How to use Budgeting in QuickBooks Desktop?

budgeting in quickbooks

QuickBooks is an application software designed especially for the small and medium business owners for managing their accounts and finances, which is probably the most integral part of any business. However, in spite of its many useful and user-friendly features. It can be difficult to use for people who are not very comfortable with these types of accounting works. In this particular article, we will discuss how you can Use Budgeting in QuickBooks Desktop, creating a budget and then deleting it while you do not require it anymore. First, we will navigate through a step by step procedure of creating the budget. The steps are:

  1. The very first step of making the budget is to go to Company option and then choose Planning & Budgeting in QuickBooks application, under that select Set Up Budgets.
  2. The second step involves selecting the budget year. You just have to select the year for which you want your budget.
  3. You need to choose the type of budget you are creating. The budget can be of two types, one is Profit and Loss budget and the other being the Balance Sheet budget. The former provides you a more complete and detailed picture of your year’s financial activities. While the other is better suited for settling your balances. For this tutorial, we are just considering the Profit and Loss budget. If you are choosing the Profit and Loss budget, you have to select Next to proceed. While for the Balance Sheet budget, it is the Finish button that you need to click.
  4. Next comes adding the Additional Criteria. However, do keep in mind that this step is completely optional. Here, you have the liberty of creating the budget specific for a customer or a particular job. All you have to do is to click the “Customer: Job “option. If you want no such specifications and decide to prepare a general budget for a year. Simply choose the “No additional Criteria” and proceed by clicking Next button.
  5. After this, you need to choose the budget creation preferences. That includes two options from which you need to choose, “create the budget from scratch” or “create a budget from the previous year’s data”. If the company for which the budget is being created is all new, then the first option is only there. Previous years budgets can be taken into account while creating a budget for the current year.
  6. The most important and crucial part of making the budget where you actually have to enter the budget goals for each month of the year and all the accounts. This can take up some time to finish. You can use the QuickBooks reports to gain some help regarding the sales and the expenditure patterns. Be practical about your monthly budget goals and more elaborate by breaking up the parts of the budget.
  7. After making the budget, save it. simply click the Save button for this.

If you want to delete a previously created budget, go to the Company menu, from there select Planning and Budgeting in QuickBooks. Then click the Set Up budget. From the drop-down list, select the budget you want to delete. Then from the Edit menu click the Delete option.


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