Setting Up New Budget with New Fiscal Year

baileybn · ‎May 04, 2021

My organization is changing our fiscal year from Jan-Dec to July-June. We're currently in a short 6 month FY to accommodate this change. When we entered our current short year budget (FY 21), we just left the last 6 months of it blank. Now after changing our fiscal year start month in "My Company," when I try to create a new budget for July 21 - June 22, it is still referring to this date range as FY 21, when it should be created a new budget for FY 22.

Any advice on how to actually create a new budget that is correctly labeled as FY 22?

Rose-A · ‎May 04, 2021

Sending good vibes to you, baileybn. I'm here to help ensure you can create a budget for FY 22 in QuickBooks Desktop.

You might want to ensure you've specified the correct FY when creating a new budget. Here's how:

Click Company at the top menu bar.
From the drop-down list, click Planning & Budgeting.
Choose Set Up Budgets.
Ensure to set the year and type for the new budget.
Hit Next.
This will show the FY 22 for the new budget.

To know more about how the budget works in QuickBooks, check out this article: Create a budget or forecast in QuickBooks Desktop. On the same link, you'll find what report to pull up to review your budgets and forecasts.

It'll be always my pleasure to help if you have any other questions. Just keep me posted in the comment section down below and I'll be sure to get back to you.

Rose-A · ‎May 05, 2021

Hi, baileybn.

Hope you're doing great. I wanted to see how everything is going about creating a new budget for FY 22 you had yesterday. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I'd be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

MDiBella · ‎October 25, 2022

Rose,

How do I set up a budget for a program that will run from say October to June?

Mark

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Setting Up New Budget with New Fiscal Year