Setting up and managing budgets‍ In QuickBooks

Setting up and managing budgets in QBO

Setting up and managing budgets is the process of creating and tracking a financial plan for a business or organization. A budget is a tool that helps you to plan for the future by setting financial goals and tracking your actual performance against those goals. By setting up and managing a budget, you can have a clear understanding of your financial position, identify areas where you may need to cut costs or increase revenue, and take action to improve your financial performance.

Setting up and managing budgets in QuickBooks can help you plan for the future and track your actual performance against your financial goals. Here are some steps you can follow to set up and manage budgets in QuickBooks:

  1. Set up your budget: From the Lists menu, select Budget. Click the New button to create a new budget. Choose the fiscal year for the budget, and then enter the budget amounts for each account in your chart of accounts.
  2. Enter actual transactions: As you enter actual transactions into QuickBooks, the budget will be updated to reflect your current financial performance.
  3. Review your budget: From the Lists menu, select Budget. You can view your budget by clicking on the Budget Overview tab, or you can view budget vs. actual reports by clicking on the Reports tab.
  4. Make adjustments as needed: If your actual performance differs from your budget, you can make adjustments as needed to bring your financials back in line with your goals.

LiveFlow is a valuable platform built for QuickBooks, which is designed to make setting up and managing budgets easy. You can choose from a number of helpful budget templates here. Also, you can create an integrated, real time connection between your QuickBooks data and customized reports and dashboards in Google Sheets. This means that you don’t have to give anyone access to QuickBooks simply to review reports – you can use pre-built templates or bring live data to any customized report you already have.  This way, you only share what departments need to see. The live connection between QuickBooks and Google Sheets means that your reports will always be up to date – without any manual exports, data formatting or hands-on effort.

If you’d like to explore the potential of setting up and managing budgets with your QuickBooks data, we’d love to show you how. Contact the LiveFlow team to ask questions or  book a live demo.

Setting up and managing budgets in QBO