Quickbooks is well-known accounting software that is specially designed for a small and medium-sized businesses to manage the financial and accounts related operations of their businesses. since these operations are the most important part of a business hence the features of Quickbooks software make it more convenient for the business owners to track the performance of their business with this accounting software. However, due to lots of features and functionalities in the Quickbooks software, it can be sometimes really complex for people to understand and use all the features of the software. So in this article, we will explain about how you can create a budget in the Quickbooks software and after using it you can also remove it.
the budgeting features in the Quickbooks software allow you to create a budget for your business. it helps you to take smart and quick actions in your business to expand and grow your business. if you are new to the Quickbooks software then you can get assistance from experts in the accounting business to create a successful budget for your business. here we have explained the method on how you can use budgeting feature in Quickbooks desktop. follow these steps to create a budget for your business.
Steps To Create A Budget In Quickbooks Desktop
- In order to create the budget In Quickbooks software, you need to open the Quickbooks software.
- Double-click on the Quickbooks icon on the desktop and wait until the software opens.
- Now Open the company option and then select the planning and budgeting option.
- after this, click on the set up budget option from the window.
- after this, you have to select the year for which you want to create the budget.
- After selecting the year now you have to pick what kind of budget you want to create with the Quickbooks software. You will be offered to create two types of budgets in Quickbooks software. either you can create a profit and loss budget or you can create a balance sheet budget in Quickbooks. the first budget will provide you a detailed description of all your financial activities in a year while the other one will help you to take smart actions to settle your business.
- However in this blog, we have discussed the profit and loss budget, so if you are selecting the profit and loss budget option then after selecting it you have to click on the Next option while if you have picked the balance sheet budget then you have to click on the next option.
- after this, you have to provide the additional criteria information. However, this option if completely optional and it completely depends on you whether you want to add this option or not. you can create this budget for a particular job or for a customer, it will completely depend on you. You have to simply select the customer: Job option. Or you can click on the “No additional criteria” if you want to simply create a budget for the financial year and then click on the next option.
- After that, you have to provide your preferences to create the budget. you have to select from the two available options. whether you want to create the budget from scratch or you want to create the budget form last year’s data. the first option is best suitable for the companies that are new in the market while if you are creating the budget for the current year then you can pick the previous year budget option.
- Now you have to provide the most important information about the budget that what will be the goals of your budgets and accounts over the year. you have to check your previous year reports and financial data to take some information about the sales and expenditures of your business. you can break your goals of your budget in order to make a successful plan to achieve your goals. you have to think practically while setting up your goals.
- After entering all this information now click on the Save option to save this budget in Quickbooks online.
If you have a previously created budget in the Quickbooks desktop version then you can remove this budget by going to the company menu in the Quickbooks software. after this, select the planning and budgeting option from the list and then click on set up budget option. Now select the budget you want to delete from the drop-down menu and then click on the edit option. Click on the delete option to delete the budget from Quickbooks desktop.
If you are using Quickbooks reconciliation process to verify the transactions updated in your QUickbooks software with the bank and credit card statements and if you have made a mistake while updating the transaction date then you can undo reconciliation in Quickbooks online to fix this issue.
So we can assume now that you are completely able to create a successful budget in the Quickbooks. whether it’s a profit or loss budget or a balance sheet budget with these steps, you can use the budgeting feature of Quickbooks. While creating or removing the budget in Quickbooks, if you have encountered any kind of error then you need to connect with an expert from QUickbooks to resolve this issue. If you want to get in touch with the Quickbooks customer executive team then you can report your issue to the Intuit community over the mail. they will respond to you with the best possible solution.