Let me provide some information about creating project budgets in your account, @vgkish.

The QuickBooks Online (QBO) Budgeting feature uses expenses and incomes. This means you can create a project budget by choosing the Subdivide by Customer option. Then select the customer and project your budget is for when creating a budget. To roll up into an annual organization budget, you can choose a Yearly basis.

Let me show you how:

1. Go to the Gear icon on the top menu.

2. Under Tools, choose Budgeting.

3. Tap the Add budget button.

4. Enter a budget name in the Name field.

5. Select the fiscal year for the budget from the Fiscal Year drop-down. 

6. Tick the Interval drop-down menu and choose Yearly. You can also select a Monthly or Quarterly basis.

7. From the Subdivide by drop-down, select Customer then choose the project. 

8. Press Next.

9. Enter the amount per account and hit Save and close.

For more details about creating a budget, check out this article: Create and import budgets into QuickBooks Online.

To learn more about the Project feature, refer to these articles: 

• Projects FAQ

• Set up and create projects in QuickBooks Online

Fill me in if you need a hand with running reports for Projects and Budget or any QBO related. I'm always here to help. Have a great day ahead.