December 12, 2019 by John Luther
QuickBooks on-line (QBO) supports making ready budgets, that assist you monitor, track, and compare expected financial gain and expenses with actual financial gain and expenses. After you prepare a budget, you usually prepare it for a year, and you'll choose to provide budget amounts or use historical amounts from QBO. Follow the blog to know How to create a budget in QuickBooks
Steps to create a Budget in QuickBooksBefore you make a budget, it is important to specify the first month for the fiscal year and review historical amounts.
Step 1: Set the fiscal year's first monthIt is important to check that the fiscal year setting is proper so that a budget can be prepared with the first month of the fiscal year.
Step 2: Review historical amountsIf you are planning on basing your budget on historical data, then you may access a Profit and Loss Detail report to ensure transactions were assigned correctly in the previous days.
By default, this report displays transactions that were built during this fiscal year to date. Also, you can base your budget on the last fiscal year's amounts alternatively. Hence, you should customize the report to show those amounts instead.
To show the last fiscal year's amounts instead:
Step 3: Make the budgetAfter you have checked the fiscal year and historical profit and loss, you can now build the budget.
Edit an existing budgetIf a new budget has been made then the existing budget reports will not be suspended or affected. While you plan on editing a budget, the amounts must be edited too.
Copy an existing budgetWhen you copy an existing budget it authorizes you to make a new budget by using the budget account that you already have. This is, therefore, very helpful if you wish to use the budget info for a previous fiscal year to create a new budget
Delete an existing budget
View email printThere are two types of budget report you can run and then email, print, or export to Excel:
To view these reports:
Reference URL - http://quickbookserrorsupport.over-blog.com/how-to-create-a-budget-in-quickbooks.html