Nonprofit - Tracking P&L and budget for events we hold.

Hello again, 

My company holds numerous Special events throughout the year. I would like to know the best way to track the P&L for these events, and know if it is possible to set up a budget for the event and how to track it. 
This is my current workflow. 
Create Customer/Job - Event X
Create New items:
Event X - Tickets - Tied to the Account Line Special Events/Event Expenses/Entries
Event X - Concessions - Tied to the Account Line Special Events/Event Expenses/Food
Event X - Supplies - Tied to the Account Line Special Events/Event Expenses/Supplies
Etc...
For expense Transactions I enter the transaction, put the Name as Event X and the class as Events. 
For income Transactions I create a Sales Receipt with Event X as the name 

As for setting a budget. Currently, it runs like this. 

The Event director sends a budget request to the CEO for X amount of money over Y Period of time. 

Let's say $1,000.00 per Quarter for an event that runs monthly. Effectively giving a $333.33 budget per month, for event expenses. 

This is not currently tracked in our QB, is there a way to track this projects budget, and run a report on where the project stands in regards to the budget? 
I've tried to use the budgeting feature in Quickbooks, but I don't really want to dig into it if it won't work for what I need. 

Thanks in advance for your help. Please let me know if you need any clarifications.