Balance Sheet (3) is the same as the amount in the Retained earnings (deficit) at the end line (4) in the Historical Profit and Loss (5).

If these amounts are different, you will still be able to work on your budget, but you will not be able to access the budgeting reports. If you click on the REPORTS menu, you will get the following error message.

Error 3 – Error filling forms

To ensure the continuity of calculation of your existing assets and liabilities, you must make sure that you have filled out the forms for the following four accounts in your Historical Balance Sheet:

(1) Capital assets;
(2) Investments;
(3) Long-term debt;
(4) Share capital.

If you don't fill the form correctly, you will have red cells in your Historical Balance Sheet. For example, if the amount in a form (6) is different than the amount in the Balance Sheet (6), you will have a red cell. If the month in the form (7) is different then the last month reported in budget (7), you will have red cell.

If you have red cells in your Historical Balance Sheet, you will still be able to work on your budget, but you will not be able to access the budgeting reports. If you click on the REPORTS menu (1), you will get the following error message.