Paul W. Carlson, CPA (00:00):
Hi, this is Paul Carlson, CPA with Law Firm Velocity. In this video, we're going to talk about how to create a budget within QuickBooks Online or how to edit an existing budget. So to get to the budgets, you go gear, Budgeting. Budgeting is not available on all versions of QuickBooks Online, so if this doesn't show up, you need to upgrade your QuickBooks Online subscription. Here, we can add a budget. If it's 2019, we would click Add a Budget, and we'll walk through the process of adding a new budget. In this case, we want to edit the 2018 budget.
From here, we get a screen of all of the current income statement accounts, and we can add dollar values. So say we realize legal fees are going to be $520,000 a month. We can type in one cell, or we can use this arrow and copy it across. What does not work is, you can't type in 10,000 here and hit tab. You have to tab twice to go to the next cell. So that takes a while to get used to.
From here, you can just enter all of your expected revenue and costs. The newer version of QuickBooks Online does calculate net income across the bottom so you can see how your results are doing, and if you need to add new accounts, if you're one of our clients, please call us or contact us and talk to us about adding new accounts. Otherwise, you need to go out into the chart of accounts and add the new expense account, and then come back in and it will appear on this budget. With that, it's a quick overview of how to log in and edit budgets within QuickBooks Online. Thanks. Bye.