Skip to main content
B
billinguod
March 14, 2021
Question

Show Lending between company and projects

  • March 14, 2021
  • 1 reply
  • 0 views

I am a construction company with a main management class and multiple construction projects broken down by classes.  Each one of the projects has a lender or is funded by a client.  I have a management bank account and each project has their own bank account.

 

How do I show the following:

1. Lending money from from management account to the project account.  Ie. If I buy material using my cash, then the project will owe be for that purchase.

2. I also have a single credit card that I use for everything.  How to I track how much each project owes the credit card.  Example I buy $100 of lumber for project A and $50 of nails for project B.  I need to be able to see how much of the $150 each project owes the credit card.

 

Thanks  I've had two bookkeepers mess up my account, so I am starting from scratch and want to ensure I get it right this time.

1 reply

L
LauraAB
March 15, 2021

Hi billinguod,

 

I can see that making sure your books are accurate has an extra level of importance for you since you've had bookkeepers that haven't handled the bookkeeping quite right in the past. I want to make sure you haven't the information you need for moving forward with this in QuickBooks Online so you can have confidence that your books are in good order.

 

For this kind of situation, I recommend working with an accountant to make sure that everything is exactly as it needs to be. I have a few ideas of steps that may help given what you've described here, but a more in-depth look and guidance from an accountant, especially one that's familiar with QuickBooks would be an asset.

 

Since you mention paying for expenses from the business, but then want to charge it to the customer's project, it sounds like you're essentially looking to invoice the customer for this expense. If that's the case and you're using the Projects feature in QuickBooks Online, here's an article that can help with that: Invoice customers for project expenses. This article guides you on how to create individual transactions for your expenses and bill them to a specific project.

 

If, however, you have a situation where you're also using your personal cash or card, I recommend starting with this article: Mixing business and personal funds. I do see you've mentioned that it's lending between the company and projects, but with your mention of things like "my cash," I wanted to make sure that this information was on your radar as well.

 

So you have them, here are a few other articles with information about the Projects feature in QuickBooks Online.

As I mentioned, an accountant can help to find out if this is the right direction for your business and bookkeeping needs. The My Accountant tab in QuickBooks Online gives you the opportunity to invite your accountant as a user to your QuickBooks to work in your books or you can use the Find a pro to help button if you're in need of an accountant. That button leads to our directory of QuickBooks-certified accountants so you can have confidence in the person you're working with.

 

I hope this information has been helpful to you and I wish you the best with your business!

Terms & ConditionsAccessibility statement