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O
olivergr
September 5, 2023
Question

Multiple bank accounts with specific links to specific projects

  • September 5, 2023
  • 1 reply
  • 0 views

is it possible to have a singular bank account linked to singular project in QBO? If not, how would you select how payments are made/received if multiple accounts are available within a given QBO project?

1 reply

M
Mich_S
September 5, 2023

The ability to directly associate a single bank account to a specific project in QuickBooks Online, @olivergr. Let me discuss more details and walk you through the process.

 

You can create a bank account on your Chart of Accounts to keep track of the payments made and received from multiple accounts available within a given QBO project. Let me walk you through how:

 

1. Open the Gear icon, and go to Chart of Accounts.

 

2. Click on +New. Then select Banks from the New account section.

3. In the Save account under drop-down, select Bank Accounts.

 

4. Fill out the Tax for section.

 

5. Enter the Account name and fill out all other needed information.

6. Once done, click on Save.

 

After that, make sure to manually select this account every time you add transactions to the project. This keeps them allocated properly and for your books to be organized as well. Please refer to the snapshot below:


 

Furthermore, track your labor costs and profitability by using payroll expenses or estimated hourly costs.

 

Keep in touch whenever you have additional concerns about managing projects in QBO. I'll be right here to assist you further. Have a great day ahead!

O
olivergrAuthor
September 7, 2023

Thanks very much for the detailed response. I do have one follow question to this. With regards to "make sure to manually select this account every time you add transactions to the project." - we have QBO connected to Buildertrend and transactions will flow from Buildertrend into QBO. When you say "Manually Select," is this done at the time of actually making payment/receiving payment? Essentially, all of our projects will have a unique bank account and we will have multiple ongoing projects so I want to be clear on where specifically this gets marshalled. We will not have any direct labour costs, just subcontracts and material.

Q
QueenC
September 7, 2023

Thank you for replying back, @olivergr. I would be happy to provide further assistance and address your questions, ensuring that you feel confident in managing your projects using QuickBooks Online.

 

Since you mentioned that Buildertrend is connected to QuickBooks Online, your transactions are automatically downloaded and not entered inside QuickBooks. That being said, the task of manually selecting the created account allocated for your project will be done during the categorization process of your transactions. 

 

I would be more than happy to demonstrate and guide you through this process:

 

  1. Go to the Banking menu then select App transactions.


     
  2. Click on the transaction to categorize.
  3. Select the created account in the Category field and choose the project in the Customer field.
  4. Fill in other necessary fields.
  5. When done, hit Add.

 

Furthermore, in the event that you find it necessary to modify or relocate a transaction to a different account, you can easily accomplish this task by adhering to the instructions outlined within the comprehensive guidelines provided in this article: Unmatch downloaded bank transactions or move them to another account.

 

If you have additional queries with regard to managing your Buildertrend transactions and projects in QBO, please don't hesitate to reach us again by leaving a comment below. Rest assured, we are committed to your success and are here to support you every step of the way. Keep safe and have a good one.

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