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A
accounts595
March 24, 2025
Question

We are changing our year end from 28th February to 31st March so this year will have 13 months. How do I do this in Quickbooks Online?

  • March 24, 2025
  • 1 reply
  • 0 views

Can I enter a 13 month budget?

1 reply

RazzieE
RazzieE
March 24, 2025

The option to create a 13-month budget in QuickBooks Online (QBO) is unavailable, @accounts595. To address this, you can create a standard 12-month budget and then a separate budget for the additional month. Let me show you how to do this.

 

To begin, QBO allows you to create budgets, typically based on a 12-month fiscal year. However, you can manually adjust this to include the extra month by following these steps:

 

Here's how:

 

  1. Go to the Gear icon, then select Budgeting.
  2. Click Create a budget.
  3. From the Period dropdown ▼, select the financial year you're creating the budget for. 
  4. Hit Next.
     
  5. In the budget sheet, select Monthly.
  6. Toggle Compare reference data to compare actuals from your previous expenses with your planned budget.
  7. Click the Pencil icon to add name of the budget.
  8. Name the budget, fill in the necessary details, and hit Save or Save and close.

 

Since the system only allows for a 12-month period, you'll need to create a second budget to cover the additional month. For the remaining 1 month in this second budget, simply leave the budget amounts blank.

I'll leave this article for you to refer to when learning how to manage your budget: Run budget reports.

You can utilize the Reply button if you have more questions about creating a budget into QBO. We're always here in the Community to help. Take care.

A
accounts595Author
March 26, 2025

Thank you that's very helpful. I have created the March 25 to Feb 26 budget so now do you mean I create a budget for March 26 to Feb 27 and just fill in data for March 26?

At what point would I change the First month of financial year in the Accounts settings?

 

Thank you.

C
ChristineJoieR
March 26, 2025

Yes, Accounts595. You need to make another budget for March 2026 through February 2027 and include the March 2026 budget in QuickBooks Online.  Let me help you how to keep everything aligned when creating budgets and changes to your fiscal year settings.

 

QuickBooks Online (QBO) allows you to create budgets, which are typically based on a 12-month fiscal year. You can follow the workaround provided by my colleague above.

 

To determine which month to select for the fiscal year in the Accounts and Settings, I recommend to consult your accountant. They can provide guidance on how to manage this, including the associated taxes and reporting requirements for that year.

 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Enter the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Review your results and select the option that best suits the business. You can click on each ProAdvisor's profile to learn more about them.

 

After locating an accountant, you can reach them via the "Send a message" form.

 

If you want to review your assets and liabilities, create a budget for the upcoming year, month, or quarter, you can refer to this page for your guide: Create or import budgets in QuickBooks Online.

 

Additionally, you can use this guide to complete year-end tasks and finish the year smoothly. I have added this article for further details: QuickBooks Online Year-End Guide Checklist.

 

If there are additional questions regarding creating a budget in QBO, please use the Reply button. The Community is available to provide assistance.

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