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Patti W11
December 14, 2018
Question

Budgets

  • December 14, 2018
  • 5 replies
  • 1 view

I created a new budget (from previous year actual data) and when I ran the report for Budget vs. Actual, I can't figure out where the "budget" numbers are coming from.  This is the first budget created.  Any help would be appreciated.

    5 replies

    K
    KhimG
    Level 7
    December 14, 2018

    Hello there, @Patti W11.

     

    It’s nice to have you in the Community today. I’m here to lend a hand in verifying where the budget numbers are coming from.

     

    We need to make sure everything is correct by checking the fiscal year setting within the company file and examining how the budget is being set up in QuickBooks Desktop.

     

    To verify if the fiscal year setting is correct, follow the steps below:
    1.    Go to Company at the top menu and select My Company.
    2.    Click the Pencil icon and choose Report Information.
    3.    Go to the First month in your fiscal year field to see the month and update if necessary.
    4.    Hit OK to save the changes.

     

    I've attached screenshots for your reference.

     

     

    Now, determine how the budget is set up. Here’s how:
    1.    Go to Company at the top menu and select Planning & Budgeting.
    2.    Choose Set Up Budgets. If you’ve set up one before, the most recent budget will be displayed in the Set Up Budgets window.
    3.    Click Create New Budget.
    4.    Specify the budget year, and then choose between Profit and Loss and Balance Sheet.
    5.    For the Profit and Loss Budget, specify additional criteria of either Customer: Job or Class, if class tracking is turned on.
    6.    Select whether you want to Create a budget from scratch or Create a budget from the previous year’s actual data for Profit and Loss Budget.
    7.    Once done, hit Finish.

     

    You may check out this article for more information about budgeting in QuickBooks Desktop: Create a budget or forecast in QuickBooks Desktop.

     

    That’s it. I want to ensure this concern gets taken care of, so please feel free to let me know how it goes by leaving a comment below. Looking forward to hearing from you soon. Take care!

      qbteachmt
      qbteachmt
      Level 11
      December 14, 2018

      Run Reports menu > Budgets & Forecasts, there are two reports to look at to understand the data you are using:

       

      Budget Overview = shows the Numbers you entered for that budget.

       

      Now run Budget vs Actuals.

      P
      Patti W11Author
      December 17, 2018

      Thanks for the input but it's not answering my question.  I had no prior budgets established.  When I do create one, then run the Budget vs. Actual report, I don't know where the "budget" numbers are coming from.  All I did was set up a budget and select "create budget from previous year's actual data".

      T
      Town Clerk
      January 31, 2019

      We have a fiscal year that runs July 1 through June 30.  We have that set up in our Company profile. But when we input a budget, it seems to ignore the fiscal year and create it in the calendar year where the fiscal year starts.  Then our Budget vs. Actual reports do not pull in the proper budget numbers.

       

      We are running desktop version for Mac 2016 - all software updates completed.  Any help would be appreciated.

      A
      AldrinS
      Level 4
      January 31, 2019

      I'd be happy to help you with that, Town Clerk.

       

      A quick and easy way to fix this is to set up your company preferences and indicate when your Fiscal Year starts. With this, the budgets that you'll input will be reflected on the Fiscal Year, instead of the Calendar Year. The steps below will guide you on how to do this:

      1. Click the QuickBooks menu.
      2. Select Preferences.
      3. Choose My Company.
      4. Select the first month of the Fiscal Year.
      5. Click OK to save the changes.

      If you need further assistance in setting this up, you can always reach out to the Customer Care Team. They have specialized tools and initiate screen sharing to guide you throughout the process. Here's how you can reach them:

      1. Click this link to go to the Official Contact Us page.
      2. Select QuickBooks Mac Desktop.
      3. Choose Using QuickBooks for Mac.
      4. In section 2, Here's how to connect with a QuickBooks expert, click Get Phone Number.

      Please know that I'm only a post away if there's anything else I can help you with. I'm always here to provide help and answer any questions that you may have. Wishing you and your business all the best!

      qbteachmt
      qbteachmt
      Level 11
      January 31, 2019

      Mac has known issues for fiscal year budgets.

       

      For my town clerk and governmental entity QB clients, I always recommend they should be using QB Accountant, which was spun off of the Premier "Industry Editions" family years ago. On Mac, you can simulate Windows by running VM Ware or Parallels for ways to install and run the Accountant Edition.

