Question

Create a budget using year other than previous year's actual data?

Forum|Forum|4 years ago
August 18, 2021
5 replies
32 views

When creating a new budget, using Profit and Loss, you can "Create budget from scratch or Create budget from the previous year's actual data."

It is currently 2021. The previous years actual data is not representative because of Covid. I'd like to create a budget, but use 2019 data.

Can you force Quickbooks to use an arbitrary year when creating a budget?

I have not tried it, but can you set the compute date to a date in 2020, and it will then use 2019 data?

If you have to do it from scratch, what report(s) should I run for 2019 to get the numbers to enter manually?

Here's the documented steps to create a budget

Go to the Company menu and hover over Planning & Budgeting. Then select Set Up Budgets.
Select Create New Budget.
Set the fiscal year for the budget, then choose either Profit and Loss and Balance Sheet. Then select Next. If you select Profit and Loss, you can add additional criteria, such as Jobs or Class tracking.
If you select Profit and Loss, select either Create budget from scratch or Create budget from the previous year's actual data.
Select Finish.

Quickbooks Desktop Pro 2019 for Windows

QuickBooks Desktop

RenjolynC

Level 9

Hi there, chrisvesper.

I appreciate your time reaching out to the Community.

With the steps you've shared, you can record a budget based on the year selected. Just make sure to specify the year and type of the new budget. Then, select if you want to create the budget from scratch or use the previous data.

Once done, you can go to the Reports menu and select Budgets and Forecasts to view the one you've recorded.

In this sample screenshot I've run the Budget Overview report and selected the new budget dated 2019:

To learn more about the process, you can read this article: Create a budget or forecast in QuickBooks Desktop.

Please let me know any follow-up questions you have by clicking on the Reply button below. I'd be glad to provide the solutions. Take care and stay safe!

C

chrisvesperAuthor

When you choose "Create budget from the previous year's actual data." it always uses the previous calendar year, not the previous year to the budget.

So, when you said "Then, select if you want to create the budget from scratch or use the previous data." you seem to be implying that "use the previous data" mean the year previous to the budget. It does not seem to work that way.

Are you able to test it, or access more detailed documentation to confirm how it really works?

An example: if today is August 18, 2021, and you create a budget for 2020, it will use the profit and loss from 2020 to create it.

Then if you create a budget for 2022, it will also use the profit and loss from 2020 to create it.

I can't use 2020 data to create my budget since the numbers are off due to Covid, I'd like to create a budget for 2022, but use 2019 data.

Can you force Quickbooks to use an arbitrary year when creating a budget?
I have not tried it, but can you set the computer date to a date in 2020, and it will then use 2019 data?
If you have to do it from scratch, what report(s) should I run for 2019 to get the numbers to enter manually?

AlcaeusF

Level 14

Hello, @chrisvesper.

Thanks for getting back to us and for sharing some additional information. I'm here to answer the questions that you've listed above.

For your first question, that option to force QuickBooks Desktop (QBDT) to use an arbitrary year when creating a budget is currently unavailable. It will only use the previous calendar year.

For your second question, the data on your file is not based on your computer date. It will be based on the date the data is entered.

For the last one, if you choose to do it from scratch, you can use the report ( Budget Overview report) shared by my colleague above as a reference.

To learn more about managing and creating a budget in QBDT, please visit this article: Create a budget or forecast in QuickBooks Desktop.

If you need further assistance, please let me know and I'll get back to you as soon as possible. Have a good one!

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