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LAWYERUP
June 25, 2021
Question

2021 Quickbooks Pro DESKTOP Project budget

  • June 25, 2021
  • 1 reply
  • 0 views

My client represents a large manufacturer and for each r&d company they have multiple projects she handles.  Once contract for new work is approved, she needs to set up a job with a budget, track invoices to client as well as payouts to subcontractors and herself.  The invoicing being connected to the job and payouts is difficult to figure out.

New 2021 QB desk top.  Can anyone help me set this up??

    1 reply

    C
    Catherine_B
    June 25, 2021

    I can help you set up your jobs and create a budget for them, LAWYERUP.

     

    You can set up an individual job for a customer to keep track of your income and expenses on a job-by-job basis. Here's how: 

     

    1. Open your QuickBooks Desktop company file.
    2. Click Customer and select Customer Center.
    3. At the upper-right of the Customer Center window, click New Customer & Job. Then, Add Job.
    4. Enter the Job Name, select the customer, and enter the rest of the job details.
    5. Click OK to save.

    You'll see from the list that it's already under the customer's name, Whenever you create invoices for this job, just select it. 

     

    To start creating a budget, you can use these steps: 

     

    1. Go to the Company menu and choose Planning & Budgeting. Then, select Set Up Budgets.
    2. Click Create New Budget.
    3. Set the fiscal year for the budget, then choose either Profit and Loss and Balance Sheet. Then, Next. 
    4. Select either Create budget from scratch or Create budget from the previous year's actual data.
    5. Click Finish.

    Feel free to use these articles that will help you how you can track job costing in QuickBooks Desktop and review your budgets. 

     

    Let me know if you have other questions by mentioning me in your reply. I'm just around to help you with it. Take care!

    L
    LAWYERUPAuthor
    June 25, 2021

    So the budget part can be for individual jobs?  for example if job 2566 has a $350 k budget i can track just that and hte invoicing to get the $350k as well as payments attributable to that budget?

      M
      Mich_S
      June 25, 2021

      Hi there, @LAWYERUP.

       

      Thank you for keeping us updated. Let me guide you with what to do.

       

      To use the full range of Job Cost reports you'll gonna need to enter estimates in QuickBooks. This way, you can make sure your project budget is on track. Make sure to turn on estimates and create one after.

       

      To turn on estimates:

       

      1. Login to QuickBooks as Admin.
      2. Go to the Edit menu and select Preferences.
      3. On the left pane, choose Jobs Estimates then go to the Company Preferences tab.
      4. Hit Yes.
      5. Hit Ok.

      To create estimates:

       

      1. From the Customers menu, select Estimates/Create Estimates.
      2. Select a customer or customer job or Add new.
      3. Fill in the relevant information.
      4. In the detail area, select the item(s) you propose to do or include as a sale.
      5.  If you want to apply for a discount, you need to create a discount item.

      For more details, you can review this article: Create an estimate in QuickBooks Desktop.

       

      Just reply to the thread if you have further questions. Have a great day!

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