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Create a New Budget with QuickBooks 2012 Set Up Budgets Window

After you’ve come up with a budget by employing budgeting tactics, you record your budget in QuickBooks 2012. To create a new budget in QuickBooks, follow these steps:

1

Choose the Company→Planning and Budgeting→Set Up Budgets command.

QuickBooks displays the Create New Budget window. You use this window to record the amount that you expect for each revenue and expense account for each month during the year in which you are budgeting.

2

Click the Create New Budget button to create a new budget.

This opens the Create New Budget dialog box, which you use to create a new budget (bet you wouldn’t have guessed that).

3

Select the fiscal year period.

Identify the fiscal year you’re budgeting for. To do that, enter the fiscal year in the provided text box. If you’re budgeting for fiscal year 2013, for example, you use those buttons to change the year to 2013.

4

Select the Profit and Loss radio button or the Balance Sheet radio button, depending on what type of budget you want to create.

If you’re creating a profit and loss budget, click Next. If you’re creating a balance sheet budget, click Finish to complete the budget.

Note that you use a different approach for profit and loss budgets and balance sheet budgets. For profit and loss budgets, you budget the amount of revenue or expense expected for the account for the month. For balance sheet budgets, you budget the ending account balance — that’s the ending account balance expected for the asset, liability, or owner’s equity account at month’s end.

5

Specify additional profit and loss budget criteria and click Next.

If you chose to create a profit and loss budget, select the Customer:Job radio button to further extend your budget to include Job details, or select the Class radio button to include classes in your budget. Or simply select the No Additional Criteria radio button.

6

Choose whether to create the budget from scratch or previous data.

To create a budget from scratch and start with a clean slate, select the Create Budget from Scratch radio button.

To create a budget based on your actual data from last year, select the Create Budget from Previous Year’s Actual Data radio button.

7

Click Finish when you’re done.

QuickBooks displays the Set Up Budgets window.

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