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Stephanie byrne
December 8, 2023
Question

Projects vs Chart of Accounts for Operating Expenses

  • December 8, 2023
  • 1 reply
  • 0 views

Hi everyone, hoping you can help me with this:

 

We currently have 4 active projects and every month I create a journal entry to transfer funds from these projects to an 'Operations' project for management hours, OH&P and insurance.  Operations, isn't really a project, it's our ongoing operating expenses to which we bill each of the projects for.  This solution works, but doesn't feel like the best way to do this. Should I set up a Chart of Accounts for Operations? I have also seen it before where Operations is treated as a completely separate entity / company but I don't want to create more admin by having to physically send each project a monthly invoice when it is just an internal transfer.  Everything is managed out of the same bank account. 

 

Thanks!

1 reply

G
GeorgiaC
January 18, 2024

Hi Stephanie, thanks for posting on the Community

 

Sorry that your post wasn't picked up by our team at an earlier point. 

 

There isn't a standard way to organize operations or movement of funds between projects in QuickBooks. Projects come with their own reports including Project Profitability, which you may find useful when viewing the Operations project. 

 

If you'd like to test other solutions without making changes to your current QuickBooks, you can also try out our Test drive account. For any other Q's, please get back to us below!

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