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FactoryEdge
June 8, 2024
Question

entering projects/matching expenses

  • June 8, 2024
  • 1 reply
  • 0 views

Hoping for some help or suggestions about projects and if im going about it right or wrong.   I think im not doing it correctly and it is messing up my profit/loss this is what im doing in order. 

 

* start a new project/fill out that info

*click on expense , then fill out payee, payment account, date and payment method

* then I usually just go to item details and fill out product/services (which is cost of goods sold)  description, my cost and % mark-up and make sure tax is checked.

 

The one problem I have is a lot of times in the category details a price from a vendor will be there but the issue is when I buy from vendors its usually multiple different jobs. With that said 

1 reply

G
GlinetteC
June 8, 2024

Thanks for reaching out to the Community regarding your Project concern, FactoryEdge.

 

I'm here to offer insights on effectively managing projects in QuickBooks Online.

 

The process you've outlined and the steps involved are correct. Additionally, when entering expenses related to the project, it's important to properly categorize them to ensure your project profitability is accurately reflected in your financial statements.

 

About the one problem you've encountered, could you please provide more details? This will help me offer an accurate troubleshooting solution or address it promptly.

 

I'm sharing this article to learn more about the project feature in QuickBooks: Create and manage projects in QuickBooks Online.

 

I'd appreciate it if you could share an update regarding this matter. I'll be glad to assist you more.

F
FactoryEdgeAuthor
June 8, 2024

Sorry meant to say this:

 

The one problem I have is a lot of times in the category details a price from a vendor will be there but the issue is when I buy from vendors its usually multiple different jobs.   To give an example lets say I purchased from a vendor and it shows up in Category details for $500.  The problem is when I order from the vendor 9 out of 10 times its for multiple customers so that $500 would not be correct amount for that project and customer. I hope that makes sense? 

R
RheaMaeH
June 8, 2024

Hello there, FactoryEdge. Let me provide the information about managing projects in QuickBooks Online (QBO).

 

When creating projects in QuickBooks Online, you typically select a single customer for each project. This means that every project is associated with a specific customer. When you choose a project, the customer linked to that project will automatically be populated.

 

Nevertheless, you can input multiple projects under one payee, ensuring that you allocate them correctly. While the transaction will display the total amount, you can generate a Project Profitability report to view those expenses individually.

 

Additionally, you can check this article to learn how to set up and manage projects: Create and manage projects in QuickBooks Online.

 

Let me know if you have other questions about managing the project. I’m always here to help. Have a great day ahead.

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