QuickBooks Online Plus and Advanced has an easy-to-navigate budgeting feature. Budgets help you plan ahead so you can stay on top of your expenses and revenue. After you set one up, use the Budget vs Actual report to help make informed decisions for your business.
You can make a budget at any time, but year-end is a great chance to start planning for the year ahead.
|Note You must be an Administrator with All Access rights to create, access, edit, or delete budgets.|
Your budget starts with the first month of your fiscal year, so it's a good idea to verify that the Fiscal Year setting is accurate.
To verify or change the fiscal year setting:
From the left menu, select Advanced.
Once you have verified that your fiscal year is correct, the next step is to review the data you plan to base your budget on to ensure that it's accurate.
You can base your budget on data either from the current fiscal year or from the previous year's amounts. If you plan to use historical data, it's a good idea to run a Profit and Loss Detail report to make sure transactions were assigned correctly in the past.
By default, the report shows transactions created during the current fiscal year to the current date, but you can customize the report to display the previous fiscal year's amounts instead.
To customize the Profit and Loss Detail report:
The report displays data from the fiscal year you specified. You can use this report to verify that the transactions you're planning to base your budget on were correctly assigned.
Now that you have verified the information to use in your budget, the next step is to create it.
You can now create your budget. The Budgets feature provides guidance to help you create your first budget.
To create a budget:
Your budget is saved and listed in the Budgets window.
You can view the following reports for the budget you created:
To view, email, print, or export these reports:
To view, email, print, or export a different report, select a different budget from the Budget drop-down list.
Regardless of the number of rows or columns, the entire budget report is printed on a single page.
If the font appears too small on a printed report, you can export the budget report to an Excel spreadsheet and print it from there.
When you create a new budget, existing budget reports are not overwritten or affected. To change an existing budget, you must edit it one line at a time.
To edit an existing budget:
The budget is edited to reflect your updated data or settings.
To copy a budget
Copying an existing budget allows you to create a new budget using your existing budget's amounts. This is specially helpful if you want to use budget information for a previous fiscal year to create a new one.
The budget is copied with the name, year, and budget amounts you specified.
To delete an existing budget:
You can delete an existing budget, but you should exercise caution when doing so.
Once a budget has been deleted, it cannot be restored. The activity log retains a record of the deleted budget, but it can't provide any details about it.
The budget is now entirely deleted and cannot be restored.
To recreate the deleted budget, you must re-enter all of the information manually.