QuickBooks accounting software offers a wide variety of features, which makes it a unique and power pack software present in the market. One such feature is budgeting and forecasting tools, which helps in planning and making better business decisions. One can use this software, in order to check the spending on the employees and also the income generated. With this feature, the user can easily calculate profit and loss and meet financial goals. Creating a budget or forecast in QuickBooks desktop is possible with the help of certain set of steps, which we have discussed later in this particular article. After reading this article, you might be able to create and delete a budget in QuickBooks desktop. The user might require the numbers for expense and income to start off with the process.

Whereas, if you are a newbie or in case you want our professionals to perform the required steps on your behalf to create a budget or forecast in QuickBooks desktop, then simply grab your phone and ring up to us at +1-844-405-0906. We will ensure to provide the finest support services instantly.

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Benefits of budget in QuickBooks desktop

Budget in QuickBooks desktop can help in managing the following:

  • The user can list, edit and finalize the components of the business plan.
  • And one can also review projected income details.
  • Reviewing projected income details.
  • Budget also helps in revising and updating the company related information.
  • Also it helps in reviewing a short interview that offers an additional background detail.

Steps for creating a budget in QuickBooks desktop

As we mentioned earlier, certain steps can be followed for creating a budget in QuickBooks desktop. Let us explore the steps in detail:

Step 1: Reviewing the last year’s data

To start off with, the user is recommended to go through the last year’s data. Also, the user is suggested to ensure that the fiscal year is set properly. The steps involved in here are as follows:

  • At first, the user is recommended to move to the company menu and then choose my company.
Reviewing-your-last-years-data-Screenshot
  • The next step is to select the pencil icon and also opt for report information.
Reviewing-last-years-data-Screenshot-2
  • The user is then required to ensure the first month of the fiscal year is correct.

Followed by reviewing the last fiscal year’s financial reports:

  • This can be done by moving to the reports menu and then hover over the company and financial.
  • And then, choose profit and loss detail or balance sheet detail depending on what you want to forecast or budget for.
  • The next step is to select last fiscal year from the dates dropdown.
Select-the-fiscal-year-Screenshot
  • Now, choose refresh.
  • This step is not mandatory though, then you can memorize this report for later use.

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Step 2: Setting up a budget or forecast

After the user is having the reports, he/she can use to make a budget or a forecast.

Steps for creating a budget

  • Under this, the user needs to move to the company menu and hover over planning and budgeting. And also, choose set up budgets
  • Once done with that choose create new budget.
Create-a-budget-in-QuickBooks-Screenshot
  • After that, the user needs set the fiscal year for the budget and also choose either profit and loss and balance sheet. Also, choose next tab. In case the user opts for profit and loss, he/she can add additional criteria, which incudes jobs or class tracking.
Set-the-fiscal-year-for-the-budget-Screenshot
  • In case the user chooses profit and loss, then we recommend to either opt for create budget from scratch or create budget from the previous year’s actual data.
Creating-budget-from-scratch-from-the-previous-years-actual-data-Screenshot.
  • The next step is to hit finish tab.

If the user renames an account used for creating a budget, it will unlink it from the budget. The user will need to recreate the budget using the new account name.

Steps to create a forecast

In case the user makes use of QuickBooks desktop premier, accountant, or enterprise, he/she can also create forecasts, so as to predict future revenue and cash flow. Moreover, the user can create financial forecast from scratch, or from the last year’s data. The steps to be followed under this are as follows:

  • Initially, the user needs to move to the company menu and also hover over planning and budgeting. And selecting set up forecast and then, choose create new forecast.
  • Once done with that set the fiscal year for the forecast. The user can also specify additional criteria, such as jobs or class tracking, but it is not mandatory.
  • The user is then required to either choose create forecast from scratch or create forecast from the previous year’s actual data.
  • The last step is to choose finish tab.

Create profit and loss budget

  • In this, the user needs to click on the profit and loss radio tab and then click on next.
  • In these types of budget, the user can budget the revenue and expense amounts for the account for a particular month.
  • And then, tap on the customer job radio tab to extend the budget and include all the other job details.
  • After that, the user needs to select the class radio tab to incorporate classes in the budget or select the No additional criteria tab as per the requirement.

Creating a balance sheet budget

  • For this, the user needs to choose the balance sheet radio tab and hit finish tab.
  • And then, click on the create budget from the scratch radio tab.
  • And also, choose create budget from previous year’s data to create it on the bases of the last year’s data.

Lastly, the user needs to click on finish tab and then the setup budget window will show up on the screen.

Step 3: Reviewing the budgets and forecasts

Under this, the user is recommended to move to the reports menu and then choose budgets and forecasts.

See Also: How to Toggle to Another QuickBooks Edition?

Conclusion

Still, have questions? Unable to create a budget or forecast in QuickBooks desktop? Well, nothing to worry, reach out to us and we would be more than happy to help you. Feel free to approach our 24/7 QuickBooks premier support team at +1-844-405-0906, and our team will clear all your clouds of confusion.

 

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