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How to Create and Import Budgets into QuickBooks Online?

Every organization uses the budgets for the performance estimations of the business. Firstly these budgets are being set up, and […]


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Every organization uses the budgets for the performance estimations of the business. Firstly these budgets are being set up, and then their outcomes are compared to measure the performance. You can easily create and import budgets into QuickBooks online. In this blog, you will get to know the steps to create Budgets in QuickBooks and other insights related to it.

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What are the Benefits of Budgeting for Any Kind of Business?

Budgeting is considered the best practice since it helps businesses to achieve a plethora of goals. Typically, The leader of the company will make sure that the company objectives are integrated and shown in the budget in a very real and attainable manner.

Not to mention, A budget acts as a standard or model on which the real performance is analyzed or determined. When the performance is good in comparison to the created budget, It displays the discipline of the organization and how it had stayed on its path to good leadership, accountability, and resource allocation.

Significance of Importing Budget in QuickBooks Online:

Budgeting is used in QuickBooks for future income and expenses estimations. You can effortlessly use the income and expense account to create a profit and loss budget for the fiscal years. It helps in better budget management to keep business finance on the top.

How to Create and Import Budgets into QuickBooks?

In both QuickBooks Online Advanced and Online plus, you can create the budgets depending upon the accounting details. Once you have created the budget in your QuickBooks, you can quickly check and adjust its features. It let running of the financial reports for comparing the sales and expenses.

How to Create Budgets in QuickBooks Online?

Firstly the users need to sign in to QuickBooks with full permission to create, access, or delete the budgets. Here are the steps you need to follow for the QuickBooks online version:

Step 1: Check your Fiscal Business Year

Ensure that you set the fiscal year beginning in QuickBooks. Follow the instructions:

  • With an admin mode, sign in to the QuickBooks online.
  • Locate Settings⚙ option.
  • Choose Account and Settings button.
  • Click on the advanced option.
  • In the Accounting button, verify the First month of the fiscal year field.
  • Hit on the Edit✎ option to change the date.

Step 2: Collect the Budget Data

In case you have already collected the budget data, then you can skip this step. If not, you can use the data in the QuickBooks data to proceed:

  • Click on the Reports option.
  • Choose and open the Profit and Loss Detail report.
  • Click on the ▼drop-down button which says Report Period.
  • Choose a time frame.
  • If you need to use the last year’s data, choose Last Year.
  • Ensure that the ending and beginning of the year are the same as the Fiscal year. In case if you need to use the data from the active fiscal year, click on the This Year to date option.
  • Choose Run report.

Step 3: Create Your Budget

You can either make a brand-new budget or copy one that already exists. If this is your first budget, start here. Once you have added your first budget, you will see how to copy a budget. You also have the choice to create a budget by importing a.csv file if you subscribe to QuickBooks Online Advanced. Expand the section below titled Upload a budget using a .csv file to find out how.

  • Select Budgeting under Settings⚙ option.
  • Then you have to select Add budget.
  • Give the budget a name in the Name column.
  • Choose the Fiscal Year ▼ for which you are constructing the budget from the dropdown list.
  • Choose whether you want the budget to display Monthly, Quarterly, or Annually from the Interval ▼ dropdown.
  • If you would want QuickBooks to prefill your budget with actual data from your chart of accounts, use the actual date year option from the Pre-fill data? menu.
    Note: You must start over to delete the pre-fill data if you use it and then change your mind. To end the budget and start over, use the X.
  • To further subdivide the budget, use the Subdivide by ▼dropdown.
  • After getting ready you have to select Next or you can click on Create Budget.
  • Enter your monthly budget for each account. If necessary, go to the report you saved in Step 2.
  • If your budget is satisfactory, click Save or you can click in Save and close.

How to Import Your Particular Budget into the QuickBooks Online from Excel?

