How to Set up a Budgets and Forecasts in QuickBooks?

Setup budgets and forecasts in Quickbooks

Learn how to use your data to set up budgets and forecasts.

QuickBooks Desktop has budgeting and forecasting tools to help you plan and make smart business decisions.

Fellow the Steps to Setup Budgets and Forecasts:

Step 1: Review last year’s data:

Before you can set up a budget or forecast, make sure your fiscal year is set correctly.

  1. Go to the Company menu and choose My Company.
  2. Select the pencil icon after which Report Information.
  3. Make certain the primary month of your fiscal yr is correct.

Then, review last fiscal year’s financial reports.

  1. Go to the Reports menu and hover over Company & Financial.
  2. Select Profit & Loss Detail or Balance Sheet Detail depending on what you need to forecast or budget for.
  3. From the Dates drop down, pick Last Fiscal Year.
  4. Select Refresh.
  5. (Optional) You can memorize this record for later use.

Step 2: Set up a budget or forecast:

Now you have reports you can use to make a budget or a forecast.

Create a budget-

You can create next year’s budget from scratch, or use last year’s Profit and Loss data to start one.

  1. Go to the Company menu and hover over Planning & Budgeting. Then select Set Up Budgets.
  2. Select Create New Budget.
  3. Set the fiscal yr for the finances, then pick out both Profit and Loss and Balance Sheet. Then choose Next. If you pick Profit and Loss, you could add additional criteria, consisting of Jobs or Class tracking.
  4. If you choose Profit and Loss, pick both Create finances from scratch or Create price range from the previous yr’s real data.
  5. Select Finish.

Create a forecast-

If you use QuickBooks Desktop Premier, Accountant, or Enterprise, you can also create forecasts to predict future revenue and cash flow. You can create a financial forecast from scratch, or from last year’s data.

  1. Go to the Company menu and hover over Planning & Budgeting. Then pick out Set Up Forecast.
  2. Select Create New Forecast.
  3. Set the fiscal year for the forecast. You also can specify extra criteria, together with Jobs or Class tracking, but that is optional.
  4. Select either Create forecast from scratch or Create forecast from the previous year’s actual data.
  5. Select Finish.

Note: If you are using older version of QuickBooks Desktop ,then upgrade to QuickBooks premier 2020 or QuickBooks Enterprise 2020 and save up to $100′.

Step 2: Review your budgets and forecasts:

Go to the Reports menu and select Budgets and Forecasts.

Our Support:

The above steps will help you in setting up of budgets and forecasts in Quickbooks Desktop. In case you are unable to set up budgets and forecasts, then you should get connected with our QuickBooks technical support team at toll free number +1-800-910-4754 for the instant help . They will solve you problem in minimum amount of time and also guide you step by step.

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