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The video tutorial discusses creating and managing budgets in QuickBooks. It explains the budget versus actual comparison report, which is commonly used and can be categorized by class or customer for more detailed insights. Additionally, viewers can utilize the performance report to assess year-to-date results. The tutorial mentions that users can export budgets to Excel, make modifications, and then import them back into QuickBooks. To set up a budget, users must navigate to the company menu, select planning and budgeting, and click on setup budgets, where they can access the last budget created if one exists.