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Hello, @Ken875.
When creating budgets in QuickBooks, it is based on your current financial year or from the previous year's amounts. Let's first make sure to run your Profit and Loss report. This is to make sure that all of your income and expense transactions were accounted for properly in the past year.
- Go to the Report menu.
- Scroll down to the Business Overview section.
- Select the Profit and Loss by Month report.
- Click the Compare another period drop-down.
- Mark Previous Year or Year-To-Date.
- Click the Run Report button.
Now, we can create a budget. Here's how:
- Go to the Gear icon.
- Select Budgeting.
- Click the Add budget button.
- Enter the specific name of the budget.
- From the Fiscal Year drop-down list, select the fiscal year for the budget.
- Use the options on the Interval drop-down menu to specify whether the budget is Monthly, Quarterly, or Yearly.
- Enter the budget data into the table
- Click Save.
You have the option to automatically pre-fill it with data from the current or previous year into the budget, and specify the year to use. Also, you can manually enter the amounts per month. You can read through this article for more insights: Create and import budgets into QuickBooks Online.
Lastly, so your budget will show on the report, all you have to do is change the date range and do some customization. Here's how:
- Click Reports.
- Search for "Budget vs. Actuals" on the search bar.
- Choose the budget for 2020, click on Run Report.
- Click on Customize.
- Choose what you want to see on the report, and click Run Report.
You can save the configuration you've set for future use by clicking the Save Customization button.
The Community has your back, so please don't hesitate to get back to us if you have other questions about managing your business using QuickBooks. Wishing you a safe and fun weekend ahead.
