How to Use the QuickBooks Set-up Budgets Window?

by James Antonio

The QuickBooks Budgets are used to review and adjust the things and after that run the reports. After running the reports you are able to compare the actual sales and expenses with the budget that you have done. you can use the QuickBooks set up budget window at anytime whenever you want to make budget. but the best time to use it is the year-end as it helps to plan it for your next year by making a new budget. In this module, you are going to understand the process of how to use the QuickBooks Set-up budgets window.

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How to Use the QuickBooks Set-up Budgets Window?

The QuickBooks Budget window is used to create a new budget for next year. If you have already done with the setup before then instead of showing you the Create New Budget window they show you the QuickBooks Set-up Budget window. then in the setup budget window click on the Create new budget button if you want to create it from scratch. if you want to adjust or do some changes then do it in the setup window. the steps to use the QuickBooks Set-up Budget window is as follows:

Point 1: Select the Company→ Move to Planning and Budgeting→ And now, Set Up Budgets

QuickBooks unlocks the Create New Budget dialog box, shown in the below given screenshot, which you can use to create a new budget.

Kindly note that QuickBooks shows the Set-up Budgets window rather than the Create New Budget dialog box if the user has Set-up a budget previously. User is required to hit “Create New Budget” button to show the Create New Budget dialog box If QuickBooks shows the Set-up Budgets window.

Create New Budget

Point 2: Choose the Fiscal-Year Period

Recognize the fiscal year user is budgeting for. To do so, user is required to enter the fiscal year in the given text box. For example, use the buttons to change the year to 2022, if you’re preparing the budget for fiscal year 2022.

Point 3: Choose Whether to Create a Profit and Loss or Balance Sheet Budget

Select the Profit and Loss radio button, hit next, and move to Step 4 to create a profit and loss budget. To make a balance sheet budget, choose the Balance Sheet radio button, hit Finish, and jump to Step 5.

Kindly note that you use a different approach for profit and loss budgets and balance sheet budgets. User is required to make the budget for the amount of revenue or expense expected for the account for the month for the profit and loss budgets. User is required to make the budget for the end account balance: the end account balance anticipated for the asset, liability, or owner’s equity account at month’s end for balance sheet budgets.

Point 4: Specify the Additional Profit and Loss Budget Criteria

As mentioned in the below screenshot, in the “Additional Profit and Loss Budget Criteria” dialog box, specify the additional profit and loss budget criteria, and hit Next.

If we have selected to prepare a profit and loss budget in above-mentioned Step number 3, select the client:Job radio button to further extend the budget to comprise the Job details. And there is another option which is to choose the Class radio button to include classes in the budget; or at last,you can simply choose the No Additional Criteria radio button.

Kindly note that to make the budget by class, you are required to turn on the class tracking first.

Specify the Additional Profit and Loss Budget Criteria

Point 5: Choose Whether to Create the Budget from Scratch or Previous Data

To prepare the latest budget,choose whether to create the budget from scratch or previous data as same as box as mentioned in the below given screenshot.

To prepare the budget from scratch and begin with a scrubbed slate, you are required to select the Create Budget from Scratch radio button. Select the radio button titled make Budget from Previous Year’s Actual Data to build the budget which is depends on the verified data from past year.

Create Budget from Scratch Radio

Point 6: Hit Finish Once You are Done

QuickBooks displays the Set-up Budgets window.

Set-up Budgets window

How to Work with an Existing Budget?

For the editing the existing budget in QuickBooks, you are required to adhere the below-mentioned steps:

Step 1: Choose Company→Planning & Budgeting→Set-up Budgets

QuickBooks displays the Set-up Budgets window. User uses the mentioned window to document the amount that he/she expects for each revenue and expense for each month during the year in which the user budgeting.

Step 2: Choose a Budget, or Create a New One

User is required to choose the budget which user wants to work with from the Budget drop-down list at the top of the window. To create a new budget (users can have as many budgets as they want), hit on the Create New Budget button. To get any kind of assistance for creating a new budget, kindly have a look on the preceding section.

Step 3: Choose a customer (Optional)

User is typically budget by account. If user wants to budget in quality detail by also anticipating the amounts for customers, jobs, or classes, user can use the Current Customer: Job drop-down list to identify specific customers from whom he/she expects revenue or for whom they expend costs.

Kindly note that the Customer Job drop-down list box doesn’t appear unless, you haven’t created the budget you’re now working with, you are required to indicate that you want the budget by customer.

Step 4: Document the Budgeted Values for Each Month of the Fiscal Year

Enter the amounts which you want to budget for every account in the relevant month columns. Kindly remember that income and expense accounts are budgeted as the amount expected for the particular month. Hit on the Copy Across button to copy the budgeted amount for one month into the text boxes for the succeeding months.

Step 5: Adjust Row Amounts (Optional)

If user is able to find that the annually total for an account isn’t which the user wants it to be, user can go back and change the amounts for every month so that they add up to the accurate total, or user can hit the Adjust Row Amounts option. Hitting this option shows the Adjust Row Amounts dialog box, as shown in the below give screenshot. Use the Start At drop-down list to choose the month you want to start with it can be either the first month or the currently selected month. After that, select whether the user wants to increase or decrease the amounts budgeted, and by how much (by entering a dollar amount or a percentage). Hit OK once finish; QuickBooks closes the dialog box.

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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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