Hi there, HollyJoy.
Thank you for visiting again the QuickBooks Community. I'll be sharing details on how setting budget targets for each class works in QuickBooks Online. Then, to ensure you'll be able to achieve your goal.
Classes in QuickBooks Online represent meaningful segments in your company, like store departments or product lines. Once you track transactions by class, it’s easy to plan ahead for each segment. That said, yes, the divided ministries will use in setting up each ministry as a class.
You can create a budget by class based on profit and loss from the last fiscal year. This helps you set more manageable budget targets for each part of your business. Then, you can run reports to see your progress towards your goal, so you can stay on track. to start with, review your profit and loss by class.
Here's how:
- Go to the Reports menu at the left panel.
- Choose the Standard tab.
- Search for and run the report Profit and Loss by Class.
- Go to the top of your report.
- Click the Report period ▼ drop-down. Then, select Last year if your fiscal year starts in January. If not, select the Last fiscal year.
- Choose Run report.
Once done, add a budget goal for each class. You can create a monthly, quarterly, or yearly budget. You may also select to pre-fill the fields with actual data from the last fiscal year. This is handy if you want to base your budget on each segment’s past financial performance. To view additional details, you can open this article: Set budget targets for each class. This also provides information on how to compare your actual income and expenses to your budgeted amounts.
Lastly, you may refer to this article to see details on how to filter a balance sheet to view the report by class or location that will help you determine the accuracy of your data: Run a balance sheet by class or location.
Don’t hesitate to post a comment if you need further help about managing the budget with class in QuickBooks. I’ll be more than happy to lend a helping hand. Enjoy the rest of the day.
