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Let me share with you some insights about project budgets in QuickBooks Online (QBO).
At the moment, the option to set a project budget by project duration isn't available in QBO. We can only set budget by date or by account. Also, open purchase orders will not be included in the reports since it's a non-posting transaction.
To be more familiar on how the budget feature works in QBO, here's an article that you can refer to: How to create, edit, and manage budgets.
While this option is unavailable, I would recommend sending us feedback to include this enhancement in the future. I'd be sure to do the same thing on my end.
Here's how:
Reach back to me if you have other questions about managing budgets in QuickBooks. I'm always ready to help you out. Have a good one.