How to Create and Import Budgets into QuickBooks Online?

by James Antonio

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.

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 timeframe
  • 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 – Download a Budget Template

Open your QuickBooks to download a budget template; it usually found in .csv format. Use this data to create a budget to make data compatible. You can have up to 5 budget templates. Here are the instructions:

  • Click on the Settings option
  • Choose Budgeting
  • Hit Import Budget
  • Choose the Sample.csv link to start downloading the template
  • Once you complete the downloading, save it on the location you can easily discover, such as the Downloads folder.

Step 4 – Make a Budget

Now open the budget template with .csv format in the Google Sheets. You can use the chart of accounts and fiscal year months to proceed with organizing the template format. Write the budget associated with each month. The thing to note: Make sure you are not adding more rows and columns. If you require displaying more accounts, then integrate them into the chart of accounts before downloading the template.

Step 5 – Template Uploading

Once you are done with this, start importing the budget back into QuickBooks. Follow the steps:

  • First of all, click on the Settings button
  • Choose Budgeting
  • Click on Import Budget
  • Choose Browse and then hit on the template
  • Once you are done with this now, your budget is in QuickBooks

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 Accountings 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 Edit Copy or Delete 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

Here, the writeup 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.


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.

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