Note: The ability to work with budgets is only available in QuickBooks Online  Plus .


SETUP

All about setting up a budget
NOTE: Please see your In Product Help for information on how budgets work and now to create a budget.

COMMON QUESTIONS

REPORTS & PRINTING

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How do I create a budget for Class, Location or Customers?

You can create a budget within QuickBooks Online (QBO) either by Class, Location or Customer, but not by two or all three.  The budgets in QBO are designed to subdivide by only one category per budget.

How to create a subdivided budget:

  1. Choose the Gear icon > Budgeting.
  2. On the top-right corner click Add Budget.
  3. Enter the required information:
    • Budget Name
    • Budget Fiscal Year
    • Interval: Monthly, Quarterly, or Annual
    • Pre-Fill Data: select no or from prior years
    • Subdivide by, select:
      1.  Don’t Subdivide
      2. Location (may also be called Business, Department, Division, Property, Store, 
        Territory)
      3. Classes
      4. Customer (may also be called Client, Donor, Guest, Member, Patient, Tenant)
    •  If subdivided a new field will appear where can select All or specific Locations, Classes, or Customers
  4. Click Next.
  5. At the upper left select the category (location, Class, or Customer) then enter the budget amounts.  Click Save at the lower right before moving on to next category budget amount.
  6. Click Save and close once you’ve entered budget amounts for all subdivided categories

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Can I create a Budget for multiple years or do budget forecasting?

Budgeting in QuickBooks Online was designed to only create budgets one year at a time.  It also does not have the capability to do budget forecasting.

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Can I combine multiple budgets into a single overall budget?

You can't combine budgets in QuickBooks Online.  You can, however, export the individual budget reports to Excel one at a time, then combine the reports into a single spreadsheet.  For instructions on how to combine worksheet information, please refer to the Help Index in Excel.

If you want to create the combined budget within QuickBooks Online, you will need to start a new budget and manually enter the combined amounts.  You can copy an existing budget, this provides a way to create a new budget with amounts from an existing budget, then manually add amounts from the remaining budget(s).

How to copy an existing budget:

  1. Choose the Gear icon > Budgeting
  2. Locate the budget to copy then select Copy from the drop down menu on the right
  3. From the next screen enter a new budget name and the fiscal year
  4. Click Create Budget
  5. Update the budget amounts then click Save and close

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If I create a new budget will my previous budgets still be available?

If a new budget is created existing budgets will not be superseded or affected.

How to access or edit existing budgets:

  1. Choose the Gear icon > Budgeting.
  2. This will display all budgets, on the right side of each budget select the drop down arrow to: 
    • Edit
    • Copy
    • Delete
    • Run Budget Overview report
    • Run Budget Vs. Actual report

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How do I edit amounts on an existing budget?

Amounts on a saved budget must be edited one line at a time:

  1. Choose the Gear icon > Budgeting.
  2. This will display all budgets, locate the budget then select Edit from the drop down menu
  3. From this new screen you can edit the budget name, as well as the budget amount for each of the corresponding accounts.
  4. Note: if needed you can change the budget interval from the Gear icon at the upper right of the edit budget screen
  5. When done, click Save and close.

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How does the "Show Rows as" for budgets work?

When the budget is subdivided, it can be viewed by the accounts or the criteria by which it was subdivided (Class, Location or Client).  When viewing, or editing a budget from the upper left select the drop-down menu for Show Rows As to modify the criteria the budget is subdivided by.

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Can I have decimal points in my budgets?

Yes.  When creating a budget in QuickBooks Online (QBO), if you enter a decimal point for cents or fraction of a dollar, QBO will NOT round to the nearest dollar amount.  

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Why don't I see all my accounts in my budget?

If you are creating a budget and you don't see all your accounts or sub accounts, it may have to do with the Hide blank rows is checked.  At the upper right of the budget click the Gear Icon, from the drop down menu uncheck Hide blank rows

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How do I delete a budget?

In order to access and delete budgets you must be an administrator, having All Access Rights.  To delete a budget please take the following steps:

  1. Choose the Gear icon > Budgeting.
  2. This will display all budgets, locate the budget then select Delete from the drop down menu.

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Can I restore or undelete a deleted budget?

Once a budget has been deleted it cannot be restored.  The activity log will have a record of the deleted budget, but it won't provide any details behind it.  The information will need to be re-entered manually.

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What happens to my budget reports once I create a new budget? & How do I access and print a budget report?

If a new budget is created existing budget reports will not be superseded or affected.

There are two types of budget reports you may access and print:

Budget Overview:  This report shows a summary of budgeted amounts for a specific budget.

Budget vs. Actuals:  This report shows a summary of budgeted amounts versus actual amounts and their variances and variance percentages.

  1. Choose Gear icon > Budgeting.
  2. This will display all budgets, locate the budget then select Budget Overview or Budget vs. Actuals from the drop down menu
Note: The reports will show only the budget currently being viewed.  If you want to print or view a different report, from the upper left of the report select the budget from the drop down menu

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