      L
      lynnh
      June 13, 2019

      I am trying to set up a budget in quick books online.  My brower I am using is firefox as my quick books seems to work well with that browser.  In the process of creating the budget, my computer stops working and I get a message that a web page is slowing down your brower, what would you like to do? Stop it or wait?  If I click wait it takes about 5-10 minutes before the information populates a single line.  If I stop it my computer freezes and I have to start over. So I switched browser to Google Crome.  Same thing. I've started this budget 6 times now.  Getting frustrated with Quick Books Online.  Ready to switch to another accounting software. 

      M
      Mark_RModerator
      Moderator
      June 13, 2019

      Hello there, @lynnh.

       

      This must be a challenging experience for you. But I'm here to ensure that you'll be able to set up a budget in QuickBooks Online.

       

      In the meantime, let's perform some troubleshooting steps that can help us isolate this. Let's try logging into your QuickBooks account using a private browser. There are times that the browser is full of frequently accessed page resources, thus causing unusual responses. 

       

      To use a private browser, here's how: 

       

      • Google Chrome: Ctrl + Shift + N
      • Mozilla Firefox: Ctrl + Shift + P
      • Internet Explorer: Ctrl + Shift + P
      • Safari: Command + Shift + N

      If it works, return to your default browser and perform clear cache to remove temporary internet files on your computer.

       

      If the issue persists, I recommend reaching out to our Customer Care Support. This way, they can investigate this issue further why you can't set up a budget.

       

      To reach them, click Help (question mark icon) at the top right, then hit Contact us. 

       

      Please keep in touch with us here in the Community should you need any further assistance. We're always here to help.

      C
      cmagic99
      June 24, 2019

      I recently spoke with a quickbooks representative and she told me that only quickbooks plus online does budgeting. This thread seems to contradict that. Does quickbooks desktop premium 2019 do budgeting?

      BettyJaneB
      BettyJaneB
      Level 9
      June 24, 2019

      Thanks for taking the time joining us here in the Community, @cmagic99.

       

      Allow me to provide clarifications about the availability of creating budgets in QuickBooks Desktop.

       

      QuickBooks Desktop has the ability to do budgets and forecast for your business. All you have to do is to set the budget properly to have a detailed outline for your company’s revenues, expenses, cash flow, and financial position. 

       

      To set up the budget:

      1. Click on Company.
      2. Select on Planning & Budgeting.
      3. Choose Set Up Budgets.
      4. Select on Create New Budget.
      5. Specify the budget year, then choose between Profit and Loss and Balance Sheet.
      6. Specify additional criteria of either Customer:Job or Class (For Profit and Loss Budget).
      7. Select whether you want to create a budget from.
      8. Click on Finish.

      Once done, a budget transaction can be viewed by running the Budgets and Forecasts report.

       

      For more insights about this process, you may read through these articles:

      This information should get you going today.

       

      Please let me know if you have further questions about budgets. I'll be around to help you out. Have a great week ahead!

      J
      julieh1
      November 6, 2019

      I think "Patty" is telling you that when she does what you said to do, as I have to, the budget numbers for 2020 should be 2019 actuals - and they are NOT. Re-quoting her is condescending.  So, what if the budget numbers are not the previous year actuals?

      C
      Charies_M
      Level 9
      November 6, 2019

      Hello there, juliehickey.

       

      To show the previous year's data on your 2020 Budget report, you'll want to create a new budget using 2019's actual amounts.

       

      Before creating a new one, you can delete the incorrect budget to avoid duplicates. Here's how:

       

      1. Go to the Company menu.
      2. Choose Planning & Budgeting, and then click Set Up Budgets.
      3. Click the Budget drop-down list and choose the budget that you want to delete.
      4. Go to the Edit menu and click Delete Budget.
      5. Click Yes.

      For instructions on how to create a budget, please follow the steps below:

       

      1. Go to the Company menu.
      2. Select Planning & Budgeting, and then click Set Up Budgets.
      3. Click Create New Budget.
      4. Choose the fiscal year for the new budget, and choose either Profit and Loss or Balance Sheet accounts.
      5. Follow the onscreen instructions. Click Next.
      6. Choose the option to Create budget from previous year's actual data.
      7. Click Finish.

      Learn more about budgeting in QuickBooks Desktop through this useful link: Create a budget or forecast in QuickBooks Desktop.

       

      Let me know if you have other questions. I'm always here to help.

      J
      julieh1
      November 7, 2019

      Thank you but I have discovered that the problem is QB can only create a budget from a CLOSED period. So in order to create a budget for 2020 based on 2019 actuals, I have to wait until 2019 is closed. This is what support told me yesterday after a 1 1/2 hour chat session. Sounds dumb, who waits until the year is done to create a budget for next year? Very dumb, one more example that Intuit has no accountants on staff.

      Thank you for your response

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