How to Set Up Budgets in QuickBooks

How to create a budget in QuickBooks using the Budgeting Tool?

While you are running a business you have to strictly do many types of budgeting the business. Budgets are to restrict your expenses within certain limits. And you do this to keep things under control, limit expenses, and plan for seeing profits. If you are planning to do good budgeting in your small or medium business, then one of the most reliable software for business monitoring, planning to account, and tallying is QuickBooks. It helps you measure, plan, analyze, identifies, and report all financial positions in the business. That is why generating financial reports, and seeing forecasts, budgeting, etc get really easy with QuickBooks.

The requirement of annual budgeting in businesses

One of the most efficient ways of budgeting is annual budgeting. If you are doing an annual budget at the starting of the financial year you plan a smooth expenditure through the year. This will help you in many ways control and monitor the financial aspects of the business, unwanted, extra, and unplanned expenditures that can be handled if you have a proper budget made at the year starting. That is why you can always seek help from QuickBooks in this sort of budgeting. This will streamline the business as well as give you the extra wings to foresee the business future. To start budgeting using QuickBooks you can use the budgeting tool of the software.

How to create budgeting using QuickBooks?

The budgeting tool in QuickBooks provides a comparison tool that compares the actual expenses with the budget made to generate reports that can be printed. And you can set up the whole thing really easy. Here go the simple steps. Open QuickBooks, and go to the company, and then planning, and the Budgeting, and then set up Budgets. In case you already had set a budget earlier, it will open first. And if you want to create a new budget, you will have to click on Create New Budget.

Now getting on to the section which creates the comparison repots and tracks the comparison between the real expenses and your planned budget, you must follow the steps below:

  • In the Setup budgets part, select the year of budgeting.
  • You will get budget type options, and they are the balance sheets, and profit and loss. Choose one, and click on next.
    • There are no more criteria, and it’s that simple.
    • You can use the QuickBooks estimate to create a job or budget for your customers.
    • In case you use classes, choose the class budget report
  • Click on next and then choose the way you want to create the budget
    • If you go manual, you will enter all the data manually while using more labor and effort.
    • If you use the last year’s real data to fetch the budget you will be able to use and modify the last year’s data for the budget.
  • Click on Finish to end the process where you end up creating a new budget either manually or with last year’s data modified.
  • Now must save this budget using the save option and finally exit.


Now you can see how easy it is to create a new budget or alter the last year’s using the budgeting tool in QuickBooks.

Source: 99accounting


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