How Do I Make a Budget in QuickBooks Online?

Making a budget in QuickBooks Online can significantly improve your financial planning, helping you stay on track with your business goals. This comprehensive guide from gmonline.net walks you through the process step-by-step, ensuring you can effectively manage your finances using QuickBooks Online. Learn how to create, customize, and utilize budgets to gain better control over your business’s financial future.

1. Understanding the Basics of Budgeting in QuickBooks Online

1.1 What is a Budget and Why is it Important for Online Games Businesses?

A budget is a financial plan that estimates revenue and expenses for a specific period. For online games businesses, a budget is essential for:

• Predicting Financial Performance: Budgeting helps forecast income and expenses, providing a clear view of potential financial outcomes.
• Controlling Spending: By setting limits on various expenses, businesses can avoid overspending and maintain financial discipline.
• Resource Allocation: Budgets ensure resources are allocated efficiently to different departments or projects, maximizing profitability.
• Performance Evaluation: Comparing actual results against the budget allows businesses to assess their performance and identify areas for improvement.
• Strategic Planning: A well-crafted budget supports long-term strategic goals by aligning financial resources with business objectives.

According to research from the Entertainment Software Association (ESA), in July 2025, effective financial planning provides Y

1.2 Who Needs to Create a Budget in QuickBooks Online?

Businesses of all sizes can benefit from budgeting in QuickBooks Online, but it is particularly useful for:

• Startups: New businesses need to manage their initial investments and cash flow carefully.
• Small to Medium-Sized Businesses (SMBs): SMBs can use budgets to monitor profitability and manage expenses as they grow.
• Project-Based Businesses: Companies that work on specific projects can use budgets to track costs and ensure projects are completed within budget.
• Businesses with Fluctuating Income: Seasonal or project-dependent businesses can use budgets to plan for periods of high and low revenue.
• Companies Seeking Growth: Budgets can help businesses allocate resources strategically to support expansion and new ventures.

1.3 What Versions of QuickBooks Online Support Budgeting?

QuickBooks Online Plus and QuickBooks Online Advanced support budgeting features. To create a budget, you’ll need to sign in as an admin or as a user with the correct permission to access budgets. Admins can also add custom roles with permissions to access only budgets.

1.4 What are the Key Benefits of Using QuickBooks Online for Budgeting?

QuickBooks Online offers several advantages for budgeting:

• Integration with Accounting Data: QuickBooks integrates budget data with actual financial results, providing real-time insights.
• Customizable Budgets: Users can create budgets tailored to their specific business needs, whether consolidated or subdivided by location, class, or project.
• Reporting Tools: QuickBooks provides budget overview reports and budget vs. actuals reports to track performance.
• Import/Export Functionality: Users can import budgets from Excel or export them for further analysis.
• Collaboration: Multiple users can access and update budgets, facilitating team collaboration.
• Accessibility: Being a cloud-based platform, QuickBooks Online allows users to access their budgets from anywhere with an internet connection.
• AI-Powered Import: QuickBooks Online offers an AI-powered import to track project budgets inside your QuickBooks company.
• Spreadsheet Sync: Spreadsheet Sync to securely sync your budget between QuickBooks and a spreadsheet.

2. Setting Up Your Business for Budgeting in QuickBooks Online

2.1 How Do I Verify My Company’s Fiscal Year Settings in QuickBooks Online?

Verifying your fiscal year settings ensures your budget aligns with your company’s accounting period. Here’s how:

1. Go to Settings ⚙ and select Account and settings.
2. Select the Advanced tab.
3. In the Accounting section, review the First month of the fiscal year field.
4. If it’s incorrect, select Edit ✎.
5. Select the required month from the dropdown and select Save.

2.2 How Do I Ensure My Chart of Accounts is Up-to-Date?

The chart of accounts is the foundation of your budget. Ensure it is accurate and complete by:

1. Reviewing all existing accounts to ensure they accurately reflect your business activities.
2. Adding any missing accounts relevant to your revenue streams or expenses.
3. Deactivating or deleting accounts that are no longer in use to keep the chart of accounts clean.
4. Ensuring account names are unique, especially if you plan to download budget templates.

To add accounts, go to Accounting > Chart of Accounts and select New.

2.3 What Permissions Do I Need to Create and Manage Budgets?

To create and manage budgets in QuickBooks Online, you need to have administrator privileges or custom user permissions that grant access to the budgeting features. Administrators have full access by default, while custom users can be assigned specific permissions through the user management settings.

3. Creating a Budget in QuickBooks Online: Step-by-Step Guide

3.1 How Do I Start a New Budget in QuickBooks Online?

To start a new budget:

1. Go to Settings ⚙ then select Budgeting.
2. Select Create new.

3.2 How Do I Create a Profit and Loss (P&L) Budget?

Creating a P&L budget involves estimating your revenue and expenses to project your net income.

1. Go to Settings ⚙ then select Budgeting.

2. Select Create new.

3. Select the Budget type: Profit and loss.

4. Select the fiscal year you’re creating the budget for.

5. Select the Budget format: Consolidated budget or Subdivided budget.

   • For a subdivided budget, select what you want to subdivide by, such as location or class.

