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angelaspang
April 24, 2020
Question

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

  • April 24, 2020
  • 1 reply
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1 reply

J
JonpriL
April 24, 2020

Hello there, @angelaspang!

 

You can manually enter the amount for COGS when creating your budget.

  1. Go to the Gear icon.
  2. Under Tools, select Budgeting.
  3. Click Add budget.
  4. Enter the name.
  5. Manually type in each amount for your accounts including COG.
  6. Click Save.

In addition, here's an article you can read to learn more about budgeting: Create and import budgets into QuickBooks Online.

 

Lastly, I've got you a few articles here for ideas about how you can manage your account: Reports and Accounting for QuickBooks Online.

 

If there.s anything else that I can help you with, let me know in the comments. I'll be happy to help.

E
Eleanor 12
May 18, 2020

Hi There,

I have created the budget but need a carry forward balance otherwise the month by month and yearly comparison with actual figures are distorted. This should be opening balance plus income less expenditure, easily done in excel but not so in Quickbooks. How does one do this please?

IamjuViel
IamjuViel
May 18, 2020

Hello, @Eleanor11.

 

When you create a budget through QuickBooks, it is based on your current financial year or from the previous year's amounts. You have the option to automatically pre-fill it with data from the current or previous year into the budget, and specify the year to use. Also, you can manually enter the amounts per month.

 

Let's first make sure to run your Profit and Loss report. This is to make sure that all of your income and expense transactions were accounted for properly in the past year. 

  1. Go to the Report menu.
  2. Scroll down to the Business Overview section. 
  3. Select the Profit and Loss by Month report.
  4. Click the Compare another period drop-down.
  5. Mark Previous Year or Year-To-Date.
  6. Click the Run Report button.

By doing this, you'll have an overview of your income, expenses, and net income (profit or loss) by month in the previous year. Also, you can use it when creating your budget. 

 

Lastly, you can consult with an accountant so you'd be assisted with preparing your financial data.

 

Always feel free to leave a post below if you have other questions. I'm always here to help.

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