Profit and Loss Budget Overview is incorrect when Fiscal Year is not equal to Calendar Year
There have been a lot of users affected by a peculiar bug in QuickBooks for Mac 2012, if they were on a non-calendar fiscal year. Intuit released an update today that should correct this.
The issue:
After creating a budget for a single month the Profit and Loss Budget Overview report shows budgeted amount for the budget month plus an additional month, doubling the budget amount for that account.
If you create a budget for all months of the fiscal year and then delete one month the report will remove the budget amount from that month plus an additional month.