3.3 How Do I Create a Balance Sheet Budget?

A balance sheet budget projects your assets, liabilities, and equity.

1. Go to Settings ⚙ then select Budgeting.
2. Select Create new.
3. Select Budget type: Balance sheet.
4. Select the fiscal year you’re creating the budget for.
5. Select how you want to add numbers to your budget: Yearly, Quarterly, or Monthly.
6. Select Next.

3.4 How Do I Create a Project-Specific Budget?

For project-based businesses, creating a project-specific budget can help manage costs effectively:

1. Go to Projects and select All projects list.
2. Find and select the project you want to create a budget for.
3. Select Add to project, then Budget.
4. Create your project budget against your products and services.
5. Once you’ve entered your budget details for products and services, select Save.

3.5 How Do I Create a Custom Budget in QuickBooks Online?

Customizing your budget allows you to tailor it to your specific business needs:

1. Go to Settings ⚙ then select Budgeting.
2. Select the existing budget you want to customize.
3. To customize the budget title, select Edit ✎ next to the automatically generated title.
4. If you want to add either past actual or past budget data as a reference, turn the Compare reference data toggle on and select what type of reference data you want to use.
5. If you want to prefill your budget with the reference data, select the checkbox next to Accounts to select all the rows, or select individual rows. In Batch actions, select Copy reference data.
6. Now, enter your budget for each account. You can switch between Yearly/Quarterly/Monthly views in the settings icon on the top right depending on the type of budget you need.
7. Select Save or Save and close.

4. Importing and Exporting Budgets in QuickBooks Online

4.1 How Can I Download a Budget Template from QuickBooks Online?

Downloading a budget template can save time and ensure accurate data entry:

1. Go to Settings ⚙, then select Budgeting.
2. Select the Create new ▼ dropdown and select Import budget.
3. Select the time period you want to download the template for.
4. Select if you want to create a consolidated (Company level) or subdivided budget (by class, customer, location, or other categories).
5. Select Next to generate the template.
6. Select the P&L budget_template.xlsx link to download the template generated as per your selections.
7. Save the file somewhere you can easily find it, such as the downloads folder on your computer.

4.2 How Do I Create a Budget Using the Downloaded Template?

1. Open the budget template in Excel or Google Sheets.
2. Enter your budget for each account for all months listed. Do not add more columns or rows. If you need more accounts to appear, add them to your chart of accounts before you download the template.
3. When you’re done, save the changes.

4.3 How Do I Upload a Budget Template into QuickBooks Online?

1. Go to Settings ⚙, then select Budgeting.
2. Select the Create new ▼ dropdown and select Import budget.
3. Select the fiscal year you want to create the budget for.
4. If you already have a template, select Skip to skip initial set-up.
5. Select Upload budget then find and open the file.
6. Select Next to upload the budget, then select View budget.
7. To customize the budget title, select Edit ✎ next to the budget title.
8. Review the cells. Make sure the correct amounts are in each account. If you need to make edits, select a field and make the changes.
9. Select Save or Save and close to save your budget.

4.4 How Do I Import a Budget From Excel Using Spreadsheet Sync?

Another way to create a budget is by importing an excel file or from excel using Spreadsheet Sync.

5. Editing and Deleting Budgets in QuickBooks Online

5.1 How Do I Edit an Existing Budget?

To edit a budget:

1. Go to Settings ⚙ and select Budgeting.
2. Find your budget on the list.
3. In the Options column, select View/Edit.
4. Edit each account one month at a time.
5. To change the time period from monthly to quarterly or yearly, switch between Yearly/Quarterly/Monthly views.
6. Select Save or Save and close.

5.2 How Do I Delete a Budget?

Deleting a budget is permanent, so proceed with caution:

1. Go to Settings ⚙ and select Budgeting.
2. Find your budget on the list.
3. In the Options column, select the Options ▼ dropdown, then select Delete.

6. Running Budget Reports in QuickBooks Online

6.1 What Types of Budget Reports Are Available?

QuickBooks Online offers two primary budget reports:

• Budget Overview Report: Summarizes budgets by account.
• Budgets vs. Actuals Report: Compares budgeted amounts with actual account totals, showing variances.

6.2 How Do I Run a Budget Overview Report?

1. Go to Settings ⚙ and select Budgeting.
2. Find your budget on the list.
3. In the Options column, select the ▼ dropdown, then select Run Budget Overview report.

6.3 How Do I Run a Budgets vs. Actuals Report?

1. Go to Settings ⚙ and select Budgeting.
2. Find your budget on the list.
3. In the Options column, select the ▼ dropdown, then select Run Budgets vs. Actuals report.

6.4 How Do I Export Budget Reports?

If you want to export a budget as pdf/excel, export them via reports.

7. Advanced Budgeting Tips for Online Games Businesses

7.1 How Can I Use Classes and Locations to Subdivide My Budget?

Using classes and locations to subdivide your budget allows for more granular financial tracking. For example, an online games business might use classes to track revenue and expenses for different game titles, while locations could represent different geographic markets. To set this up:

1. Enable class or location tracking in Account and Settings.
2. Assign classes or locations to transactions as they are entered.
3. Create subdivided budgets based on these classes or locations.

