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Create a Budget in QuickBooks Online – Instructions

by / Thursday, 07 September 2017 / Published in Latest, Quickbooks Online

Create a Budget in QuickBooks Online: Overview

            You can create a budget in QuickBooks Online to estimate future income and expenses. QuickBooks Online Plus lets you create “Profit & Loss” budgets for fiscal years for income and expense accounts. However, you cannot create “Balance Sheet” budgets in QuickBooks Online Plus, like you can in QuickBooks Pro.

            Before you create a budget in QuickBooks Online, ensure the “Fiscal Year” setting is accurate. You should do this because the budget starts at the fiscal year’s first month. To check the fiscal year setting, click the Gear button. Then click the “Account and Settings” link. Click the “Advanced” tab and then check the “First month of fiscal year” setting in the “Accounting” section. Adjust this setting, if necessary.

            To create a budget in QuickBooks Online, click the Gear button. Then click the “Budgeting” link under the “Tools” heading. Then click the “Add budget” button in the page that appears to create a new budget.

            In the “New Budget” window, type a name for the budget into the “Name” field. Use the “Fiscal Year” drop-down to choose the budget’s fiscal year. Use the “Interval” drop-down to select the time intervals to show within the budget.

            To pre-fill the budget with actual data, if available, select the year from which to use the actual data from the “Pre-fill data?” drop-down. To subdivide the budget, select a choice from the “Subdivide by” drop-down.

            If you chose to subdivide your budget, the “Add subdivided budget for” drop-down lets you select for which customers, classes, or locations to subdivide the budget. This also adds a “View budget for” drop-down from which you can select from the choices made in the “Add subdivided budget for” drop-down to show the choice in the budget. When finished, click the “Next” button in the lower-right corner to continue.

Create a Budget in QuickBooks Online - Instructions: A picture of a user setting budget options in QuickBooks Online Plus.

Create a Budget in QuickBooks Online – Instructions: A picture of a user setting budget options in QuickBooks Online Plus.

            To edit the budget’s information, click a line in the budget to edit. Then enter the budget information into the columns within the selected row. To enter the same value into all columns to the right of a column’s field, type a value into the field. Then click the “Copy Across” button, which looks like a right-pointing arrow in a blue circle at the right side of the field, to copy it to all the other column’s fields to the right. To clear all of the fields’ information, click the “Clear” button, which looks like an “x” in a blue circle at the right end of the selected row.

            When finished, click “Save and close” button in the lower-right corner of the page to show the “Budgets” page. The list in this page shows all the budgets you have created. To edit a budget, select the “Edit” choice under its “Action” column. To delete a budget, select the “Delete” choice under its “Action” column.

            If you want to copy a budget, select the “Copy” choice from its “Action” column. To run a “Budgets vs. Actuals” report or “Budget Overview” report, select either the “Run Budgets vs. Actuals report” or the “Run Budget Overview report” command from the budget’s “Action” column.

Create a Budget in QuickBooks Online: Instructions

  1. Before creating budgets in QuickBooks Online Plus, ensure the “Fiscal Year” is set correctly, as budgets start the first month of a fiscal year.
  2. To check the “Fiscal Year” setting, click the Gear button and then click the “Account and Settings” link.
  3. Click the “Advanced” tab and then click the “Accounting” section.
  4. Check the “First month of fiscal year” setting and make any necessary corrections.
  5. Click “Save” and then “Done” if you made any changes.
  6. To create a budget in QuickBooks Online, click the Gear button and then click the “Budgeting” link.
  7. Then click the “Add budget” button in the page that appears to create a new budget.
  8. In the “New Budget” window, type a name for the budget into the “Name” field.
  9. Use the “Fiscal Year” drop-down to choose the fiscal year for the budget.
  10. Use the “Interval” drop-down to select the time intervals to show within the budget.
  11. To pre-fill the budget with actual data, if available, select the year from which to use the actual data from the “Pre-fill data?” drop-down.
  12. To subdivide the budget, select a choice from the “Subdivide by” drop-down.
  13. If you chose to subdivide your budget, the “Add subdivided budget for” drop-down lets you select for which customers, classes, or locations to subdivide the budget.
  14. This also adds a “View budget for” drop-down from which you can select from the choices made in the “Add subdivided budget for” drop-down to show the choice in the budget.
  15. When finished, click the “Next” button in the lower-right corner to continue.
  16. To edit the budget’s information, click a line in the budget to edit.
  17. Then enter the budget information into the columns within the selected row.
  18. To enter the same value into all columns to the right of a column’s field, type a value into the field and then click the “Copy Across” button, which looks like a right-pointing arrow in a blue circle at the right side of the field, to copy it to all the other column’s fields to the right.
  19. To clear all of the fields’ information, click the “Clear” button, which looks like an “x” in a blue circle at the right end of the selected row.
  20. When finished, click “Save and close” button in the lower-right corner of the page to show the “Budgets” page.
  21. The list in this page shows all the budgets you have created.
  22. To edit a budget, select the “Edit” choice under its “Action” column.
  23. To delete a budget, select the “Delete” choice under its “Action” column.
  24. If you want to copy a budget, select the “Copy” choice from its “Action” column.
  25. To run a “Budgets vs. Actuals” report or “Budget Overview” report, select either the “Run Budgets vs. Actuals report” or the “Run Budget Overview report” command from the budget’s “Action” column.

Create a Budget in QuickBooks Online: Video Lesson

            The following video, titled “Setting Up Budgets,” shows you how to create a budget in QuickBooks Online Plus. This video on how to create a budget in QuickBooks Online is from our complete QuickBooks Online Plus tutorial, titled “Mastering QuickBooks Online Plus Made Easy v.2017.”

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