Reports and accounting

Good day, JJessen.

Let me help and provide you with some information regarding creating a budget in QuickBooks Desktop.

Creating a new budget will not override your 2018-2019 data. You will first need to ensure that your fiscal year is set correctly. It's also a good practice to review last fiscal year's financial reports.

To set up the first one:

1. Go to Company > Planning & Budgeting > Set Up Budgets.
   
   
   
   Note: If you've set up one before, the most recent budget will be displayed in the Set Up Budgets window.
2. Choose to Create a New Budget.
3. Specify the budget year, then choose between Profit and Loss and Balance Sheet.
4. (For Profit and Loss Budget) Specify additional criteria of either Customer: Job or Class (if class tracking is on).
5. (For Profit and Loss Budget) Select whether you want to:
   • Create a budget from scratch: Manually enter amounts for each account that you want to track.
   • Create a budget from the previous year's actual data: Let QuickBooks Desktop automatically enter the monthly totals from last year for each account in the budget.
6. Select Finish.

Please be reminded that when you rename an account used for a budget, the account will no longer be associated with it and you need to recreate the budget using the new account name.

For detailed information, you can check out this recommended article: Create a budget or forecast in QuickBooks Desktop.

If you require more information about budgeting in QuickBooks Desktop, don't hesitate to fill me in. I'm here to help.