Creating a New Budget doesn't work the way it used to
I want to create a 2025 budget based on 2024 actuals.
When I do it, the system only includes expense categories, requiring me to manually add all the income totals.
In the expenses, it takes the annual totals and spreads them evenly across the months, which inaccurate for many categories, requiring to manually adjust many values.
Last time a did this, it was much better including the income categories and the monthly amounts.
Is there a way to accomplish this in the current version.
Thanks,
Answers
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After creating the 2025 budget, with the problems noted above, I clicked on the year arrow to 2024, then that gave me 3 options including one to use actuals as the budget amounts - that is what I want, but there wasn't a way to do that when creating the 2025 budget
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I was wonder the first of these posts would come up. This is a "yearly problem" that will continue to be so since it only applies to the beginning of a year and therefore never gets enough attention to get the developers to fix it, before it vanishes for the year.
You can only get all of the choices for how to transfer the data from last year to the new year by extending the budget into the next year while you are still in that last year. And to make it worse, there isn't any way to "trim it back" and try again. The only way to go back is to load in a data file saved before the start of the year.
The best time to extend the budget is on December 31 after the close of the day, so that you get the full 2024 year. You can't do it with your system clock set to any date in 2025 because Quicken will not give you the choice to transfer the actuals.
The "workaround" is. Given a data file that has a budget hasn't yet been extended into 2025, set Windows system date to 12/31/2024, and then open the data file, go to the budget and select this button to extend the budget into the next year.
Quicken will then prompt you will all the possible choices including using the actuals for setting the budget amounts.
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I could have entered everything manually faster than trying to get this to work. I changed the system date, but it would not give me the options to use 2024 actuals. If I try to set up a 2026 budget, no problem, but then it wants to use 2025 data. So it seems like Quicken only gives you a few chances, and only if you're in the past year. What about all the people that don't start creating their 2025 budget until 2025? Big thumbs down to Quicken for this oversite.
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I was able to create a 2025 budget manually and add the category I wanted...BUT…it filled in several January numbers that are not in the accounts.....ghost deposits and drafts. I wonder when the real numbers come if it will accept them.
Anyone else have this happen?
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Did you use a backup where the budget had not yet been extended into 2025?
That is the other miss with Quicken, once a budget is extended into a different year, other than use a backup, there isn't any way to reverse it. You get one chance at it, and that is it.
The "Manually Select Categories" that you get when you create a brand new budget is "different" from the "use actuals" that is available when extending an existing 2024 budget into 2025 (while the date is still in 2024), and it sounds like there is a bug in the "Manually Select Categories", but I haven't tried it and don't know much about it.
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OK, thanks for the answers.
I made a note to do this next year on 12/31, this year, I just did it all manually.
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