Hello phillipaSA,

You're correct in that only one budget can be selected at a time when running the Profit & Loss Budget vs. Actual report. Since I can see how important it could be to reflect more than one budget or compare budgets in a report like this, so I encourage you to navigate to the Help menu and choose to Submit feedback online in order to let our product developers know what you'd like to see in future QuickBooks Desktop updates.

In the meantime, you can use the option to Create new worksheet be selecting the Excel dropdown at the top of the report. You can run a report for each budget, then manipulate the data via Excel once you've exported it. This'll allow you to see exactly the data you're looking to pull.

Let me know if there's more I can do to help. Have a great day!