Budget upload and reports

SunshineTim · ‎May 26, 2021

I am trying to figure out 1) how to get my budget into QB Online Advanced and 2) how to run a budget v. actual report.

I have seen in several articles that there is supposed to be an upload option in Settings - Budget, then I have seen in other posts that this is not actually available. The budget screen that I am getting is very limited and does not appear to allow budgeting at the account level. Can someone provide definitive direction on how I can get my budget into QB? If I have to manually input it, fine, but I would like to do it at the account level.

Secondly, I have seen other QB articles saying that there is a Budget vs. Actual report that I should be able to find by going into Reports and entering Budget in the search criteria. However, no budget reports of any kind come up. Is there a setting somewhere that I have not been able to find that will activate this report, or is it a custom report?

Thanks,

Tim

Rea_M · ‎May 26, 2021

I can see the advantage of customizing your budget template and having a line for wages & benefits when creating one in QuickBooks Online (QBO), @SunshineTim. That's why I'm here to share further details about adding one so you can manage your business forecast accordingly.

The line of accounts on your budget is based on the lists you have on your Chart of Accounts. You can add an account for wages & benefits so it'll show and accessible when you create your budget. To do this, here's how:

Go to the Accounting menu.
Select Chart of Accounts.
Click the New button.
Choose the appropriate Account Type and Detail Type info.
Enter the account name (i.e., Wages & Benefits).
Click Save and Close.

I've attached a screenshot below that shows the last three steps.

Once done, go ahead and create your budget that includes the line for wages & benefits. Just select the Budgeting option through the Gear icon. Please see the sample screenshot below.

To learn more about creating budgets to compare against your actual sales and expenses in QBO, I'd recommend checking out this article: Create and import budgets into QuickBooks Online.

In case you have other concerns about budgeting and financial reports in QBO, don't hesitate to leave a comment below. I'm just around to help. Take care and stay safe always.

View solution in original post

JasroV · ‎May 26, 2021

Welcome to the Community space, Tim.

I'd be glad to share with you some insights about importing budget in QuickBooks Online (QBO) Advanced.

You'll need to create a budget first to be able to import and run the budget report. Let me walk you through the steps.

Go to the Gear icon.
Select Budgeting.
Then click Add budget.
Enter the details and click Next to save the budget.

Once done, you can now import and run your budget report. You can utilize this link for guidance: Create and import budgets into QuickBooks Online.

Additionally, I'm adding this link that you can use for reference: Reconcile an account in QuickBooks Online. This resource helps you ensure your bank and QuickBooks balance matches accurately.

You can always get back to me if you have other questions about managing your budgets. I'm only a few clicks away from you. Have a good one!

SunshineTim · ‎May 26, 2021

Thanks for the reply. I find the format of the budget extremely limited....there isn't even a line for wages & benefits which seems like a gross oversight. Is there no way to customize the budget format?

Thanks,

Rea_M · ‎May 26, 2021

I can see the advantage of customizing your budget template and having a line for wages & benefits when creating one in QuickBooks Online (QBO), @SunshineTim. That's why I'm here to share further details about adding one so you can manage your business forecast accordingly.

The line of accounts on your budget is based on the lists you have on your Chart of Accounts. You can add an account for wages & benefits so it'll show and accessible when you create your budget. To do this, here's how:

Go to the Accounting menu.
Select Chart of Accounts.
Click the New button.
Choose the appropriate Account Type and Detail Type info.
Enter the account name (i.e., Wages & Benefits).
Click Save and Close.

I've attached a screenshot below that shows the last three steps.

Once done, go ahead and create your budget that includes the line for wages & benefits. Just select the Budgeting option through the Gear icon. Please see the sample screenshot below.

To learn more about creating budgets to compare against your actual sales and expenses in QBO, I'd recommend checking out this article: Create and import budgets into QuickBooks Online.

In case you have other concerns about budgeting and financial reports in QBO, don't hesitate to leave a comment below. I'm just around to help. Take care and stay safe always.

SunshineTim · ‎May 29, 2021

Thanks for the response. I got a little ahead of myself, I guess, as I had not yet uploaded my COA.

Tim

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