Learn how you can create and delete budget in QuickBooks in just a few minutes
QuickBooks is an innovative accounting tool that is used by small and mid-sized business owners for a managing budget. It enables users to calculate profit and loss and meet financial goals. It’s a useful tool that assists business owners manage their budgets in an abundantly organized and planned way. Using this innovative accounting software, you can check how much you spend on your employees and how much income they are generating for you – and see if your plan is working or you require a change in your business strategy.
We have created this blog post to help you create and delete a budget in QuickBooks Desktop. You would need the numbers for expense and income to start with and read on to know how it works. However, if you feel that deleting or creating a budget is not your cup of tea, then simply give us a call at our toll-free number i.e. 1-844-521-0490, and let our experts and certified accounting professionals handle it on your behalf.
You may also see: Steps to create Proforma Invoice in QuickBooks
How does a budget in QuickBooks help you?
Budget in QB Desktop can help you manage the following:
- List, edit and finalize the components of your business plan
- Review projected income details
- Review a short interview that offers an additional background detail
- Review projected income details
- Revise and update your company-related information
You can print the following reports through a budget in QuickBooks Desktop
While printing a budget in QuickBooks desktop, the user can print additional reports as well, namely:
- Company balance sheet report
- Cash planning report
- Income and expense projection of your company for up to 5 years
- Company’s loss and profit report
How to Create a budget or forecast in QuickBooks?
QuickBooks accounting software offers some great budgeting and forecasting tools to help the user to plan and make smart business decisions. Here is how you can create a budget or forecast in QuickBooks Desktop. Perform the following steps:
Step 1: Reviewing last year’s data
The user needs to ensure to set the fiscal year correctly, before setting up a budget or forecast. The steps involved in this process are as follows:
- The very first is to move to the company menu and then choose the My company option
- After that, the user needs to select the pencil icon and then also select the report information
- Also, ensure the first month of of the fiscal year is correct
Step 2: Select the fiscal year
- Put in the particular fiscal year in the respective text box on your screen. In case you’re budgeting for the year 2020, then use those tabs to change the year to 2020.
The user is then required to review the last fiscal year’s financial reports.
- The user needs to move to the reports menu and then hover over the company and financial
- The next step is to select the profit and loss detail or balance sheet detail, based on what the user wishes to forecast or budget for
- Once done with that, from the dates drop-down, choose the last fiscal year
- Followed by selecting the refresh option
- And then, the user can memorize the report for using it later on
Step 3: Create a budget
The user can create next year’s budget from scratch, or can also make use of the last year’s profit and loss data to start one.
- The very first step is to move to the company menu and then hover over the planning and budgeting.
- Now, the user needs to select the create new budget or Setup Budgets option
- Moving ahead, the user needs to set the fiscal year for the budget and then select either the profit and loss and balance sheet.
- And then hit next. The additional criteria for both the budgets will be discussed later in this post.
- The user can opt for the creating budget from scratch or creating budget from the previous year’s actual data
- And lastly, the user needs to select finish option
Note: The point to be noted here is that, if the user rename the account used to create a budget, it un-links it from the budget. The user will now need to recreate the budget using the new account name.
Creating a forecast
In case if you are using QuickBooks premier, accountant, or enterprise, then you can create forecasts, in order to predict the future revenue and cash flow. The process involves the following step:
- The very first step is to move to the company menu and then hover over the planning and budgeting option. The next step is to select the set up forecast option
- Followed by selecting the create new forecast
- Also, set the fiscal year for the forecast. The user can also specify additional criteria, such as jobs or class tracking, but it is not mandatory
- The next step is to select either create forecast from scratch or create forecast from the previous year’s actual data
- And the last step is to hit finish
The user can also create a profit and loss budget or a balance sheet budget, as per the need. The steps involved in both the process are stated under:
Read Also: How to setup payroll in QuickBooks desktop?
Profit and Loss Budget
- Click on the Profit & Loss radio button and click Next
- In these sorts of budgets, you can budget the revenue and expense amounts for the account for a particular month
- Now, tap on the Customer Job radio button to extend the budget and include all the other job details
- Select the Class radio button to incorporate classes in your budget or choose the No Additional Criteria button as per your requirement.
Create a Balance Sheet Budget
- Select the Balance Sheet radio button and hit Finish
- Next, click on the Create Budget from the Scratch radio button
- Select Create Budget from Previous Year’s Data to create it on the bases of your last year’s data
In the end, click Finish and the setup budget window would show up on your screen.
Step 4: Reviewing the budgets and forecasts
In order to review the budgets and forecasts, the user needs to simply move to the reports menu and choose the budgets and forecasts option.
How to Delete Budget in QuickBooks Desktop?
Here is how you can Delete Budget in QuickBooks Desktop. Perform the following steps given below:
- Open Company menu and select Planning & Budgeting
- Tap on Set up Budgets option
- Click on the drop-down list and choose the budget you wish to remove
- If necessary, you can specify the Class or Customer Job
- Click Edit and then Delete Budget
- At the end, hit Yes
Steps to create a subdivided Budget in QuickBooks
Following are the easy steps to create a subdivided budget in QB desktop:
- Tap on the Gear icon and then select Budgeting
- Select Add Budget on the top right-hand corner or the QB desktop screen
- Provide the required information (Budget Name, Budget Fiscal Year, Interval, Pre-Fill Data, subdivide by)
- Click Next and then choose the appropriate category
- Enter the budget amounts and Save the details
- Next, enter budget amounts for all subdivide categories
- Save and Close
Steps to copy an existing budget
Here is how you can copy an Existing Budget in QuickBooks desktop:
- Tap on the Gear icon and then select Budgeting
- Find the budget you want to copy
- Click on the particular budget and copy (Ctrl + C keys)
- Enter a new budget (name) and fiscal year on the next screen
- Tap on Create budget
- Put in the budget amounts
- Save and close
To edit any existing budget, select the budget (Gear icon > budgeting), do a right-click and select edit.
QuickBooks Budget Tutorial for QuickBooks Online
The QuickBooks budget tutorial is very much important, so as to calculate the annual income and expenses. In general, a few people are aware of creating budget in QuickBooks online. The steps below indicates the steps to create a budget in QuickBooks online.
- First of all, click on the gear icon
- And then selecting settings and company setting options respectively
- The next step is to click on the advanced settings
- And then check out the first month of the fiscal year carefully to create
- And then hit done.
This is all you need to know to create and delete a Budget in QuickBooks Desktop. In case you are unable to create or delete a budget or you have any query, you can contact our dedicated QuickBooks enterprise support team. Give us a call at 1(844)521-0490, and our experts and certified accounting professionals will be happy to assist you.
Other helpful articles: