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Project cost and income do not display even though transactions are present

Forum|Forum|3 years ago
January 6, 2023
4 replies
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Has anyone else experienced a lack of data in the Projects tab with QBO? I have active Customers and Projects setup, but the Project tab for these projects will not show me the Income - Costs = Profit on the Overview screen. I contacted Intuit Support in October, but they have not resolved the problem. Has anyone experienced this issue and found a resolution? I tried creating new customers with new projects and tried to re-assign the expenses to the new project, but that didn't fix the problem.
Thanks!

QuickBooks Online

Best answer by GSDgrad

UPDATE! I figured out the problem. All expenses or income must be categorized in an Account that is NOT an Asset - they must be either Expenses, Cost of Goods, etc. Intuit techs could not figure this out during an hour-long chat session, but I noticed that all my expenses in the Transaction tab were categorized as Current Assets rather than an expense, so QBO would not add those transactions to the Projects Income + Expenses = Profit summary.

Hope this helps anyone else who has run into this issue.

E

Ethel_A12

Hello there, @GSDgrad.

I'm here to share information about managing Projects in QuickBooks Online.

For the transactions, make sure to assign them to a specific project. If you add them to a customer or vendor, they will not generate data like income, expense, and project profitability.

You can easily add new transactions to your project, such as invoices, expenses, or estimates. Adding transactions to projects won't affect their classification or impact on your accounts. Simply designating them as part of the project allows you to keep track of its revenues and outlays.

There are two methods to add new transactions. In QuickBooks, you can create the transaction as usual. All you have to do is type the project name into the Customer/Project dropdown. Or, use this method for starting a new transaction inside of projects:

Go to Business overview and select Projects.
Choose your project.
Click Add to project to create a new transaction.
Select either Invoice, Receive Payment, Expense, Estimate, Time, or Bill.
Fill out the details for the transaction as you normally would.
Hit Save and close.

Once you have the same issue after properly assigning the transactions to the project, you can clear your regular web browser's browsing history.

I'm also adding this article as your reference to manage projects in QuickBooks Online: Set up and create projects in QuickBooks Online.

Let me know if you have additional questions about managing projects. I'm always here to help.

G

GSDgradAuthorAnswer

UPDATE! I figured out the problem. All expenses or income must be categorized in an Account that is NOT an Asset - they must be either Expenses, Cost of Goods, etc. Intuit techs could not figure this out during an hour-long chat session, but I noticed that all my expenses in the Transaction tab were categorized as Current Assets rather than an expense, so QBO would not add those transactions to the Projects Income + Expenses = Profit summary.

Hope this helps anyone else who has run into this issue.

AlcaeusF

Hello GSDgrad,

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

We love to see members supporting one another! Have a great day.

C

corcutt

After reading all these responses with no results, I finally figured out that you need to show "accrual" (not cash) for unpaid invoices or expenses to show on the project report.

S

Semper1

None of the responses or replies in this thread truly solve the problem with QBO Projects. For years now, I have projects in QBO that simply will not show/capture any vendor expense, and these are vendor expenses that have been entered correctly as bills and assigned to the exact project and customer. QBO will show when I have been paid by the customer, so the end result is that these projects show "100%" profit on the Projects page. Ah....if only that were true. I've cleared the cache, cleared the intuit cookies, all to no avail. Its useless data we're paying for.

G

GSDgradAuthor

Your issue seems exactly like mine.

Are you certain that the Account Type for your expense transactions are setup as: Expenses, Cost of Goods Sold, etc? In my experience, your Vendor expenses must be setup with one of the expense Account Types (see attached). Any expense with Account Type: Asset, Equity, A/R, Income will not hit your Project as an Expense and therefore will not show up as a Project Cost. I suggest opening one of your expense accounts in Chart of Accounts and checking the Account Type. As a test, you could create a temporary expense account that uses Cost of Goods, Cost of Labor, Expense, etc. as the Account Type and then add a fake transaction to one of your Projects with this temp expense. Then check your Project Summary to see if it showed up as an Expense to the Project.

R

RBBookkeeper

I was having the same issue where expenses were not pulling into the Project P&L, but showed as transactions within the project. The account type I was having an issue with was Payroll Expense. I changed the account type to Other Business Expense and the transactions appeared correctly.

Intuit - maybe you could give us some clear, detailed information about this so we don't have to guess.

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