What does "Budget Year" mean on the reports?

Across the top of some of the reports are the drop down boxes "Date Range," "Budget," and "Budget Year" which on my reports is set to 2020 and has no other values. Can anyone explain to me what the purpose or function of this field is?

Best Answer

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Accepted Answer
    Peter said:
    So, long story short, this is largely a feature of interest only to small businesses?
    Correct.  Whereas personal taxes are always done on the calendar years.  Businesses have the choice to start on any month in the year, and end 12 months later in the next year.  And as such they will also want budget using the same "year" period.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/

Answers

  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    You can setup a budget in one of two ways. One is to create a single budget that spans forever just pushing out another year. The other (which I prefer) is to create a new budget each year... about this time... that is annual. When you have multi year budgets set up, you can select the drop downs to review multiple budget years.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    For individuals, "Budget year" almost always means Calendar year.
    The exception would be if you pay your Federal Income Taxes on something other than a Calendar year basis.
    IF you use Q for a small business, it still means "tax year".
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Peter
    Peter Member ✭✭
    Thanks NotACPA. Do you know why there is only a single value? I've gone back to files dating back several years and even though the data spans a decade or more, there is still only one value in this drop down box. Is it actually good for anything?

    Thanks,

    Peter
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    In EDIT, Preferences, you set your "Calendar Year" ...so Q only need to know WHICH calendar year.
    If you're running a small business with a different Tax Year, it needs it's own Q data file ...  as your tax year is almost certainly the calendar year.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Peter
    Peter Member ✭✭
    So, long story short, this is largely a feature of interest only to small businesses?
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Accepted Answer
    Peter said:
    So, long story short, this is largely a feature of interest only to small businesses?
    Correct.  Whereas personal taxes are always done on the calendar years.  Businesses have the choice to start on any month in the year, and end 12 months later in the next year.  And as such they will also want budget using the same "year" period.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • Peter
    Peter Member ✭✭
    Great answer. Thank you very much,

    Peter
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