Yes, QuickBooks Online allows users to create multiple budgets for the same year. I would like to provide some insights regarding budgeting and financial planning.
This can be especially useful for businesses that want to track financial performance across different departments, projects, or classes within the same fiscal year. You can set up multiple budgets and monitor them separately in QBO.
Here's how to create a budget:
- Log in to your QuickBooks Online account.
- Navigate to the Gear Icon and select Budgeting under the Tools menu.
- Click on Add Budget.
- Fill out the necessary details, such as fiscal year and budget name.
- Ensure the name is descriptive to differentiate between multiple budgets.
- Choose the criteria for the budget: Either by Location, Class, or Customer.
- Input the financial details for each selected criterion.
- Hit Save.
Regularly review each budget against actual performance to identify variances and adjust your strategies as needed. Utilize reports to gain insights into financial health and make informed decisions. Refer to this article for powerful insights about budgeting in QuickBooks Online: Create budgets.
For future reference, explore this article to learn about report generation in QuickBooks Online: Run a report in QuickBooks Online.
Reach out anytime you need help creating a budget in your QuickBooks account. I'm dedicated to ensuring you have the best experience possible. Have a great day.
