When thinking about what could be the best way to lead in the game of business finances, it’s the creation of a budget that tops the most. And the good news is that QuickBooks helps you to create and track budget with ease for your business.
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When you have created a budget in QuickBooks, it helps you in managing multiple activities along with enabling you to closely analyze business needs, resources, and funds.
This article will help you with explanatory steps so that you have a transparent understanding of how to create and track Budgets in QuickBooks Desktop.
Steps to Create and Track Budget in QuickBooks Desktop
Step 1: Start by tapping on the Gear icon and click on the Tools List.
Step 2: Find Budgeting and choose it.
Step 3: Select New Budget.
Step 4: Once you have performed the previous step, you would notice that a mini-interview window has appeared. Hit the Next option.
Step 5: In this step, You need to tap on No Amounts.
Step 6: You can start by creating a budget from the scratch here on from this step. To proceed, choose Next.
Step 7: An option stating Don’t Subdivide would pop up, following to which you need to click Next.
Step 8: Find a fiscal year and pen down the respective Budget name you wish to assign.
Step 9: Once done in assigning the budget name, you need to tap on Finish.
Step 10: You will find a Budget Window next to this.
Step 11: Select Billable Expense, Income and start filling up the amounts to be specified in the budget for each respective month.
Step 12: Hit on Save.
Step 13: Complete the process by hitting Finish.
Note: Often new QuickBooks users who do not have technical background think skipping one step is not a big deal. Do not make this mistake and follow each and every step strictly. Once all the steps are completed you can create and track the budget on QuickBooks desktop.
Now it must be quite easy and smooth for you to understand how to create and track budget in QuickBooks Desktop. Each of the steps mentioned above must be followed in their sequence/order which will further help you to get a better understanding of how to create and track budget in QuickBooks Desktop.
But, there might be either a few technical issues or peculiar downtime errors or the lack of clarity of this article, that can still give you a tough time while creating budget in QuickBooks Desktop.
In any such scenario, where you feel you are stuck while creating and tracking the budget in QuickBooks Desktop, seek professional assistance immediately.
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Frequently Asked Questions (Faqs)
Why Create a Budget in QuickBooks Desktop?
Before proceeding with the current year’s budget, I want to review my last year’s data. How can I do that?
How can I Create a Forecast on QuickBooks?
How to Copy an Existing Budget on QuickBooks?
What kind of Reports can I Print while working on the Budgets in QuickBooks Desktop?