Create a budget or forecast in QuickBooks Desktop (2024)

by Intuit•3• Updated 1 year ago

Learn how to use your data to create budgets and forecasts.

QuickBooks Desktop has budgeting and forecasting tools to help you plan and make smart business decisions.

Step 1: Review last year's data

Before you can set up a budget or forecast, make sure your fiscal year is set correctly.

1. Go to theCompany menu and selectMy Company.
2. Select the pencil iconand then Report Information.
3. Make sure the first month of your fiscal year is correct.

Then, review last fiscal year's financial reports.

1. Go to theReportsmenu and hover overCompany & Financial.
2. SelectProfit & Loss Detail or Balance Sheet Detail depending on whatyou want to forecast or budget for.
3. From the Dates dropdown, selectLast Fiscal Year.
4. SelectRefresh.
5. (Optional) You can memorize this report for later use.

Step 2: Set up a budget or forecast

Now you have reports you can use to make a budget or a forecast.

Create a budget

You can create next year's budget from scratch, or use last year's Profit and Loss data to start one.

1. Go to theCompany menu and hover over Planning & Budgeting. Then selectSet Up Budgets.
2. SelectCreate New Budget.
3. Set the fiscal year for the budget, then choose eitherProfit and Loss and Balance Sheet. Then selectNext. If you select Profit and Loss, you can add additional criteria, such as Jobs or Class tracking.
4. If you select Profit and Loss, select either Create budget from scratch orCreate budget from the previous year's actual data.
5. Select Finish.

Create a forecast

If you use QuickBooks Desktop Premier, Accountant, or Enterprise, you can also createforecasts to predict future revenue and cash flow. You can create a financial forecast from scratch, or from last year's data.

1. Go to theCompany menu and hover over Planning & Budgeting. Then selectSet Up Forecast.
3. SelectCreate New Forecast.
4. Set the fiscal year for the forecast.You can also specify additional criteria, such as Jobs or Class tracking, but this is optional.
5. Select eitherCreate forecast from scratch orCreate forecast from the previous year's actual data.
6. Select Finish.

Step 2: Review your budgets and forecasts

Go to theReports menu and selectBudgets and Forecasts.