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mwhittington
Level 1

Equity Account Showing Up in Budget

For my business, I have an account set as an equity account in QB Desktop Pro 2019.  The account is called "draw" and I use this account when I am paying myself out of my business.

 

I am trying to setup a budget for 2020.  This account "draw" (which is an equity account) does not show up as a possible line item in the budget.

 

Is there a way to add an equity account to the budget?

 

Since I use this account monthly to pay myself, it is critical that I include this in my budget.

3 Comments 3
Kristine Mae
Moderator

Equity Account Showing Up in Budget

I'll help you create a budget, Mwhittington.

 

You'll have to create a Balance Sheet budget type. This way, the draw account will show. Here's how:

  1. Click Company.
  2. Go to Planning & Budgeting, then select Set Up Budgets.
  3. Click Create New Budget.
  4. Enter the year.
  5. Select Balance Sheet (reflects ending balance), then click Next.
  6. Click Finish.

This is how it looks like:

 

 

Let me add the article about creating a budget or forecast in QuickBooks Desktop to better help you. 

 

Tag me if you need more help. I'll reply to all your questions. 

mwhittington
Level 1

Equity Account Showing Up in Budget

thank you very much for this.  I am now able to see the draw account however this way doesn't include the other accounts that I need to budget for like fuel, office expense, etc.

 

would i create 2 budgets and the reporting would reflect all of it or would I need to do it just one way or the other?  

 

thank you

RCV
QuickBooks Team
QuickBooks Team

Equity Account Showing Up in Budget

Thanks for coming back, mwhittington.

 

Yes, you are right, we can run two budget reports to show the draw account and the company expenses for fuel, office expense, etc. To run a Budget report for expenses, just choose the Profit & Loss Account budget type.

 

Here's how:

 

  1. Click Company on the top menu.
  2. Choose Planning & Budgeting.
  3. Hit Set Up Budgets.
  4. Tick Create New Budget.
  5. Enter the year.
  6. Select Profit and Loss (reflects all activity for the year). Then, tap Next.
  7. Choose either No additional criteria, Customer:Job, or Class in the Additional Profit and Loss Budget Criteria section. Then, Next.
  8. Select Create budget from scratch or Create budget from previous year's actual data in the Choose how you want to create a budget section. 
  9. Click Finish.

forecast1.PNGforecast02.PNGforecast03.PNGforecast04.PNG

We have a link here where you can find articles about managing reports in QuickBooks: https://quickbooks.intuit.com/learn-support/en-us/reports/07?product=QuickBooks%20Desktop.

 

Feel free to reply to this thread if you need anything with the budget report or any QuickBooks related. I'll be here to help.

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