Here are the important steps to import your budget from Excel sheets. Please make sure you follow them in the given sequence:

  • First, You need to Login into your account in QuickBooks.
  • View the Settings option.
  • Choose Account and Settings.
  • Now navigate to Advanced and look for the segment for Accountings.
  • Enter the 1st-month Review of the fiscal year.
  • Choose Edit if you need to Edit the Date and then View Reports.
  • Find the report Profit and Loss detail.
  • Now press on Report Period and choose a Timeline.
  • Now choose Last Year to use the Previous Year’s data.
  • Match the both year, Beginning and Ending with the fiscal year.
  • Click the Run Report and acquire a Template for the budget.
  • Press Settings, Choose budgeting, and Click on Import Budget.
  • Press on Sample.csv. after the template is downloaded, Keep it in a good location.
  • Use Excel to open the .CSV file on your system.
  • The accounting software will utilize the months to format the template.
  • Enter the budget for all accounts along with the month.
  • Choose Settings and press on Budgeting.
  • Use Import Budget and then click Browse.
  • Fix a template for the particular software and click the Next button.
  • The template will be sent to QuickBooks Online. Fix a name for the Budget.
  • You can check the information, Columns, Rows in the particular budget.
  • Finally, Click Save.

Upload a Budget Using a .CSV File (Advanced only)

You have the ability to upload your budget from a .csv file using QuickBooks Online Advanced. Before you can access the .csv import option if you’ve never created a budget before, you must first create at least one budget, Which can be blank. A .csv file can be used to build a budget as shown below:

Step 1: Create a Blank Budget

In case you have already create a budget, then you can skip this section.

  • Begin by going to Settings⚙️ and then you have to select the option of Budgeting.
  • Then you have to select Add Budget.
  • For the budget, in the Name field you have to enter a name. (Later on you can delete this budget).
  • Then you have to choose Next.
  • Lastly, you have to select Save or click on Save and close.

Step 2: Download a Budget Template

Download a budget.csv template after you’ve completed your first budget. The template is formatted by QuickBooks using your chart of accounts and fiscal year months. The template can then be used to generate your budget, guaranteeing that your data is compatible and imports well.

  • Select Budgeting under Settings⚙ if you aren’t already there.
  • Then you have to choose Import Budget.
  • To download the template, click the link for Sample .CSV.
  • Save the file in a location where you can locate it quickly, such as your computer’s downloads folder.

Step 3: Using the Template Create Your Budget

  • Launch Excel or Google Sheets and open the .csv budget template.
  • For each account and each of the months specified, enter your budget.
  • Important: Avoid including extra rows or columns. Before downloading the template, add any additional accounts you require to your chart of accounts.
  • Save the changes after you are finished.

Step 4: Upload your Template

Import your budget back into QuickBooks when you are ready:

  • First you have to go to Settings⚙ and then you have to select the Import Budget option.
  • On the list find your budget.
  • Then you have to select Edit in the Action column.
  • One month at a time you have to edit each account.
  • Select the Gear settings that are at the top of the budget and can change the time period from monthly to quarterly or yearly.
  • Then you have to select Quarter or Year.
  • Lastly, you have to select Save or you can Save and then close.

How to Create and Import Budgets in QuickBooks Online Plus?

Here are the steps:

Step 1: Adjust the Fiscal Year the First Month

Ensure that you set the beginning of the fiscal year in QuickBooks. Below-mentioned is the instructions:

  • With an admin credential, sign in to QuickBooks Online.
  • Choose Settings and then click on Account and settings.
  • Hit on the advanced option.
  • Verify the First month of the fiscal year field in the Accounting tab.
  • Click on the Edit to modify the date.

Step 2: Gather Budget Data

You can base the data budget on the active fiscal year or from the existing year amounts. In case you are planning to use the historical information, you need to run a Profit and Loss detail report to ensure that the accounts and transactions appear correct. The reports contain the transactions from the ongoing year to date. Here are the instructions you need for report customization:

  • Go to the Reports section.
  • Discover and Open the Profit and Loss Detail Report.
  • Click on the Report Period drop-down to choose the Last Fiscal Year.
  • Hit on this Year-to-date to use the data from the active fiscal year.
  • Choose Run report.

Step 3: Make Your Budget

If you don’t need to create a new budget, then you can copy the previous one.

Here are the instructions:

  • Click on the Settings button.
  • Choose Budgeting.
  • Hit on Add budget.
  • Give a name from the field which says Name.
  • Click on the Fiscal year drop-down button to choose the fiscal year associated with the budget.
  • Now use the drop-down named Fiscal year to adjust the budget as Monthly, Quarterly, or annually.
  • Click on the drop-down which says Pre-fill data to enter the date from the existing budget automatically.
  • Choose subdivide by drop-down to organize the budget according to the Class, customer, or location.
  • Click on the Next button.
  • Write the budget data into the table.
  • If you cannot view the Account and subaccounts, click on the Settings icon that appears on the Total column.
  • Place a mark on the Hide black rows check box.
  • After this, click on Save or Save and Close button.

