QuickBooks Desktop comes with forecasting and budgeting features that allow you to plan and make decisions for your business. This feature helps you in analyzing where your business is standing and where it will be in the future and you can compare your actual revenues and expenses to your company’s budgeted amount.

Before setting up a budget or forecast, you need to ensure that your fiscal year is correctly set. It’ll be good for your business to check last fiscal year’s financial reports. This article will help you in creating a budget or forecast in QuickBooks Desktop. In case if you require any kind of assistance then you can get in touch with our QuickBooks Customer Service Phone Number +1800-324-6955 toll-free.

You can follow the below-mentioned steps to make sure that the last fiscal year is set up correctly:

  • From the main menu of QuickBooks, go to Company > My Company.
  • Click on the pencil icon and the Report Information to check your fiscal year setting.
  • Make sure the first month in your fiscal year is correct.

You can follow the below-mentioned steps to review last fiscal year’s data:

  • From the main menu of QuickBooks, go to Reports > Company & Financial > Profit and Loss Detail or Balance Sheet Detail (depending on how you want your forecast or budget set up).
  • Select Last Fiscal Year from the Dates drop-down.
  • (Optional) You can memorize this report for later use.

Set Up A Budget

You can plan your business’s way forward with QuickBooks Desktop.

  • From the main menu of QuickBooks, go to Company > Planning & Budgeting > Set Up Budgets. Note: If you have set up a budget already then it will be displayed in the Set Up Budgets window.
  • Select Create New Budget.
  • Provide the budget year and then select between Profit and Loss and Balance Sheet
  • For Profit and Loss Budget, you need to enter additional criteria of either Customer:Job or Class (if class tracking enabled).
  • For Profit and Loss Budget, choose whether you want to:
    • Create budget from scratch: Enter all the amounts for every account manually that you want to track.
    • Create budget from the previous year’s actual data: QuickBooks will automatically enter all the monthly totals from last year for each account in the budget.
  • Click on Finish.

Reminder: If you rename an account which us used for a budget, the account then won’t be associated with it and you will have to create the budget again using the new account name.

All the budget reports can be accessed by going into Reports > Budgets and Forecasts.

Set Up A Forecast

You can make informed predictions about your business’s future revenue and cash flow. In QuickBooks premier, Accountant or Enterprise, you can make a financial forecast from scratch, you can make a financial forecast from beginning, or from the data from last previous fiscal year.

  • From the main menu of QuickBooks, go to Company > Planning & Budgeting > Set Up Forecast. Note: If you have set up a forecast already then it will be displayed in the Set Up Forecast window.
  • Select Create New Forecast.
  • Provide the fiscal year in Create New Forecast window for the new forecast.
  • You can also include additional criteria of either Customer:Job or Class (if class tracking is enabled).
  • Choose whether you want to:
    • Create forecast from scratch: Enter all the amounts for every account manually that you want to track.
    • Create forecast from the previous year’s actual data: QuickBooks will automatically enter all the monthly totals from last year for each account in the forecast.
  • Click on Finish.

All the forecast reports can be accessed by going into Reports > Budgets and Forecasts.

Technical Support For QuickBooks

The provided steps in this article will surely help you out to create a budget or forecast in QuickBooks Desktop easily. However, if you are facing any kind of issue or difficulties during the process and you require any kind of assistance then you can contact us at our toll-free QuickBooks Support Phone Number +1800-324-6955 and get instant solution for QuickBooks.

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Create A Budget Or Forecast In QuickBooks Desktop

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