Start by clicking on the gear Icon in the upper right hand corner.
Under the tools menu you will click on Budgeting as shown below.
Click on New Budget to start the process.
Next you'll come to a Mini Interview that will give you several options to choose from. In our case, we will start a budget from scratch.
Like most budgets, QuickBooks Online tracks amounts by account. However, you have the option of sub-dividing into a 3rd category so you can track amounts by Customer.
In our case, we will not track amounts by Customer.
Next you'll be asked to name your Budget. Then click Finish to get started.
Next you'll come to a grid that looks similar to Excel. You cannot input numbers directly into the cells but instead you use the monthly input fields at the bottom of the page. In my example, I entered $25,000 in January and clicked the Copy Across button to quickly populate every month with $25,000. Then if you wanted to change any month for any reason you can do that as well.
You also have the option of entering your data by month, quarter or year. Just click the drop down button next to "Enter by" to choose your option.
Additionally, you can view your budget by the same criteria. In the example below I have chosen to enter and view my data by quarter.
One very nice feature is the ability to eliminate blank rows in your budget. This gives you a much cleaner and concise budget to view and work with.
To do this you simply click on the box to Show Blank Rows as shown below. In the first example I'm showing blank rows. In the second example I have unchecked the Show Blank Rows box and this give me a much better presentation of the relevant data.
When you're finished click the Finished button and you will go back to the Home Screen. Now in Reports you will have a Budget vs. Actuals report since you have a budget set up in your company file. This report does not exist until you have created at least one budget in your company file.
More Tips & Tricks to come. Keep coming back to learn more about QuickBooks Online - The #1 SaaS accounting product in the world!
