QuickBooks Desktop and QuickBooks Online are both accounting software programs. The basic difference is that QuickBooks Desktop is installed locally on a system but QuickBooks Online is cloud-based accounting software that can be easily accessed from anywhere. Budgets are made to compare actual sales and expenses. QuickBooks provides budgeting and forecasting tools to help you make your business smarter.
In this blog, we will discuss a brief overview of budget in QuickBooks, the key benefits of budgeting in QuickBooks and how to create, edit and delete budget in QuickBooks Desktop & QuickBooks Online.
Overview of a Budget in QuickBooks
A budget in QuickBooks is a financial roadmap for your business that allow you to project future income and expenses like a Profit and Loss to track performance against actual results, spending and plan for financial goals. Budget helps you to compare what you planned to earn and spend versus what actually happened. Budget is the way by which you can have insights into cash flow and overall financial health.
Key Benefits of Budgeting in QuickBooks
Discover some key benefits of budgeting in QuickBooks, which are given below:
- Budgeting in QuickBooks helps you with improved financial visibility by which you can have a clear overview of money outflow.
- Using QuickBooks for budgeting provides a comparison between actual income and expenses against your planned budget.
- With the help of QuickBooks Budgeting you can make better decisions by informed choices about investments, expansion or debt reduction using data from your budget.
- You can control your overspending by concentrating on the specific expense categories and finding opportunities to cut costs.
- Projects future financial needs and goals from managing seasonal changes to planning for growth.
Step by Step Guide to Create a Budget in QuickBooks Desktop
Here are some steps given following which you can know how to create budget in QuickBooks Desktop:
- Go to the company menu in QuickBooks Desktop.
- After that go to the planning and budgeting and click on the set up budgets.
- Now you have to start a new budget by clicking on Create New Budget.
- Then you must set budget details by choosing the correct fiscal year and selecting the budget type.
- After that choose either to create a budget from new or you can create a budget from the past years data.
- Now click on the finish the budget grid will appear.
- Then you have to enter the budget amounts according to you.
- After that save your budget by clicking on the Save button and then OK to close the window.
Step by Step Guide to Edit a Budget in QuickBooks Desktop
Here are some steps given following which you can know how you can edit budget in QuickBooks Desktop:
- Firstly you have to go to the budgets and click on the company option.
- Then select planning and budgeting.
- After that click on the set up budget.
- Now find the budget that you want to edit and use the edit button to select it.
- After that you can make your changes according to your needs.
- Then click on the save option.
Step by Step Guide to Delete Budget in QuickBooks Desktop
Follow these steps to know how you can delete budget in QuickBooks Desktop:
- Click on the company menu in your QuickBooks Desktop software.
- After that go to the planning and budgeting and then choose setup budgets.
- Now select the budget you wish to delete using the dropdown list in the budget window that opens.
- Then click on the edit button.
- Now click on the delete budget in QuickBooks option.
- After that QuickBooks will ask you for confirmation on which you have to select yes.
- Then the budget will be deleted permanently from QuickBooks.
Step by Step Guide to Create a Budget in QuickBooks Online
Here are some steps given following which you can know how to create budget in QuickBooks Online:
- Click the gear icon and select budgeting.
- After that click on the budget button to start a new budget.
- Now you have to choose a budget type.
- Then choose your fiscal year and select the budget format.
- Use the pre filled data dropdown to use previous years actual data as a new starting point.
- After that enter the budget amount for income and expenses for each period.
- Then click on the save button.
Step by Step Guide to Edit a Budget in QuickBooks Online
Here are some steps given following which you can know how you can edit budget in QuickBooks Online:
- Firstly you have to click the gear icon.
- Select the budgeting option.
- Find the specific budget that you want to edit from the list.
- Click the dropdown arrow.
- Then select the edit option in the actions column.
- After that you have to edit the amount according to you.
- Now you have to click on the save button to apply your modification.
Step by Step Guide to Delete Budget in QuickBooks Online
Follow these steps to know how you can delete budget in QuickBooks Online:
- Firstly click on the gear icon and then choose budgeting.
- Now find the specific budget you want to delete from the list on the budgets page.
- After that click the dropdown arrow in the actions column for that budget.
- Then you have to choose delete from the options that will appear.
- After that QuickBooks will give you a confirmation message.
- Then you have to click on the yes option to permanently remove the budget.
Conclusion
Whether you want to create a new budget, edit an existing one or delete a budget you no longer need. QuickBooks makes the process simple and organized by using budgeting features regularly you can control overspending, plan for future growth and understand the financial health of your business more clearly.