Create a budget

Use the Budget Manager worksheet to set up budgets in Xero. You can only have one overall budget per organization, but you can create additional budgets. If you use tracking, you can also set up budgets for tracking categories. You'll need the Advisor or Standard user role to create a budget.

Set up an overall budget

  1. In the Reports menu, select All Reports.
  2. Under Financial, select Budget Manager.
  3. Select your start date.
  4. To compare with actuals, set how far back you want to view (3, 6 or 12 months). Select 'None' if you don't want to view actuals.
  5. Select the period you want the budget to cover. You can choose 3, 6, 12 or 24 months.
  6. Click Update to filter the budget by your selections.
  7. Enter budgeted amounts into each account field. Use a simple formula to fill out months using the green arrows.
  8. Click Save at any time to preserve your changes.

Budget Manager fields.

Enter budgeted amounts

Fill out rows using simple formulas

You can fill out rows automatically using a simple formula. Click into the box you want to base a formula on, then click the green arrow to start.

Click the arrow to apply a formula to fill other rows.

Choose:

  • Apply fixed amount to each month to fill other boxes with the same amount
  • Adjust by amount each month to increase by that amount each month
  • Adjust by percentage each month to increase by a certain percent each month.

Click Apply to update the worksheet.

Other columns in that row are filled with the same number.

To apply a formula to all accounts, click on the green arrow next to a month name in the header. From here, you can have the same formula options as before, which you can now apply to the entire worksheet. In addition, you can clear all months from that point on.

Click Apply to update the worksheet.

Xero will round decimals

If you enter decimals into the Budget Manager they will be rounded:

  • Up to the nearest dollar if 50 cents or over
  • Down to the nearest dollar if under 50 cents.

Set up a new budget with or without tracking

You can use the Budget Manager worksheet to set up a budget for each of your tracking categories. You can also follow these steps to create new budgets without tracking.

  1. In the Reports menu, select Budget Manager.
  2. Under Select Budget, click Add New Budget.
  3. Give the new budget a name, then select a tracking category (or Do Not Filter for no tracking).
  4. Select your start and end dates.
  5. To compare with actuals, set how far back you want to view (3, 6 or 12 months).
  6. Click Update to filter the budget.
  7. Enter budgeted amounts into each account field. Use a simple formula to fill out months using the green arrows.
  8. Save at any time to preserve your changes.

Tracking

Create a new budget based on an existing budget

You can't create a copy of an overall budget, you can only copy additional budgets you have set up.

  1. In the Reports menu, select Budget Manager.
  2. Under Select Budget, choose the budget you'd like to copy.
  3. Click Edit.
  4. Click Save, then select Save as Copy.

  5. Click Save.