How to Run Budget Reports in QuickBooks Online?

  • Click on the Settings icon.
  • Choose Budgeting.
  • Discover the budget in the list.
  • Choose the Action drop-down.
  • Click on Run budget Overview report.

How to Copy Budgets in QuickBooks online?

If you require editing a budget, then follow the below steps:

  • Locate the Settings option.
  • Click on Budgeting.
  • Discover the budget on the list.
  • Choose Edit.
  • You can edit Account one time a month.
  • To modify the time period monthly, quarterly, or annually, choose the Gear option at the top of the budget.
  • Click on Quarter or year.
  • Choose Save or Save and close.

How to Delete a Budget in QuickBooks?

Make sure you have carefully decided to recover the deleted budgets. Here are the steps:

  • Click on the Settings icon and then click Budgeting.
  • Discover the budget on the list.
  • Choose the drop-down which says Action.
  • Click on the Delete button.

How to Copy an Existing Budget in QuickBooks?

Here are the instructions you need to follow:

  • Click on the Settings button and then hit on Budgeting.
  • Discover the budget you need to copy.
  • Click on the drop-down button which says Action.
  • Hit Copy option.
  • Now write the new budget name & fiscal year in the copy budget screen.
  • Click on Create Budget.
  • If needed, you can change the budget amounts.
  • Click on Save or Save and close button.

How to Import Fiscal Year Budget into QuickBooks?

For optimum results, please follow the steps below in the given sequence and order:

  • You must Create a File with the right heading.
  • Navigate to the File section, Go to Utilities, then Export, and then Budget.
  • Save the Budget.
  • In your particular QuickBooks Chart of Accounts, you will require to add Two Accounts.
  • Navigate to the File section, Go to the Utilities section, then click Export and Chart of Accounts.
  • Save the Budget File.
  • Now you go to the File section and click on Utilities.
  • Click on Import. Now click on the Budget file to be imported.
  • Select the saved file and then Import it into QuickBooks.
  • Once the importing is done successfully, Navigate to the company option in the QuickBooks Application.
  • Press on Planning and Budgeting.
  • Set up the Budgets.
  • You will find the complete imported budget.

Note: Importing a budget into QuickBooks from Excel is a complicated task. Budgets are generally based on some previous information. If you are using QuickBooks, then navigate to the reports section, and from there accounting and taxes and press on the trial balance. Then select the last fiscal year. You will be able to build the budget using the numbers from the last year.

Here, the write-up with the quick guide to creating and import budgets into QuickBooks complete! Stay tuned here to know the insights of the import, export, or delete process in QuickBooks to enhance business productivity.

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Video Tutorial For Create and Import Budgets into QuickBooks


Frequently Asked Questions (Faqs)

How to Save the Budget to Review Files in QuickBooks?

Give a Name to the Budget.
Check the Cells
Ensure that You have Entered the Right Amounts
If you need to Perform any Modifications, Choose a Field and Apply Changes
Once You are Prepared, Choose Save to
What is the Benefit of Customizing the Report in QuickBooks online?
To Display the Amounts of the Existing Fiscal Years

What is the Benefit of Customizing the Report in QuickBooks online?

To display the amounts of the existing fiscal years

What are the Steps I need to Follow to Copy an Existing Budget?

Click on the Edit, copy or delete budgets option

Why am I unable to view the Class, Customer, or Location option? How to fix it?

Check your Class tracking or location tracking is enabled or not. Here are the steps to turn on Location tracking:

Click on the Settings option
Choose Account and Settings
Click Advanced and then choose the Categories tab to edit
Click on Track classes
Choose to Warn me when a transaction is not assigned a class
Click on One to entire transaction below assign Class
Choose Save and then click on Done

What is a Budget Overview Report?

It contains the summary of the Account-based budgets.

When can I make a Budget in QuickBooks online?

You can create a budget at any time. However, the best time to proceed with making a budget is year-end.

What Reports do Budgets in QuickBooks Desktop Print?

Here are the Reports that Budgets in QuickBooks Desktop Print:

Money Organizing Report
Profit and Loss Report
Balance Sheet
Cost Estimation Reports

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Wage Items

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You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


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To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

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Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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