Setting up a Budget in Quickbooks

Feb. 4, 2013 - PRLog -- Now that your business is up and running one of the first tasks you will need to do is set a budget for either your current year, or your next year. As a property management company that manages Homeowners Associations and Rental Properties we will focus on setting budgets for this format.

First you will need to select the company tab, and choose Planning and Budgeting, then select set up budgets. If this is your first time setting up a budget you will not have any listed, however if you have other budgets from the past they will be available from the drop down window. For a new budget, select the “Create New Budget” option and specify which year you are selecting to budget for. You have the ability to choose which ancillary information you would like to pull in by choosing one of the three options listed;

No Additional Criteria – Creates one budget across the company for those accounts
Customer: Job – allows you to set individual budgets for customers/jobs
Class – allows you to set budgets based on the classes that you have created


Once you hit the next button you can choose to either Create a budget from Scratch or use previous years data. Since this is the first budget, you will need to select create budget from scratch and hit finish. Now that you have created your budget template you have the ability to start inputting information for the specific months. If you have an account for “Rental Income” and you anticipate income of $600.00 per month, the easiest way to fill this information in is to enter the information in the first month, and select the “Copy Across” button which will fill in the rest of the months.

In addition, you can click on a specific month and select the “Adjust Row Amounts” button and tell Quickbooks to start increasing by a specific amount or by a percentage based on which month you would like. If you know about certain circumstance that will arise in future months, this is the ideal method to set your budget. Once you have completed your budget, hit the save button and select OK.

You now have the ability to view this budget in report format by choosing the “Reports” option and selecting the “Budgets and Forecasts” option. Underneath this window will be several selections to choose from to show the information as needed.

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