Yes. In QuickBooks Online Advanced, you can create budgets based on your accounting data. Once your budgets are in QuickBooks, you can review and adjust them, and run financial reports to compare your actual sales and expenses with your budget.
Here’s how you create a budget:
- Go to Settings ⚙ and select Budgeting.
- Select Add budget.
- In the Name field, enter a name for the budget.
- From the Fiscal Year ▼ dropdown, select the fiscal year you’re creating the budget for.
- From the Interval ▼ dropdown, select whether you want the budget to display Monthly, Quarterly, or Yearly.
- Select the actual date year from the Pre-fill data ▼ dropdown if you’d like QuickBooks to prefill your budget with actual data from your chart of accounts.
Note: if you use the pre-fill data and you change your mind, you’ll have to start over to delete the data. Select the X to close the budget and start over.
- Use the Subdivide by ▼ dropdown to subdivide the budget further.
- When you’re ready, select Next or Create Budget.
- Enter your budget for each account for each month. Use the report you saved in Step 2 if needed.
- When you’re satisfied with your budget, select Save or Save and close.
If you have any additional questions on QuickBooks Online, just give one of our experts a call at 866-949-7267 and we can help you get answers. If you are not yet using QuickBooks Online and would like to give it a try, click on the link below and get a free 30-day trial so you can see how it works firsthand.