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Frequent Contributor *

Budget: How do transactions post against budget

Hello. I just upgraded to QB Desktop Pro 2019 for PC. I have created a budget and entered the budget amount for each line item in the first month (January). I'm not sure I did that correctly but that is what I determined from research. My question, and it may be elementary, is how do I get transactions that affect the budget to post? I want to be able to see either the total amount spent out of that budget or what's left in that budget at any given time. 

 

If you need any more information, please let me know. I have attached a screen shot. 

 

Stumped!

Robin

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Best answer 03-19-2019

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Established Community Backer ***

Re: Budget: How do transactions post against budget

There is nothing special you need to do to 'link' budget to actual - as long as both were listed in the same account/category they will appear in the Budget-Actual reports.

Since you entered only January budget numbers you will find no 'budget' amount in any single month report (except for Jan). But if you report for 'year-to-date' or 'year-to-last-month' then you will see what you expect.  If you want monthly and quarterly reports that make more sence then youll need to revise the budget and spread the amounts accross 12 months - i thinks theres a function to help with this within the budget page

Moderator

Re: Budget: How do transactions post against budget

Hello, @tcba2016.

 

Allow me to chime in the conversation and help share additional information about your budget report.

 

In QuickBooks, any transactions posted against the budget will not be reflected in the budget report. The budget report is just an overview that shows the numbers you entered for that budget. 

 

You'll need to run the Budget vs. Actual report to compare your company's actual revenues and expenses to your company's budgeted amounts. This will give you your variance, so you'll know whether you are over or under budget.

 

If you need additional information about the budget, you can check out this related article: Create a budget or forecast in QuickBooks Desktop.

 

Let me know if you have additional questions about what's reflected on your budget report. I'll be here to help.

 

 

6 Comments
Established Community Backer ***

Re: Budget: How do transactions post against budget

There is nothing special you need to do to 'link' budget to actual - as long as both were listed in the same account/category they will appear in the Budget-Actual reports.

Since you entered only January budget numbers you will find no 'budget' amount in any single month report (except for Jan). But if you report for 'year-to-date' or 'year-to-last-month' then you will see what you expect.  If you want monthly and quarterly reports that make more sence then youll need to revise the budget and spread the amounts accross 12 months - i thinks theres a function to help with this within the budget page

Frequent Contributor *

Re: Budget: How do transactions post against budget

Thank you. I will investigate spreading it out through the year. 

 

I guess my confusion is that I have posted several debits against the budget line items but they are not reflected on the budget. 

Moderator

Re: Budget: How do transactions post against budget

Hello, @tcba2016.

 

Allow me to chime in the conversation and help share additional information about your budget report.

 

In QuickBooks, any transactions posted against the budget will not be reflected in the budget report. The budget report is just an overview that shows the numbers you entered for that budget. 

 

You'll need to run the Budget vs. Actual report to compare your company's actual revenues and expenses to your company's budgeted amounts. This will give you your variance, so you'll know whether you are over or under budget.

 

If you need additional information about the budget, you can check out this related article: Create a budget or forecast in QuickBooks Desktop.

 

Let me know if you have additional questions about what's reflected on your budget report. I'll be here to help.

 

 

Active Member

Re: Budget: How do transactions post against budget

I am needing to know where to put the amounts for my budget where it automatically adds each month and I can see where I am regarding the budget amounts I have set.  I have read and can't find where to put the total for each

 

Moderator

Re: Budget: How do transactions post against budget

Great to see you here, @tvefair,

 

It's nice to have you as part of the discussion. I can share some insights on how to add your budget's allocated amount.

 

Creating or editing a budget report can be done in just a few steps. Let me guide you on how to do that:

 

  1. Go to the Company menu.
  2. Choose Planning & Budgeting.
  3. Click Set Up Budgets.
  4. Click the Budget drop-down and select the budget you want to edit or click the Create New Budget button.
  5. Fill out the fields with the amount you want to allocate per account. The system will automatically add the yearly total in the Annual Total column.
  6. Click OK.

 

 

That should get you on the right track! Here's a great reference I've added for you: Create a budget or forecast in QuickBooks Desktop

 

Please keep me posted on how it goes. I'll be more than happy to help if you ever need one. Wishing you a great and productive week!

Frequent Contributor *

Re: Budget: How do transactions post against budget

Wow! That made all the difference! Thank you all for your input!

 

Robin