Need to delete a budget in QuickBooks but are not sure how to get this task accomplished; reading this post until the end can help. QuickBooks lets users create or set up the budget for their business and define their investment goals. Budgeting in QuickBooks enables you to compile, update and sum up your financial goals and your strategy to achieve them. However, there are various instances when you may need to delete a budget in QuickBooks. This post elaborated on some crucial aspects related to the budgeting in the program and steps to delete a budget in QuickBooks.
What Is A Budget in QuickBooks?
If you are wondering what a budget does in the QuickBooks application, then you need to read this. A budget In QuickBooks helps you define projected income details based on the current company data. It also includes some crucial information, such as your company background, projected payment information, and your business strategy. Besides, the budget in QuickBooks prints the following reports:
- Report on your Balance sheet.
- Money arrangement report.
- Cost and payment projections for up to 5 years
- A detailed report on Profit and Loss.
What Are The Possible Instances When You May Need To Delete Budget in QuickBooks?
Creating a budget in QuickBooks is definitely an incredible feature. However, due to several reasons, you may want to delete a budget in QuickBooks. These points are covered in the below-given list:
- When the values in the budget are not correct, you need to delete them and create a new one with the correct values.
- There is a myriad of possible errors that can occur in the budget. In such a scenario, you need to delete the budget to rectify those errors.
- If a specific budget is no more relevant to your QuickBooks Desktop, you can simply delete it.
However, it is better to edit a budget rather than delete it. Minor issues in the program can be rectified using the Edit option.
How To Edit A Budget QuickBooks Desktop?
If you have committed a minor error and need to rectify it, using the Edit option can help you get it accomplished. Below are your steps:
- When in the QuickBooks Desktop application, go to the Company section.
- Here, you need to move your cursor to the Planning and Budgeting option.
- Click Setup Budgets to move ahead.
- Now, using the drop-down, select the budget you want to edit.
- Once selected, click the Edit option.
- You will now be able to make the required changes in the selected budget.
- After making the required changes, click Save to conclude this procedure.
Once the changes are made, re-check your budget to confirm that the inaccuracies are fixed now.
How To Delete a Budget in QuickBooks Desktop?
If you want to go with deleting the budget you have created in QuickBooks, you can get it done with a few simple steps. Follow these steps with full attention:
- Launch your QuickBooks Desktop application in the first place and log into your account.
- Thereafter, click on the Company menu to move ahead.
- Now, you need to click on Planning and Budgeting option.
- Here, select the Setup Budgeting option, and it will show you a drop-down list.
- You need to click on the Budget option from the drop-down menu.
- Also, you need to specify the Customer Job and Class.
- After that, hit the Edit option and then click the Delete budget option.
- Moving ahead, select Yes to confirm the selection.
- You will now see that the specified budget has been deleted. You may cross-check it as well in your QuickBooks Desktop software.
Procedure To Edit a Budget in QuickBooks Online
When making a budget using QuickBooks Online, you may find some discrepancies. You can edit them by implementing the below-given steps:
- Navigate to the Gear icon and select Tools options using it.
- Next, you need to select the Budgeting >> Add Budget option.
- Moving ahead, click on the Budget you want to edit.
- Now click the Action drop-down and click the Edit option.
- Once done, click Save and then click Save and Close to complete the task.
How To Delete A Budget in QuickBooks Online?
If you are a QuickBooks Online user, the below-listed steps can help:
- First of all, you need to open QuickBooks Online on your device.
- Once done, locate and click on the Gear icon on the program’s toolbar.
- Important: The gear icon is the same as the settings icon in most devices, which depicts the inner working of a machine.
- Using the Gear icon, you need to open the Tools option.
- Thereafter, go to and select the Budgeting option.
- Here, you can locate the budget you want to delete.
- You will now have to delete the drop-down menu and select Action.
- Moving ahead, select the Delete option.
- Select Yes, when you are prompted to confirm your action.
Following these steps carefully, you can delete a budget in QuickBooks Online.
All in All!
The steps explained in this post can help you in deleting a budget in QuickBooks. We have tried our best to help you with the procedures. However, if you are still facing any difficulty and need further assistance from an expert, you can connect with our professionals and get an immediate response on the concerning issue.