cancel
Showing results for 
Search instead for 
Did you mean: 
speck
Level 1

Budgeting multiple years

I work with several grants which I record in QuickBooks as classes.  I would like to create a separate budget for each class.  My problem is that the grants have different periods of time in which they operate.  I have some that run January to December, April to March (which is our fiscal  year), July to August and a few more.  How do I go about creating budgets for different time periods.  I can only find setting them up to run with our fiscal year.

6 Comments
qbteachmt
Level 15

Budgeting multiple years

An much easier tool for Grants = Customer name. Or Customer:Job, such as County:Food Bank.

Budgets are Fiscal year. Grants stand for the lifecycle of the tracking  you will do, even crossing FY ends.

 

So, you put the Estimate for the Grant. You make the Budget for the Fiscal Year. Now you have to double-cross-reference for reporting. Everything you enter, you put the Grant Income on a customer transaction, such as Customer:Job for the Sales Receipt when you get the income. And on split details on checks, you list both Customer:Job, and Class, for the spending.

CJDay
Level 3

Budgeting multiple years

I have been trying this and have run into a problem. Expenses are entered (mostly by Vendor, Bill or a General Journal) and applied to the Customer:Job (Grant) and Class (Program/Department). The funder wants a budget vs. actual report. If I create an estimate, I have to use Items. That means entering the Bills using items instead of the expense accounts so they show on the Job Budget vs. Actual report. Otherwise, the show under "No Item" and do not match the estimate. This might not be a problem once it is part of the regular procedures.

How do I tie the expenses on a General Journal to the Estimate? I cannot use Items on the Journal. Payroll is entered as a Journal entry.

CJDay
Level 3

Budgeting multiple years

The answer was helpful for tracking grant expenses. We've been doing this since July 1, 2019 when we switched from another software product. Now the funder is asking, like the original question, how to due a budget to actual for the grant. If I enter an Estimate as the budget for the grant, ALL expenses have to be entered using items. Or am I missing something? I tried it today in a "test" copy of the database. Any expenses allocated to the grant using the Customer:Job (Grant) and Class (Program) show in "No Item" line on the Estimate Budget vs Actual report. We could make some adjustments to procedures when entering bills, but some transactions are Journal entries. How do I enter a Journal to an item instead of an expense account? Thanks.
Ashley H
QuickBooks Team

Budgeting multiple years

Hello there, @CJDay.

 

I recommend reaching out to your accountant for advice. Rest assured, they can guide you on how to properly record these transactions in your books. Please let me know if you have any additional questions or concerns.

 

Have a beautiful day!

CJDay
Level 3

Budgeting multiple years

Thank you but I don't think the response addressed the question. The question is about using the QB desktop software. If I am to use QB Estimates to track grant budgets, how do I, in QB, enter a Journal entry using Items instead of Accounts? If I can't use Items with a Journal entry, is there a limit to the number of lines I can have on a Check transaction? Example, we currently enter 4 journal entries for payroll to manage the number of lines of allocating wages, FICA, health insurance and travel reimbursement. If this was instead entered as a check to the payroll company, is there a limit to the number of lines (Item/Job/Class combinations) that can be entered? The total of the 4 journal entries is about 250 lines.

IamjuViel
QuickBooks Team

Budgeting multiple years

Hello, @CJDay.

 

Yes, you can use Estimates to track budgets. Just make sure to use items that are included in your Profit and Loss and Balance sheet accounts. Just a heads-up though, an estimate is a non-posting transaction this it will not be included in some of your reports. You'd want to convert it first into an invoice.

 

 

You can run the Job Estimates vs. Actual Detail report will show estimates and sales transactions or invoices.

 

Feel free to get back to me if you have any other estimate concerns. Have a great day.

 

 

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up