cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
kerri-portlandin
Level 1

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

It seems to default to the financial year which is not what I need in this instance.
5 REPLIES 5
Clark_B
QuickBooks Team

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

Let me impart a few details on this so you can create a budget and show it to your client for your tax year, Kerri.

 

In QuickBooks Online (QBO), you can create budgets based on your accounting data setup and ensure that the period date is set from January to December. 

 

To create a budget, here's how:

 

  1. Go to the Gear Icon, and Under the Tools column, select Budgeting.
  2. Select Create a budget.
  3. Select your preferred budget type, and budget format and click Next.

 

In addition, to adjust your fiscal year, first month of income tax year, and accounting method. Follow the steps below:

 

  1. Go to the Gear icon.
  2. Under Your Company column, click Account and Settings.
  3. On the left side of your screen, look for Advanced
  4. In the Accounting row, click the pencil icon located on the right side. 
  5. Choose your preferred First month of fiscal year by clicking the dropdown button. 
  6. Select your First-month income tax year by clicking the dropdown button. 
  7. Press Save

 

To know more about budgets, you can visit this article:  Create budgets in QuickBooks Online

 

I'll also add this article to guide you set budget targets for each class, enabling you to plan for every segment of your business: Set budget targets for each class in QBO

 

Please let me know if there's anything that I can help you with in creating budgets in QBO. You can drop your reply below, Kerri. I'll get back to assist you.

kerri-portlandin
Level 1

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

Thank you for responding but I am still having trouble. Our fiscal year starts in June but tax year starts in April. I do not get the option to choose this, only to choose January. Any ideas? 

SirielJeaB
QuickBooks Team

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

Let me guide you further to creating a budget, Kerri.

 

You can enter April as your Financial year so that you can opt to choose the Same as financial year option when setting up your Tax year. Please see the screenshot for visual reference:

 

 

Visit this article to learn about setting budget targets for each class or tracking your finances in QuickBooks:

 

 

Kindly notify me if there's anything else you want to clarify about managing budgets in QuickBooks. I'm around the clock and ready to provide you with the necessary assistance.

kerri-portlandin
Level 1

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

Thank you for your response however I still cannot make this work for the business. The financial year starts in June and the tax year in April. Is there a way to show this?

thank you!

VoltF
QuickBooks Team

New to QB and struggling with a budget. I need to create a budget for a client showing the tax year and not the financial year. How do I do this?

I'm grateful for your continued engagement with the Community, Kerri!

 

Currently, there's no option to set up the first month of the tax year to April in QuickBooks Online (QBO). The available options are limited to January only or aligned with the Fiscal year in QBO.

 

I encourage you to share your feedback with our Product Development team regarding your interest in adding the option to manually select a preferred month for the tax year. Your input will play a crucial role in enhancing our product. Here's how you can submit your feedback for QuickBooks Online:

 

  1. Select Settings, then Feedback.
  2. Enter your comments or product suggestions.
  3. Then choose Next to submit feedback.

 

Your valuable feedback will be reviewed by our Product Development team to help improve your experience in QuickBooks Online. You can also track feature requests through the QuickBooks Online Feature Requests website.

 

Moreover, for a comprehensive understanding of how to create or import budgets, I highly recommend referring to the article titled Create or import budgets in QuickBooks Online. This resource provides a detailed list of processes for managing your assets and liabilities and creating a budget for the upcoming year, month, or quarter.

 

If you have any further questions about other QuickBooks Online processes, please don't hesitate to ask. I'm here to assist you every step of the way. Have a great day! Cheers!

Need to get in touch?

Contact us