2 types of budgets

Hi there, @ElCampanil. I'd be delighted to share insights about setting up a budget.

Yes, you're correct that if you made changes to one, you'll have to reflect the modification also in the other. There are categories or accounts in the consolidated budget that affects the budget tracked by class. That's why the data will have to be symmetrical along with the other.

You can also run a Budget vs. Actual report to show how your business goes compared to the budget you determined. Then, customize what specific type of accounts you'd want to show. 

Here are our articles that you can check to know more about reports in QuickBooks Desktop:

• Create a budget or forecast in QuickBooks Desktop. It's a great tool to help you plan and forecast future earnings and cash flows. 
• Customize reports in QuickBooks Desktop. This will help show specific data in a report that you want to generate.

Let me know if you have more questions about creating or modifying a budget. I'm always ready to assist you. Have a great day!

Thank you for your reply.

So I'm guessing that since I want to track actuals vs Budget at the class level, we really only need that one type of budget ?

Thanks

Rick

Thanks for getting back, @ElCampanil.

Yes, you can use one budget type since you only need to track Actuals vs Budget at the class level.

See this article to learn more about using data to make budgets and forecasts: Create a budget or forecast in QuickBooks Desktop. It includes instructions to memorize a report so you can access the information quickly to save time.

I’m also adding this link for better insights about budgeting and forecasting: Budgeting vs. Forecasting: What’s the Difference?

If you have any other questions or concerns in managing your budgets, please let us know by adding a comment below. We're always here to provide additional assistance. Keep safe always!