QuickBooks Tip of the Month: Create and Review Budget vs Actual Reports
Tracking budgets is good. Comparing them to reality is better. The Budget vs Actual report in QuickBooks Online helps you see where you’re on track and where spending needs attention.
How to Create and Review:
- Go to Settings ⚙ → Budgeting → Create New.
- Choose Profit & Loss, select your fiscal year, and enter budget amounts.
- Go to Reports → Business Overview → Budget vs Actuals.
- Use date filters to limit the data you see and focus on specific periods.
- Compare actual spending to budgeted amounts and note variances.
Best Practice:
Review monthly or quarterly and adjust your budget as business conditions change. Smaller review windows make it easier to spot trends early.
Turn your numbers into a strategy! One 8 Solutions is here for that. Schedule a conversation today!
