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- How can i convert an annual budget to a monthly budget?
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qbo14
Level 1
posted
May 11, 202102:21 PM
last updatedMay 11, 20212:21 PM
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I entered an annual budget into quickbooks. The budget is divided into several classes. When running YTD Actual vs. Budget reports, QB seems to take this annual budget and divide by 12 to get an approximation of YTD Budget. Our cash flows are highly seasonal - we are a theater company presenting most of its shows in the summer, so the bulk of our revenue and expenses don't start happening until April-May. I would like to take this annual budget and manually convert it to monthly for those3-6 classes that are most impacted by this seasonality.
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3 Comments 3
Ryan_M
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May 11, 202105:13 PM
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How can i convert an annual budget to a monthly budget?
Hi @qbo14,
Welcome to the Community. I appreciate the number of details you've included in your post.
What you can do in this situation is to create a new budget in QuickBooks Online (QBO). Once you save a budget in QBO, you can get back and edit the amounts, but the Interval is set, and can no longer be changed.
Open this article for additional information about budgeting in QBO:Createand import budgets into QuickBooks Online. It includes the steps on how you can copy existing budgets, as well as how to delete them.
Get back to me in the comments below if you have other questions about budgets in QBO. I'll be around to help you out.
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qbo14
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May 14, 202108:38 AM
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How can i convert an annual budget to a monthly budget?
Ryan
Thanks for your reply.
I cannot find in the link you supplied below a way to IMPORT a budget from EXCEL to QBO. I see that I can create a budget report and EXPORT to excel. I assume I can then edit that budget, and then I'd like to IMPORT the edited budget to EXCEL.
Doug
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KlentB
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May 14, 202110:47 AM
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How can i convert an annual budget to a monthly budget?
Hi there, qbo14.
I'm here to share additional information about how budgets workin QuickBooks.
Please know that the option to import a budget is only available in the Advanced version of QuickBooks Online. To be guided in performing the process, you can open the article provided by my colleague, Ryan_M. Then, click the In QuickBooks Advance link.
On the other hand, if you're using QuickBooks OnlinePlus, you'll have to manually create a new monthlybudget. This way. you'll be able to trackhow well your company is performing and compare your actual revenues and expenses to your company's budgeted amounts. I'll show you how:
- Click the Gear icon.
- Under Tools, selectBudgeting.
- Click the Add budget button.
- Choose the appropriate fiscal year, then set the interval to Monthly.
- From the Subdivide by drop-down menu, select Class and then enter the appropriate class.
- Enter the amounts for each account. You may also choose to pre-fill the data.
- When you're done, click the Create Budget button.
I'm also adding this article to help set more manageable budget targets for each segment of your business:Set budget targets for each class.
Drop me a comment below if you have any other concerns or follow-up questions. I'll always have your back.
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