Can you create multiple budgets for the same year?

zaudi@baoinc.com · ‎November 05, 2024

Ethel_A · ‎November 05, 2024

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.

View solution in original post

Ethel_A · ‎November 05, 2024

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.

ICPCKrug

I use QuickBooks Pro. Can I also create separate budgets, each using different account codes from the total list of account codes?

FateCandylaneT

Yes, you create separate budgets in QuickBooks Desktop Pro with different account codes for each one using the Class Tracking feature, ICPCKrug.

Beforehand, you’ll have to ensure your Chart of Accounts is properly set up with the account codes you want to use. Then, enable the QuickBooks Class Tracking feature to track account balances by department, location, account codes, or any other meaningful breakdown of your business.

Whenever you’re ready, create a class first and name it after the specific account codes to achieve a similar effect of managing different budgets for specific parts of your business.

Then, create a separate budget and assign it to a specific class (different account code). To do this:

In QuickBooks Pro, go to Company from the top menu.
Select Planning & Budgeting, then Set Up Budgets.
Click on Create New Budget.
Select the year for the budget.
Choose the type of budget (Profit and Loss or Balance Sheet).
If you're using Profit and Loss, you can further specify the Class option or the account code created.

I’ll leave this thread available for any additional queries when managing budgets in your account.

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Can you create multiple budgets for the same year?