Using a Profit & Loss Budget in Reckon Accounts Business

Legacy KB ID: 4950

Question

How does Accounts Business (formerly QuickBooks) use past data to create Profit & Loss budgets?

Answer

Accounts Business gives you the option to create a budget from scratch or from the previous year’s actual data. 

When you select previous year’s actual data Accounts Business uses the computer date to determine the previous year, regardless of the year you are creating the budget.

Therefore, when your computer date shows June 2023, creating a budget for FY 2023/24 and using previous year’s actual data, Accounts Business will use data from FY 2021/22, as the last full financial year with actual data. 

To create a budget for the next financial year

1.    Change your computer date to the next financial year,

2.    Create a new budget for the next financial year, using the option from previous year’s actual data;

3.    Make adjustments to your budget;

4.    Close Accounts Business

5.    Change the date back to the correct date;

6.    Launch Accounts Business and check the Budget.

Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or Log a Support Ticket: https://www.reckon.com/au/support/