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Importing a budget into QuickBooks Enterprise

Is it possible to import a budget created from last years P&L by month, into the Planning and Budget feature to create a new budget without having to type thousands of numbers into it?

2 Comments
Moderator

Re: Importing a budget into QuickBooks Enterprise

Greetings, @Gloria3.

 

Good to see you in the Community. I can help you import your budget reports in QuickBooks Desktop.

 

There are two options to create a new budget without having to enter the data manually. You can either import the last years budget or selecting Create budget from the previous year's actual data option. This lets you copy an existing budget by using the accounts that you already have and modifying the amount.

 

To start, you may want to print the last year's Profit and Loss Detail report to review last fiscal year's data. After that, please refer to the steps below based on how you want to copy the information entered on last year's budget. 

 

To upload Intuit Interchange Format (.IIF) files:

  1. Click File.
  2. Choose Utilities.
  3. Select Import.
  4. Click IFF Files.

To create one budget per fiscal year based on the previous year's data:

  1. From the Company menu, select Planning & Budgeting.
  2. Select Set Up Budgets.
  3. In the upper right corner, click Create New Budget.
  4. Specify the budget year, then choose between Profit and Loss and Balance Sheet.
  5. Click Next.
  6. Select additional criteria then click Next.
  7. Select Create budget from the previous year's actual data.
  8. Select Finish.

I've attached some articles below for additional reference: 

That should point you in the right direction today. Drop me a comment below if you have additional questions about budgets or about the process. I'll be happy to help you out. Wishing you and your business success. 

Community Contributor *

Re: Importing a budget into QuickBooks Enterprise

Thank you for your information.

I wanted to find a way to input new budget numbers every year without having to manually input into a very long chart of accounts by month.

After reading and reviewing the info from the links, the best info I could give someone else is -

It's not as hard as it looks or sounds, if you create one entry in QB's that represents what you want. This will become your template for IIF import - Quickbooks will create the template for you.

Or, as I did, in QuickBooks go to File > Utilities > Export > Lists to iif file. I chose 'Budgets' (I already had several years budgets that had been created in 'Company > Planning and Budgeting. It does not let you choose which year you want, so the COA is duplicated for each year it found a budget was created. I sorted on the column labeled 'Start Date', and deleted the previous years I didn't want included.

 

I then followed the instructions for opening the iif file in Excel. (see my notes below).

Edit the exported file

Open the .IIF file.
Open Microsoft Excel.
From the File menu, select Open.
Choose the location where you saved the .IIF file.
In the file type field, choose All Files.
Select your .IIF file then select Open.
Select Next, then Next and Finish in the Text Import Wizard. The .IIF file is now opened in MS Excel.
Make the necessary edits.
Save the changes you made to the IIF.
From the File menu, select Save. (If you're using Excel 2007, choose the Office button. then Save).
Don't do a Save As or it will become a text file.

Select Yes on the prompt that appears.
Close Excel.
You will be prompted to save the .IIF file again. Select Don't Save.

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