7.2 How Do I Incorporate Historical Data into My Budget?

Historical data provides valuable insights for forecasting future performance. To incorporate historical data:

1. Run reports for previous periods to analyze revenue and expense trends.
2. Use this data as a baseline for setting budget targets.
3. Adjust budget figures based on anticipated changes in the market, new game releases, or marketing initiatives.

7.3 What Are Some Common Budgeting Mistakes to Avoid?

• Inaccurate Data: Ensure all data used in creating the budget is accurate and up-to-date.
• Overly Optimistic Projections: Be realistic when forecasting revenue and expenses.
• Ignoring Market Trends: Consider market trends and industry benchmarks when setting budget targets.
• Lack of Flexibility: Build flexibility into the budget to accommodate unexpected changes.
• Insufficient Monitoring: Regularly monitor actual results against the budget and make adjustments as needed.

8. Utilizing QuickBooks Online Advanced for Enhanced Budgeting

8.1 What Additional Features Does QuickBooks Online Advanced Offer for Budgeting?

QuickBooks Online Advanced offers several advanced features for budgeting, including:

• Forecasting Tools: Create and manage forecasts to predict future financial performance.
• Spreadsheet Sync: Securely sync your budget between QuickBooks and a spreadsheet.
• Custom Reporting: Create detailed reports tailored to your specific needs.
• User Permissions: Set custom user permissions to control access to budgeting features.

8.2 How Can Forecasting Help My Online Games Business?

Forecasting helps online games businesses:

• Anticipate Future Cash Flows: Project cash inflows and outflows to manage liquidity.
• Plan for Growth: Identify opportunities for expansion and allocate resources accordingly.
• Mitigate Risks: Prepare for potential challenges, such as declining revenue or increased expenses.
• Make Informed Decisions: Base strategic decisions on reliable financial projections.

Find out how you can create and manage forecasts in QuickBooks Online Advanced.

8.3 How Do I Upgrade to QuickBooks Online Advanced?

Consider upgrading to QuickBooks Online Advanced. With Advanced, you can edit budget numbers and quickly sync them back to QuickBooks.

9. Real-World Examples of Budgeting for Online Games Businesses

9.1 Scenario 1: Budgeting for a New Game Launch

When launching a new game, create a budget that includes:

• Development Costs: Salaries, software licenses, and equipment.
• Marketing Expenses: Advertising, public relations, and promotional events.
• Operational Costs: Server maintenance, customer support, and office expenses.
• Revenue Projections: Estimated sales based on market research and pre-launch interest.

Regularly compare actual results against the budget to ensure the launch stays on track.

9.2 Scenario 2: Managing Seasonal Fluctuations in Revenue

For games with seasonal popularity, budget for:

• Peak Seasons: Increased marketing and customer support during high-traffic periods.
• Off-Seasons: Reduced spending on non-essential activities and focus on retaining existing players.
• Cash Reserves: Building up cash reserves during peak seasons to cover expenses during off-seasons.

9.3 Scenario 3: Budgeting for Esports Teams and Tournaments

For businesses involved in Esports, budget for:

• Team Salaries: Player salaries and benefits.
• Travel Expenses: Costs associated with attending tournaments.
• Sponsorship Revenue: Income from sponsors and partnerships.
• Tournament Winnings: Prize money earned from competitions.

10. Frequently Asked Questions (FAQs) About Budgeting in QuickBooks Online

10.1 Can I copy a budget from one year to the next in QuickBooks Online?

Yes, after you’ve added your first budget, you have an option to copy a budget.

10.2 How do I track actual expenses against my budget in QuickBooks Online?

Use the Budgets vs. Actuals report to compare your budgeted amounts with actual expenses.

10.3 What should I do if I exceed my budget in a particular category?

Investigate the reasons for the overspending and make adjustments to the budget or spending habits as needed.

10.4 Can I create multiple budgets for different departments or projects?

Yes, you can create multiple budgets and subdivide them by class, location, or project.

10.5 How often should I review and update my budget?

Review and update your budget at least monthly or quarterly, or more frequently if your business experiences significant changes.

10.6 Can I give my employees access to the budget without giving them full administrative rights?

Yes, you can create custom user roles with specific permissions to access only the budgeting features.

10.7 Does QuickBooks Online offer any training or resources on budgeting?

Yes, QuickBooks Online provides various tutorials, articles, and webinars on budgeting.

10.8 What is the difference between a budget and a forecast?

A budget is a financial plan that estimates revenue and expenses, while a forecast predicts future financial performance based on current trends and data.

10.9 How do I handle unexpected expenses in my budget?

Include a contingency fund in your budget to cover unexpected expenses.

10.10 Can I import budget data from other accounting software into QuickBooks Online?

You can import budget data from Excel or other compatible formats.

Conclusion: Taking Control of Your Finances with QuickBooks Online Budgeting

Creating and managing a budget in QuickBooks Online is a powerful way for online games businesses to take control of their finances. By following the steps outlined in this guide, you can develop accurate budgets, track performance, and make informed decisions to support your business goals.

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