Forecasting Profits and Losses
QuickBooks can also prepare a forecast of a year’s profits (or losses) by calculating what your income statement will look like based either on the previous year’s income and expenses or based on using actual numbers that you enter very similar to how you budget. (See the previous section’s description of how to create a budget.)
To tell QuickBooks to forecast profits and losses, choose Company⇒Planning & Budgeting⇒Set Up Forecast. Then, when QuickBooks starts its clever little wizard, you follow the onscreen instructions. If you have questions, you can refer to the chapter’s earlier discussion of setting up a budget.