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Join nowI need to complete a budget for a nonprofit organization for their strategic planner. She asked for specific parameters she only wants to include in the budget. She wants me to create one with just the starting money in the bank, the credit card balance, our committed funds for the rest of the year, forecasted funds, and then the remaining balance. Then she wants me to create two other versions of the budget, one also including forecasted general donations, and one including the donations and expenses to a specific event the nonprofit does every year. I have never used the Quickbooks Online Budget tool and as I started working on it, I just don't understand how to have it generate only what I need or how to edit it to fit my needs. I have no experience creating budgets in general so I need some guidance on understanding how the Quickbooks budget tool is generating numbers. I want to use the average of two years worth of historical data to generate the forecasted funds. I tried the quickbooks sync in excel, but the excel report that generated looks completely different from how it looks in Quickbooks Online and it doesn't make much sense to me. Is there a way in QBO to generate a report that calculates the average from prior years data so I can just plug those in?
I can provide you with more information about running the report that you need, @jennso98.
While QuickBooks Online doesn't directly automate the calculation of averages from prior years' data within the budget tool itself, exporting relevant reports to Excel and performing calculations there provides a practical workaround.
To begin, you can export the report that includes the data you need to calculate averages from prior years. You may consider running reports such as Profit and Loss, Balance Sheet, or Custom Transaction Detail reports. Customize the report's date range to include the data from the prior years you want to average. Once done, export the report to Excel, and it will allow you to perform calculations, including averaging the data from prior years.
Here's how to run a report and export the report to Excel:
Here's more information about running reports in QuickBooks Online to print, email, and export.
Then, refer to this article for more information about creating different types of budgets: Create budgets in QuickBooks Online. It also explains how to edit and delete budgets, as well as how to run budget reports to track budget goals.
From here, proceed to this article that provides a comprehensive guide to customizing and managing financial reports in QuickBooks that describes how to run a report, customize it according to your preferences, save it as a custom report, and manage and automate it. It also explains how to share custom reports in PDF or Excel format with your team members: Customize reports in QuickBooks Online.
If you need further assistance with generating reports or anything else, feel free to post your question in the Community, and I'll be happy to provide additional guidance. Have a great day!
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