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Set budget targets for each class in QuickBooks Online

by Intuit Updated 1 week ago

Learn how to set budget targets for each class in QuickBooks Online Plus and Advanced.

New to class tracking? Classes represent meaningful segments in your company, like store departments or product lines. Check out our class tracking overview to learn if it’s the right tool for you and how to get started.

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If you track transactions by class, it’s easy to plan ahead for each segment. You can create a budget by class based on profit and loss from the last fiscal year. This helps you set more manageable budget targets for each part of your business. Then, you can run reports to see your progress toward your goal, so you can stay on track. We’ll show you how.

Step 1: Review your profit and loss by class

If you haven’t yet, check your profitability by class from your last fiscal year. Make sure the numbers are right. When you’re ready to add a budget, these figures will help you base your targets on last fiscal year’s financial performance.

  1. Go to Reports (Take me there).
  2. Select the Standard tab.
  3. Search for and run the report Profit and Loss by Class.
  4. Go to the top of your report.
  5. Select the Report period ▼ dropdown. Then select Last year, if your fiscal year starts in January. If not, select Last fiscal year.
  6. Select Run report.

Step 2: Add a budget goal for each class

Ready to plan ahead? Learn how to create a budget (follow the steps in the section “Create your budget” for each class).

You can create a monthly, quarterly, or yearly budget. You can also choose to pre-fill the fields with actual data from last fiscal year. This is handy if you want to base your budget on each segment’s previous financial performance.

Step 3: See how you’re doing with your budget

Make sure to check your progress toward your budget goal for each class. This can help you avoid possible red flags and stay on target.

Here’s how to compare your actual income and expenses to your budgeted amounts:

  1. Go to Settings ⚙ and select Budgeting.
  2. Find the class budget you want to check.
  3. Select the small arrow ▼ next to Edit, and then Run Budgets vs. Actuals report.
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