Quarterly budgeting helps break down annual expenses, providing a more frequent check-in on income and expenses. This option is useful for seasonal or varying costs.
Step 1: In the left menu, go to Accounting
->Budgeting
Step 2: Click + New Budget
or the PLUS icon in the center of the table to create a new budget entry.
🔶Note: The "+" icon only appears if no other budgets have been created yet.
Step 3: Fill in the Budget Form:
- Track Categories: Budgets can be allocated to specific departments or projects.
Adding a category helps you track expenses or income related to different projects, departments, or goals. Learn more about Track Categories →
- Budget Name: Choose a name that describes the purpose or focus of the budget.
- Effective Year: Enter the year when the budget will be in effect.
Step 4: Choose Quarterly as the Budget Type.
Quarterly Distribution Option: If you need unique budget amounts for each quarter, tick the checkbox for All Quarters. Leave it unchecked if you prefer the budget to automatically recur evenly across all quarters.
🟩 Tip: When selecting "All Quarterly" without setting specific amounts for each quarter, the system will automatically distribute the total budget evenly across each quarter.
Step 5: Budget Amounts - Distribute funds among the right accounts or categories (e.g., Income, Expenses, Cost of Goods Sold).
🟩 Tip: If you need to create a new account, navigate to Accounting > Chart of Accounts in your system. From there, click Add New Account to quickly set up and categorize your financial accounts.
For detailed steps, check out the How to Create a Chart of Accounts article.
Step 6: Set up Notification Type (Optional) to stay informed:
- Budget Crossed: Sends an alert when the budget exceeds dollar value.
- Budget Crossed Percentage: Sends an alert if spending reaches a certain percentage of the budget.
🟩 Tip: Add an email address for notifications to be sent directly to your inbox.
Step 7: Click Save
. You’ll be redirected to the main budgeting section with a confirmation message.
For quarterly tracking, check the Budget Variance Report to see how your actual expenses compare to your budgeted amounts each quarter. This helps you make timely adjustments if you’re exceeding or falling short of your planned budget.
To view the Budget Variance Report, go to Reports > Budgeting > Variance Report. This report provides a clear view of your planned versus actual spending across all your budgets, helping you stay financially on track and adjust as necessary.
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