How do I create a budget based on last year's actuals vs. budget?

kbillings

I would like to create a budget based on my actuals from last year, not my budget. I don't see an option for that.

MontanaKarl

Use the following steps to create a fresh budget based on last year's numbers, and then change the date for using that budget to this year... while keeping the budget numbers (actuals) for last year.

First, create a new budget... but specify last year (2019 as of this posting):


That's the essential part:  do NOT select the default of this year.

A budget window appears for last year - showing that everything is exactly in-budget, since the budget is based on the actuals of last year.  Select the date field (or click the edit this budget button):


and change it to this year (2020 as of this posting).  You'll get the following pop-up.  This is critical:  you can select to have the 2020 budget KEEP the data from the 2019 budget - OR to create new budget numbers based on 2020 actuals.  You want to keep the 2019 data... so click the Current budget button:



You will now see (or will need to select 2020 again) the current year's actuals with the previous year's actuals as the budgeted amounts.

Personally, I found the last dialog a little confusing and had to read it carefully.  In my mind, 'historical data' would have refered to the 2019 data... but it actually means to recreate the budget amounts with the current year's data.   Current budget refers to the budget that you are modifying.. in this case the 2019 budget, so that's what keeps the 2019 (historical in my brain)  actuals as the 2020 budget.

Hope that helps.

MontanaKarl

Use the following steps to create a fresh budget based on last year's numbers, and then change the date for using that budget to this year... while keeping the budget numbers (actuals) for last year.

First, create a new budget... but specify last year (2019 as of this posting):


That's the essential part:  do NOT select the default of this year.

A budget window appears for last year - showing that everything is exactly in-budget, since the budget is based on the actuals of last year.  Select the date field (or click the edit this budget button):


and change it to this year (2020 as of this posting).  You'll get the following pop-up.  This is critical:  you can select to have the 2020 budget KEEP the data from the 2019 budget - OR to create new budget numbers based on 2020 actuals.  You want to keep the 2019 data... so click the Current budget button:



You will now see (or will need to select 2020 again) the current year's actuals with the previous year's actuals as the budgeted amounts.

Personally, I found the last dialog a little confusing and had to read it carefully.  In my mind, 'historical data' would have refered to the 2019 data... but it actually means to recreate the budget amounts with the current year's data.   Current budget refers to the budget that you are modifying.. in this case the 2019 budget, so that's what keeps the 2019 (historical in my brain)  actuals as the 2020 budget.

Hope that helps.