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rbryanh
rbryanh
October 15, 2022
Question

Allocate Uninvoiced Funds for Budget Purposes

  • October 15, 2022
  • 1 reply
  • 0 views
I often contract for services that I'll pay for in increments over time, as individual stages of the work are completed. The total is known when the contract is signed, but it may take a year or more before the final stage is invoiced. During this period, actuals vs. budget reports show only the invoiced total. I'd like actuals to reflect the total amount allocated, even though some portion of it is not yet been invoiced. What's the best way to handle this? Thanks, Bryan

1 reply

Rubielyn_J
Rubielyn_J
October 16, 2022

I appreciate you for sharing the detailed info on your concern, @rbryanh. Let me chime in and clarify things for you.

 

The Budgets vs. Actuals report summarizes only accounts alongside your actual account totals. It also shows how much you're under or over budget. 

 

We can use a cash flow planner in QuickBooks Online to forecast your income and expenses. We can also add and adjust future items to see how certain changes affect your cash flow. 

 

To set up your planner, connect your bank and credit card accounts. This way, we can use the data from your accounts so QuickBooks automatically analyzes transactions to predict future money in and out.

 

Then, manually add items for potential income and expenses. For example, if you have a big sale coming up add it as an item, so it's part of the forecast. 

 

Here's how:

 

  1. Proceed to Business overview or Cash flow (Take me there), then select Planner (Take me there).
  2. Choose Add item.
  3. Click Money in if the item is income, or Money out if it's an expense.
  4. Give the item a name and enter an amount.
  5. If it’s a recurring item, select the Repeating button. Then select how often the item repeats.
  6. Once done, click Save.

 

For more details, you may check out this article: Use the cash flow planner in QuickBooks Online

 

Additionally, let me share this link to help manage your budgets in QBO: Create budgets in QuickBooks Online. It includes insights on how to review the fiscal year for your business and how to get your budget data. 

 

Fill me in if you have further questions about allocating uninvoiced funds for budget purposes. I'm always around to help. Stay safe!

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