It is simpler to manage a budget for QuickBooks users due to the features of the accounting software. The users of QB or its versions get the flexibility to import a budget in an Excel sheet or via the IFF file format. Along with this, Google Sheets can also be used to import it. Mainly from the Settings or Gear button of QuickBooks, a company’s budget can be imported.
How can you import a budget into QuickBooks Desktop and Enterprise has been covered in this reading. We have also found the methods for importing a budget into QuickBooks Online and Online Advanced.
Use the following outline to know the sections included here:
How Can You Import a Budget into QuickBooks Desktop?
To import an Excel budget into QuickBooks Desktop, first, a file in the IFF format has to be used. Via Chart of Accounts, you can add information to your file. After this, you can add the information of this file to the Excel file. Then this file can be imported to QBDT.
Please Note: While following these steps, we will first make a blank file for the budget. Then we will export it. Afterward, you will be able to import the budget through this file.
- In “QuickBooks Desktop”, use “File”.
- Then pick “Utilities”.
- Choose “Export”.
- After this, “Budget” has to be clicked on.
- Your budget has to be saved in the following format:
- “(year).iff” file format
- Use QBDT’s “Chart of Accounts”.
- Add the account mentioned as follows:
- “3300: Earnings from Construction”
- Then select “Contracted”.
- Now, make an account named “4400: COGS Contracted Jobs”.
- For exporting “COA”, choose “File”.
- Click on “Utilities”.
- Use “Export” and then tap on “COA”.
- Using this format, save the file:
- Open the “Excel” sheet.
- Select “Year 1 – Combined”.
- Copy each of the following cell range:
- In your budget file, find “Cell B4” and opt for “Edit”.
- Click on “Paste Special”.
- Paste only the values.
- Set “Operation” to “None”.
- The account names in “Column C” have to be shifted to “Column B”.
- Select “BUD” until you reach “Cell A4”.
- In “Cell C4”, you will see “MONTH”. Copy its complete list.
- Then go to “Cell P4” for copying “1/1/02”.
- View the budget file’s “Column B”. The “Account Name” of this file has to be exchanged with “COA’s” “Account Name”.
Please Note: While you do this step, you may have to clear “Column B’s” cells. Total/subtotal lines may also have to be cleared.
- Ensure that the numbers of income have been changed to negative.
- “Number” has to be used for formatting the columns between “D” and “O”. The number can be up to two places.
- The file of the budget has to be saved.
- Now, click on the “File” menu.
- Hit “Utilities”.
- Pick “Import” and choose “Budget.iif”.
- Press “Open”.
- Now, the budget may be checked via “Reports”.
- Then opt for “Budget”.
- Finally, choose “Profit & Loss” to check your budget.
Can I Import a Budget into QuickBooks Online?
You can import your budget in QuickBooks Online by deciding on a template. From QBO’s Settings, you can use Account and Settings. Later, you can pick the Reports menu and then make a template. You can decide whether Excel or Google Sheets is fit for importing the budget. Once this has been decided, the budget can be finally imported.
How to import budget into QuickBooks Online using Excel/Google Sheets has been displayed below:
- View the “Settings” of “QuickBooks Online”.
- From here, “Account and Settings” have to be opened.
- Click on the “Advanced” option.
- Now, you have to find “Accountings”.
- In the section, you will be required to create a review for a specific fiscal year’s beginning month.
Please Note: You can pick the “Edit” option when the month’s date has to be modified.
- Select the “Reports” option and choose “Profit and Loss Detail”.
- The “Report Period” has to be selected.
- Mention the timeframe and then prefer “Last Year”.
Please Note: When “Last Year” is chosen, you will be able to get that year’s data. You may require the data of the recent or the present fiscal year, the “Year-to-Date” option can be considered.
- The following needs to be matched to each other:
- “Fiscal Year”
- “Ending Year”
- “Beginning Year”
- Use the “Run Report” feature.
- Decide on one template to import your company’s budget.
- “Settings” have to be entered now.
- Tap on “Budgeting” and then head to “Import Budget”.
- Use the following format:
- To access the template, go through the link for the format chosen in the step above.
- Store the template on your computer.
- Ensure that the template for your budget is complete.
- Select one of the following:
- “Google Sheets“
Tip: You may want to import an Excel budget into QuickBooks Online. Choosing “Excel” in the step above will be advised.
- Then run your file with the “.csv” format.
- When you see several charts, you can add your budget for:
- Your accounts
- Now, go back to “QuickBooks Online”.
- Open the software’s “Settings”.
- Use “Budgeting”
- To continue, tap on “Import Budget”.
- Hit the “Browse” option.
- Again choose one template and press “Next”.
- Wait for the process to begin for importing the budget.
- You will be asked to name this budget. Enter it.
- Check the information in the template after it has been imported.
- Select “Edit” for creating modifications.
- After the modifications are complete, press the “Save” tab.
Please Note: While you do this procedure, you may want to add rows or columns. While you may not be able to include them in the stored template, you may use the charts available in QuickBooks Online.
Import an Excel Budget to QuickBooks Online Advanced
While using QBOA, you will see Budgeting in the main settings. This is a helpful option to import budget into QuickBooks Online Advanced. Using Add Budget, you can add the Excel sheet. Then via Import Template, the budget can be imported in the form of this Excel sheet.
For all the details of importing an Excel budget into QBOA, please see here:
- Check that your “QBOA” account is open on your system.
- Use your account’s “Gear” button.
- Find “Budgeting” after this.
- You need to tap on “Add Budget” once you find “Budgeting”.
- You may have to fill in certain information. For this, please choose “Pre-fill Data”.
- After adding the information, if asked, the budget has to be uploaded.
- Click on “Excel” since this is the preferred format.
- The template will also have to be imported. Choose “Import Template”.
- Save this template as well as open it.
- Go through the template. Enter the required details in it.
- Click on the “Settings” of “QuickBooks Online Advanced”.
- Select the “Budgeting” option.
- Now that the template is ready, choose “Add Budget”.
- Give a title to your budget.
- Repeat Step 5 of this method.
- Then click on the “Upload Budget” option.
- As the template is in “Excel” format, the same option will have to be selected in this step.
- When you see “Choose a File to Upload”, pick the file.
- The template will get added.
- Add your company’s budget to the template imported.
- In the end, this information has to be saved.
How to Import a Budget into QuickBooks Enterprise?
A budget can be moved to Quickbooks Enterprise as an IFF file. To prefer this format, you can choose File and see its Utilities option. Then you can tap on Import and make sure that the IFF Files option is picked. As soon as you choose it, your budget will be imported.
You can also see how to import a budget into QuickBooks Enterprise with these 5 steps:
- Sign in to your “QuickBooks Enterprise” account.
- After signing in, view “File” in the accounting software.
- The menu will display “Utilities”. Select it.
- Using the “Import” option, you can take this procedure ahead.
- You will see the “IFF Files” option. You can select it to start importing.
Thoughts in Ending
Whether you use QuickBooks, QuickBooks Desktop, or QuickBooks Online, you get the option of importing a budget. In different file formats, it can be imported to the software. Here, we explored the ways to do so. You may want to share your suggestions with respect to these ways. Please use our comment section to add them.