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Deano2
August 5, 2019
Question

Projects or Classes

  • August 5, 2019
  • 1 reply
  • 0 views

Consultancy Company where they track  all income and expenditure per client and consultant. A profit and loss is produced through the project and at the conclusion.  Purpose of the P&L is to determine profitability, which consultant manged the project and a history of all jobs for this client.

 

Would it be better in the above scenario to use Projects or assign all income and expenses to a class and thereafter extract reports.

 

Is there a fundamental difference between  Project and classes>

 

 

 

 

1 reply

T
Terina Carr
August 5, 2019

Hi Deano2

 

Classes and Projects are definitely similar in Quickbooks, however, the intent of them is slightly different.

 

Classes are generally for categorizing business departments or different services your business may provide. 

 

Projects are for tracking and analyzing the profitability of a job. If you have a project-based business such as contracting, interior design or consulting this means projects can vary widely in scope and complexity.

The Projects feature lets you organize all the components of one job - like sales, expenses, and timesheets - in one place, making it easier to track individual projects or jobs.  

 

For your above scenario then Projects would work perfectly:) 

 

Cheers

D
Deano2Author
August 5, 2019

Thank you for the speedy response. This board is excelent.  

 

In thus instance one client may have numerous jobs at various times. 

 1) Can we produce a profit and loss on individual jobs and then all jobs. 

2) Can we reflect a custom fields to track who worked on the project

3) If we receive one bill from a supplier ..can we enter this bill  and allicate to different projects.  (in the same way as well can do when assigning classes)

 

Tia

RenjolynC
RenjolynC
August 5, 2019

I have some steps that might help you with your concerns, Deano2.

 

We can run an individual profitability report for each project by following these steps:

  1. On the left panel, click Projects.
  2. Click the project name, and select the Project Reports tab.
  3. Click the View link in line with Project profitability (without time costs).
  4. Select the Report period, and click Run report.

You can also customise the report to include other projects or run a separate report called Profit and Loss by Customers. This report allows you to view income, expenses, and net income (profit or loss) to all customers or projects.

 

With regard to the custom fields, you can add the option by following these steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Your Company, click Account and Settings.
  3. Click Sales on the left menu, and select the Sales form content to expand.
  4. Enter the custom field name and click Save and then Done.

The option will appear in customer transactions like invoice or sales receipt. You can also run a Transaction List by Customer report and customise it to add the custom field as a column.

 

For the bill, you can make it billable to a project. Just make sure to enable the billable feature in the settings.

 

Here are the steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Your Company, click Account and Settings.
  3. On the left menu, click Expenses.
  4. Put a check mark on the Make expenses and items billable box.
  5. Click Save and then Done.

When you create a bill, put a check mark on the Billable box and select the project from the Customer/Project column.

 

Here's a screenshot of what it looks like:

 

 

If you need anything else, I'm here to help you some more. Thanks.

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