How to Create and Track Budget in QuickBooks Desktop?

by James Antonio

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.

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.

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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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Why Create a Budget in QuickBooks Desktop?

There are multiple plus points you can score for your business when you choose to consider creating a budget in QuickBooks Desktop:

Right from compilation to refining business strategy, creation of budget includes all
From your current QuickBooks file, you can fetch projected income details
Assist in speeding short interview which provides more of background information
Enter your projected payment information
At any given point in time, you can quickly edit and renew updates or information about your business
From your current QuickBooks file, you can also insert projected income details

Before proceeding with the current year’s budget, I want to review my last year’s data. How can I do that?

Sounds completely logical and fair. Advisably, you should be reviewing your last year’s budget data before you are all set to proceed with the next year’s budget. To go ahead with this, make sure that the respective fiscal year for the reviewing data has been set correctly:

Visit the Company Menu and choose My Company
Tap on the pencil-shaped icon, followed by clicking on Report Information
Verify the first month of the fiscal year is right

After verifying the fiscal year, follow the steps projected below for proceeding further with reviewing the last year’s data:

Visit the Reports Menu and take your cursor on the Company & Financial
Chose Balance Sheet Detail or Profit & Loss Detail (depends on whether you wish to start budgeting or forecasting)
Hit on the Dates drop-down and choose Last Fiscal Year
Click on Refresh

How can I Create a Forecast on QuickBooks?

If you are using QuickBooks Enterprise, QuickBooks Accountant, or QuickBooks Desktop Premier, you can start with forecast cash flow, revenue, and a lot more from the scratch:

Visit Company and take your cursor on Planning & Budgeting
Choose Set Up Forecast
Tap on Create New Forecast
Set up a respective fiscal year for the specific forecast you are going to create along with mentioning criteria such as Class Tracking, Jobs. Although, that is optional
Choose either start from the scratch option or creation of forecast from the previous year’s actual data
Click Finish

How to Copy an Existing Budget on QuickBooks?

If you wish to copy an existing budget on QuickBooks, the following steps directed below must be taken into consideration and implemented accordingly:

Tap on the Gear icon
Click Budgeting
Locate the budget which you wish to copy
Choose Copy from the drop-down
Start typing the ‘new budget name’ and the ‘fiscal year
Select Create Budget
Navigate to the option Update the Budget Amounts and choose it
Tap on Save and Close

What kind of Reports can I Print while working on the Budgets in QuickBooks Desktop?

The kind of reports you can print while working on the Budgets in QuickBooks Desktop are:

Up to 5 years Pay and cost projections
Balance sheet report
Profit and Loss report
Money arranging report

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing

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Accountant Basic

*See our Pricing for up to 10 Company Files.

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Pricing includes coverage for users
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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
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  • Unlimited Users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

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


How can I Import in Dancing Numbers?

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?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

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.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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