would you like to know if your jobs
are under or over budget well then you need to know how to make a budget by job
if you have any questions about this topic you can leave them in the comments section below and i'll
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the budget by job feature in quickbooks desktop is one of the most simple but helpful tools
in quickbooks it's simply a data sheet that remembers the amounts of each expense or other
account that you input into the data sheet as the budgeted amounts after putting in budget amounts
simply run the report called budget versus actual and you will see all the differences between the
budgeted amounts and the actual transactions that's all it does and that's all it needs to do
you can change any budgeted amount or any actual transaction and the budget versus actual report
will reflect the change immediately if you rerun the report you'll get the updated numbers for
example if you reopen the budget and you change the amount of delivery expense that's budgeted as
soon as you open the budget versus actual report you will see the new difference reflected in the
report that considered the change that you just made to the budget in fact the same thing is true
if you actually change the actual transactions as soon as you save the changes to a transaction
still the reports will immediately open with the new difference between the actual transactions
that you changed and the budgeted amounts so that report changes immediately no matter which one you
change so that you can see whatever the current updated difference is so you may well ask how
are budgets saved in quickbooks desktop well each budget is simply a data sheet that you can reopen
and change you can have two separate budgets for each fiscal year where one of the budgets
is a general budget based on the account balances and the second budget can be your budgets by
job you can set up the budget for any time period you like the budget can be a monthly budget a
weekly budget quarterly daily annual whatever you like and here's our first example let's imagine
that we're making a budget for the south woods road job for the job expenses of january of 2022
now that means that it's fiscal year 2022 job by month just for southwoods road
so let's pretend these are the budgeted amounts for these five expenses eight seven six five
four from the main menu click company planning and budgeting set up budgets now we wanted fiscal year
2022 and profit and loss by job is a profit and loss type of budget if you're doing it by job
click next we want it by customer job because we're contractors and we need to see if the
job is under or over budget now where in this example we're creating the numbers from scratch
we're not using previous year's actual data to assume what the budgeted numbers will be
so click create budget from scratch and click finish now the first thing you must do
is make sure that you choose the right job before you start putting in the numbers
now notice the numbers that we want are down here if we come here these are the budgeted amounts
that we're going to put in to in order to see what happens so we start with cost of wallpaper sold
cost of wallpaper sold specifically for january of 2022
type in the budgeted amount and push the tab key to save the field now delivery expense
push tab demolition expense let me see how much that was 600
i don't think we had payroll expense i think repair expense was 500
and supplies expense for the month of january
specifically for the southwoods road job is 400. so these are the budgeted amounts that we've input
now we click ok and quickbooks will remember that these are the budgeted amounts
now before we start putting in transactions let's open the budget versus actual report
before recording any actual transactions for january of 2022 for the southwoods road job
from the main menu we click reports budgets and forecasts budget versus actual these other
choices are not nearly as helpful as budget versus actual now we want it for the 2022 year account
and customer job that's the only budget we made so that's the only budget on the list click next
now we don't want account by month when it comes to this choice you must choose account by customer
job that's the only format of this report that is helpful so we want account by customer
job click next and finish now of course the report opens in a big bloody mess so we have to filter it
down for the two things we need we have to filter it specifically for our job and we have to filter
it specifically for the date range that we're looking for so we click customize report filter
click here push the letter n for name and choose the name just the southwoods road job cancel
if we don't choose only the southwoods road job we're going to get every single job in this file
as we scroll from left to right so the first thing we want to do is customize filter by n for name
pull down and choose the southwoods road job and click ok now it only has the southwoods road job
now we have to isolate the date range and click refresh now it looks like something that can help
us but notice the format these first four columns is just the southwoods road job then the next four
columns are everything for kirschbaum in total so if there were other jobs besides southwoods road
those budgeted amounts would show up here and then this total is the total of all jobs together
and unfortunately there's no way to filter out the total and you can make it a little
more clear by moving the mouse to one of the three dots and when you get the cross
click and drag to the right do you want all columns to be as big as this one yes
and now we can see it nice and clearly and we can see the budgeted amount and we can see
the actual transactions are in the left column the budgeted amounts are here and then the amount
under or over budget shows in this column and the percent under or over budget shows in the last
column so there are really only four columns to the budget the rest are totals that we can ignore
now let's enter some actual transactions and see what happens to the budget versus actual
report january fifth paid ups thirteen hundred dollars for a delivery related to south woods road
okay banking write a check and this is january 5th of 2022 this is a delivery to up ups
quickbooks knows they have bills click write a check we went through this
but the amount is thirteen hundred and the most important field is this if you forget
to put what customer job in the bottom right then you will not see this difference in that
jobs budget so you have to go down and click southwards road in this case it's not billable
just hit enter to save it and when we come back and refresh the report you can see
hundred was actually recorded seven hundred was budgeted you're six hundred dollars over budget
so your budget is at a hundred and eighty five point seven percent let's do the next one
january 10th paid 300 to rex repair for repairs that relate to the south woods road job
okay same thing banking write a check this one's on the 10th it's to rex repair
rex repair shop write your check and we know that this amount was only 300. is that correct
yes now when we hit enter to save it oh don't save it don't save it don't save it
the most important is to choose the job or it won't know to include it in that jobs budget
now cancel as far as checks and whatever look at that 300 was the actual repair expense
500 was budgeted so the dollar amount over budget is a negative because you're under budget by 200
and you're only at 60 percent of your predicted budget and that's how this works so when you take
a look at the report you can see the dollar amount difference and the percent over and the percent
under right here in these four rows in these four columns now let's change the budgeted amounts
and see what happens when we change the budgeted amounts in the southwoods road job for example
let's bring down the amount we budgeted for repairs to a hundred dollars it's very easy
you can reopen the budget by clicking company planning and budgeting set up budgets
now it remembers that we have one for 2022 for southwoods road and we said we want to bring down
the january repair expense that's budgeted for this job down to a hundred dollars now when we
click ok and we refresh the report you can see that instead of being under budget we are now
over budget by this two hundred dollars here and now the budget is up to 300 percent of what we
you can learn everything you need in quickbooks regarding contractor features
by watching the full playlist that this video is a part of you can just click
the link in the comment field or under the first paragraph in the description field
and there's also links in the top right of the video as it plays
you