04/10/2025
QUICKBOOKS TIPS-USEFUL FUNCTIONS-DO YOU NEED THIS?
USING PROJECTS
Projects in QuickBooks is a gamechanger when you want to track the profitability of a job. You can add project income, expenses, and labor costs, and run project-specific reports from a single dashboard. If you need to, you can even add old transactions to new or ongoing projects.
Using the sub-customers feature is helpful when the parent customer is paying all the invoices for all the sub-customers. Although projects donât offer the same hierarchy, they provide a more holistic way of tracking jobs, and tend to be appropriate for more complex clients on Plus and Advanced plans. Because the Projects feature offers rich data on jobs, it can better inform deep advisory insights. Whatâs more, the Projects feature and sub-customers feature can be used together. You can set up a hierarchy of sub-customers and allocate projects to each sub-customer.
1. Creating a Project
There are several settings to check and options to consider when setting up a project from scratch. You can also convert a sub-customer to a project. Either way, once set up you will get a dashboard view of the status of all of a clientâs projects, as well as more detailed data on each individual project.
2. Assigning income and costs
Once you have created the project, you can start to add transactions to it so that they can be tracked as part of that projectâs income and expenses.
3. Reporting on a Project
In the Projects center, under the Project Reports tab for each project, there are three reports listed: Project profitability, Time cost by employee or vendor, and Unbilled time and expenses. If the client has the Advanced plan and is using projects, there will also be an Estimates vs Actuals report, showing a projectâs profitability by comparing the original estimated costs and income to the actual
values.
Call us to discuss how you can get this functionality (903)851-9493 or [email protected]!