Budgeting in QuickBooks Online
Nearly 50% of new businesses fail in the first 5 years. Planning is essential for a successful business. Estimating future income and expenses helps plan for the future and then allows you to compare against actual figures. The budgeting feature in QuickBooks online makes this convenient for you to do.
QuickBooks online allows you to create multiple budgets. The budgets are based on the financial year that is set up in your company settings. You can only create budgets one year at a time.
You can access or create a new budget from the gear icon up the top right corner of your screen, by selecting into an existing budget or click Add budget. New budgets can be created from historical data, copied from another budget or made from scratch, its up to you! Budgets are categorised on income and expense accounts, but you can further categorise into classes and locations with QuickBooks online Pro Plus.
You enter and edit amounts one line at a time. You can enter annual or quarterly amounts and calculate a monthly average, or you can enter one monthly amount and have the option to copy across all rows. All budget reports will show in whole numbers, amounts are automatically rounded to the nearest Euro.