One of the issues impacting potential QuickBooks Desktop users when considering the possibility of migrating to QuickBooks Online has been the lack of full budgeting capabilities. While QuickBooks Desktop afforded users the ability to produce both ‘Profit & Loss’ Budgets and ‘Balance Sheet’ Budgets, QuickBooks Online has previously only supported ‘Profit & Loss’ Budgets, it didn’t offer ‘Balance Sheet’ budgeting.
But recently, QuickBooks Online Plus and QuickBooks Online Advanced subscribers gained the ability to create balance sheet budgets impacting assets, liabilities and equity accounts.
Source: Intuit QuickBooks Media Source Content
This means that these QBO users won’t be required to track balance sheet activity via spreadsheet in order to compare and contrast live data against budgeted figures.
Source: Intuit QuickBooks Media Source Content
Users can find the new balance sheet feature under Budgeting. If you are using QBO Plus (or Advanced) you can locate this new feature via the gear icon, then select Budgeting within TOOLS.
Source: Intuit QuickBooks Media Source Content
Users of QuickBooks Online Advance can also gain access via Budgets which appears on the left-hand navigation panel. In addition, users of QBO Advanced can define custom roles to assign more granular access to individuals responsible for creating these budgets.
To create a Balance Sheet Budget:
- Go to Settings ⚙ then select Budgeting.
- Select Create new.
- Select Budget type: Balance sheet.
- Select the fiscal year you're creating the budget for.
- Select how you want to add numbers to your budget: Yearly, Quarterly or Monthly.
- Select Next.
- Enter the appropriate budget amounts for the period(s) you set.
- Be certain to Save your work when finished.
With this new Balance Sheet budgeting in QBO Plus and Advanced, QuickBooks Desktop users have one less excuse when it comes to migrating to QBO.
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