How to Create and Delete Budgets in QuickBooks Online?

The QuickBooks budgeting functions are very useful features that really boost your working speed, as well as capital management. You can also set it up to compare the actual report with your budget to find out how well you did this year. Here’s our guide on how to use the best features.

How to Create a Budget in QuickBooks Online?

Set the first month of your fiscal year

• Click on the gear icon present in your toolbar.
• From the Your company window, click on Account and Settings.
• Click on Advanced.
• Next, navigate to the accounting section.
• Then, verify that your First month of Fiscal year is filled correctly.
• Click Save.
• Click Done.

Review your historical amounts

You should start by running a report for profit and loss. You can do this by following these steps:

• Navigate to the left menu.
• Click on reports.
• Find the Profit and Loss Detail report.
• Open it.
• Click on Last Fiscal Year.
• Accept the default settings.
• Click on Run Report.

Create a budget in QuickBooks Online

• Click on the gear icon present in your toolbar.
• From the Tools menu, click on Budgeting.
• Click Add Budget.
• Enter a budget name.
• You will see a drop-down list for Fiscal Year. Find yours from the list.
• Navigate to the Interval menu, and specify the duration.
• Click on Next.
• Enter data into the table, and make sure to use decimal points where necessary.
• Click on Save.
• Click Save and Close.

How to Edit a Budget in QuickBooks Online?

In order to edit a budget, you created, follow these steps:

• Click on the gear icon present in your toolbar.
• From the Tools menu, click on Budgeting.
• Locate the budget that you wish to edit.
• Open the Action drop-down menu.
• Click Edit.
• Edit the budget as per your requirements.
• Click on Save.
• Click Save and Close.

How to Copy a Budget in QuickBooks Online?

In order to copy a budget you created, follow these steps:

• Click on the gear icon present in the toolbar.
• From the Tools menu, click on Budgeting.
• Locate the budget that you wish to copy.
• Open the Action drop-down menu.
• Click Copy.
• Go to the Copy Budget screen.
• Enter a new budget name and your fiscal year.
• Click Create a Budget.
• Make adjustments are per your requirements.
• Click on Save.
• Click on Save and Close.

How to Delete a Budget in QuickBooks Online?

Please note that you will not be able to recover a budget that you have deleted. Make sure that you are completely sure of this before you proceed. In order to delete a budget you created, follow these steps:

• Click on the gear icon present in the toolbar.
• From the Tools menu, click on Budgeting.
• Locate the budget that you wish to delete.
• Open the Action drop-down menu.
• Click Delete.

How to View Budget Reports in QuickBooks Online?

You can navigate to either of these to view reports for any previous budgets that you have created:

• Budget Overview

This will give you a brief overview of all amounts that you budgeted for one specific budget.

• Budget vs Actuals

This will give you a brief overview of all amounts that you budgeted, in comparison to the variances in their values.

Hope This Helps!

This was our guide on how to create a budget in QuickBooks Online, how to edit and delete a budget in QuickBooks Online. We hope you learned something from this blog. If you have any feedback, or you still require help with understanding this feature, our QuickBooks help desk phone number 1.877.221.952O would be glad to give you a more detailed description.