How to Edit a QuickBooks 2010 Budget
You can make adjustments to a QuickBooks 2010 budget that you've created. QuickBooks allows you to change the amounts you want to budget for each account that you've included.
1
Choose Company→Planning & Budgeting→Set Up Budgets.
The Set Up Budgets window appears.
2
Select a budget from the Budget drop-down list at the top of the window.
Find the budget that you want to work with.
3
(Optional) Select a customer from the Current Customer:Job drop-down list.
You typically budget by account. However, if you want to budget in finer detail by also estimating amounts for customers, jobs, or classes, identify specific customers from whom you expect revenue or for whom you expend costs.
4
Type the amounts you want to budget for each account in the appropriate month columns.
Revenue and expense accounts are budgeted as the amount expected for the month. Asset, liability, and owner’s equity amounts are budgeted as the ending account balance expected for the month.
To copy the budgeted amount for one month into the text boxes for the succeeding months, click the Copy Across button.
5
(Optional) If you find that the yearly total for an account isn’t what you want it to be, click the Adjust Row Amounts button.
The Adjust Row Amounts dialog box appears.
6
From the Start At drop-down list, select which month you want to start with.
Specify either the first month or the currently selected month.
7
Select the appropriate radio button, depending on whether you want to increase or decrease the amounts budgeted.
You can enter by how much you want to change the budget by entering either a dollar amount or a percentage in the text box to the right of the radio button you select.
8
Repeat Steps 3 through 7, as necessary.
Follow this process for each of the accounts for which you want to record budgeted amounts.
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accounting equation
The equation Assets = Liabilities + Equity, which demonstrates the two-sided nature of accounting and is useful for explaining the concept of double-entry accounting (or double-entry bookkeeping).
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accounting period
The time period for which financial information is being tracked in a business, such as monthly, quarterly, or annually.
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accounts receivable
An account that records the amounts that customers owe to a business.
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adjusting entry
A correction made to a bookkeeping account that adjusts for accounting errors or other necessary changes at the end of the accounting period.
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cash flows
Used to describe the source or sources of cash or how cash is used.
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Chart of Accounts
A list of all the accounts used by a business, including what types of transactions go into each account.
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debit
An accounting entry that increases an asset or expense account, and decreases a liability or income account.
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dividends
A portion of a company’s profits paid by share of common stock on a quarterly or annual basis.
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Financial Accounting Standards Board. FASB is the highest-ranking authority in the private (non-government) sector of the U.S. for making pronouncements on GAAP and for keeping accounting standards up-to-date.
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fidelity bonds
A type of insurance — typically carried by employers for their employees — that helps guard against theft and reduce the risk of loss.
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FIFO
First-in, first-out. A method for costs of goods sold in which a business charges out product costs to cost of goods sold expense in the chronological order in which the goods were acquired.
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fungible
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IASB
International Accounting Standards Board. The IASB (based in London) is the main authoritative accounting standards setter outside the U.S.
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LIFO
Last-in, first-out. A method for costs of goods sold that selects the last item you purchased first, and then works backward until you have the total cost for the total number of units sold during the period.
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Limited liability partnership. A legal structure that state laws offer to qualified professionals in which all the partners have limited liability.
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PC
Professional corporation. A legal structure that state laws offer to qualified professionals who otherwise would have to operate as an unlimited partnership liability.
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petty cash
A cash account that businesses keep on hand for unexpected expenses.
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revenue
Monies that are collected in the process of selling a company’s goods and services.
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salvage value
The amount that an asset is worth after it has been fully depreciated.
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statement of cash flows
A financial statement that summarizes a business’s cash inflows and outflows during an accounting period.
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transactions
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A type of insurance carried by employers that covers its employees in case they are injured on the job.
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