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  1. #1
    Join Date
    Apr 2020

    Default How to Create a Budget in QuickBooks?

    You will know the steps to create a budget in QuickBooks Desktop in the following blog. We will also explain the steps to delete and edit a budget.
    QuickBooks has a lot of features like Batch invoicing, inventory tracking, etc. Creating a budget is also one of the features in QuickBooks. You can create a budget in both QuickBooks Desktop and QuickBooks Online. QB Desktop has budgeting and estimating tools that will assist you in planning and making decisions for your business.
    Before setting up a budget, you need to ensure that the fiscal year has been set correctly. To check your fiscal year setting, you can follow the points written below:
    Click on Reports > Company & Financial > Profit and Loss Detail.
    Select Dates > Last Fiscal Year.

  2. #2
    Join Date
    Aug 2021


    Step 1:
    Within Desktop, go to Company > Planning & Budgeting > Set Up Budgets.

    Step 2:
    Update the year you are making the budget for, and choose the budget type. The type will either be a Profit and Loss or Balance Sheet. Typically, you’ll want to use the Profit and Loss Budget.

    Step 3:
    Select any additional criteria, which could be done by Customer/Job or by Class segment, or you can choose no additional criteria.

    Step 4:
    Choose whether you want to create a budget from scratch, or create a budget based on the previous year’s actual data. Even if you use prior year data, you can still make adjustments for changes. If you have prior year actual data available, start with the prior year actuals.

    Step 5:
    Click “Finish” and the budget will populate based on your input.

    Step 6:
    Now you can start making adjustments. If you are starting your budget from scratch, and the monthly amount is the same, you can enter the first month. Then click “Copy Across” and the amount will populate for the entire year. Or, if you already have data from a prior year, you can click “Adjust Row Amounts” and select to increase or decrease the monthly amount by a certain amount or percentage. This makes updating budgets much faster and allows for consistency and ease of use.

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