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Intuit
45 helpful votes

Create and import budgets into QuickBooks Online Advanced

Learn how to get your budgets into QuickBooks.

Many businesses compare their budgets against actual sales and expenses to measure success.

In QuickBooks Online, you can have up to five budgets to plan ahead for your business' sales and expenses. You can create new budgets in QuickBooks Online Plus and Advanced. And in QuickBooks Online Advanced, you can start from an Excel or Google Sheet template.

Once your budgets are in QuickBooks, you can and financial reports to compare them against your business goals.

Step 1: Review your business' financial year

Make sure the beginning of your financial year is set in QuickBooks. You can create a budget any time, but it helps if you start at the beginning of the financial year.

  1. Sign in to QuickBooks Online.. Your user will need All Access rights.
  2. Go to Settings ⚙ and select Account and Settings.
  3. Select the Advanced tab.
  4. In the Accountings section, review the First month of the financial year field. If you need to edit the date, select Edit ✎.

Step 2: Get your budget data

If you already have data for your budget data, you can skip this step.

Instead of starting from scratch, use your QuickBooks data to start your budget. Run a Profit and Loss Detail report:

  1. Go to the Reports menu.
  2. Select and open the Profit and Loss Detail report.
  3. From the Report Period ▼ dropdown, select a timeframe. If you want to use last year's data, select Last year. Make sure the beginning and end of the year match your financial year. If you want to use data from your current financial year, select This Year-to-date.
  4. Select Run report

Use this info as a guide to start your budget.

Step 3: Create a budget

Create a budget in QuickBooks Online Plus

Enter a budget into QuickBooks

  1. Go to Settings ⚙ and select Budgeting.
  2. Select Add budget.
  3. Enter a budget name in the Name field.
  4. From the Financial Year ▼ dropdown, select the financial year for the budget.
  5. Use the Interval ▼ dropdown to specify whether the budget is Monthly, Quarterly, or Yearly.
  6. From the Pre-fill data ▼ dropdown list, you can choose to automatically enter data from the current or previous year into the budget, and specify the year to use. This is optional.
  7. From the Subdivide by dropdown▼, you can split the budget by Class, Customer, or Location. Then specify which class, customer, or location to add to the budget. This is optional. Note: If you don't see Class or Location options, those settings are not turned on.
  8. Select Open and then Next.
  9. Note: QuickBooks accepts decimals and doesn't round to the nearest dollar.
  10. Select Save or Save and close.

Go back to the Budgeting menu any time to review your budgets.

Create a budget in QuickBooks Online Advanced

If you have existing budgets in QuickBooks, you can copy and use them to start new budgets:
  1. Go to Settings ⚙ and select Budgeting.
  2. Select the Action ▼ dropdown. Then select Copy. This starts a new copy.
  3. Change the name and the financial year.
  4. Select Create budget.
  5. Make changes to any of the fields as needed.
  6. When you're done, select Save.

When you go back to your budget list, you'll see the copied budget.

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