How to Create and Delete a Budget in QuickBooks Desktop

If you are playing around with QuickBooks and doing budgeting then you may have a question, how to “create and delete a budget in QuickBooks

QuickBooks is one of the efficient tools for managing Budgets. QuickBooks Desktop budget tools help you to keep a track of the profit and losses of your small and medium businesses. Also, it aids you in following measures and steps you can take to increase your profit levels. Though it is very easy to plan out things within the software there may be times when you just want to know “how to create and delete a budget in QuickBooks”. If this is the case then we suggest you continue reading.

What is Budgets in QuickBooks

By doing Budgets in QuickBooks you can manage the following things very easily.

  • QuickBooks budget tool helps you to process, edit, and implement all the features of your business.
  • It provides you with complete background information
  • You can easily keep a track of detailed project expenses, which can also be accessed from your QuickBooks Desktop file
  • By using QuickBooks Desktop you can print reports like Balance Sheet, Cash Planning, Income and Expense, Profit and Loss, and many other reports.

How to Create a Budget in QuickBooks Desktop

QuickBooks Desktop manages, organizes, and plans your Budgets in a very efficient way. It allows you to plan your income and expenses well in advance. Doing advanced planning of your incomes and expense allow you to make strategies to expand your business, also you can keep a regular check on all your plans, whether they are implemented timely or not.

Steps to Creating a Budget in QuickBooks Desktop

Follow the steps to Create a Budget in QuickBooks…

  • First, you need to create a Budgets Window. To do so select your company, click on planning and budgeting and go to the Option Set up Budgets.
  • Once you click on this option Create New Budget dialog box opens.
  • Enter the fiscal year for which you want to prepare your budget
  • Once you selected the year next you can start preparing your Profit and Loss Balance sheet
  • After preparing the Profit and Loss Balance Sheet you need to prepare the Balance Sheet Budget by selecting the radio button Create Budget from Scratch.
  • If you want to prepare a Budget sheet for the previous year then you need to select the radio button reading Create Budget from Previous Year’s Actual Data.
  • Next, click on the Finish button to complete the process of Budget Creation.

How to Delete a Budget in QuickBooks Desktop

It is very easy to manage your budgets with QuickBooks; you just have to enter your budget figures for both incomes and expenditures. With this, you can manage your budgets for all your fiscal years. To delete a budget in QuickBooks Desktop follow the given steps.

  • Navigate to the following path Company Menu Planning and Budgeting, then select Set Up Budgets
  • From the Budget drop-down list select the budget to be deleted
  • If required you can also specify the Class or Customer Job
  • Next, go to the Edit Menu and hit on Delete Budget. You will be prompted to confirm, click on ‘Yes‘ to confirm the deletion, and proceed.

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