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CeCe7
February 27, 2024
Question

Projects

  • February 27, 2024
  • 1 reply
  • 0 views

Project tracking in QB:

How does one add the "Income" value in a project without having to create a "Budget"?  The "Budget" feature is too high level P&L for simple labor, material, OH estimates.  

 

By the videos, it appears this Income amount won't appear until an invoice is sent but what if you bill in phases?  Got to be an easier way. 

1 reply

J
JamesAndrewM
February 27, 2024

Thanks for dropping by the Community forum, Cece. I'll share information and guidelines that could help you.

 

First, an invoice or sales receipt needs to be created to realize the income from a transaction. If it is too advanced for simple labor, material, and overhead cost estimates. It may be helpful to create a new Budget report or edit the existing one if possible.

 

In the videos, it seems that the Income amount will not be displayed until an invoice is sent. However, if you bill in phases, which is known as progress invoicing, it is important to note that the income reflected will depend on the amounts on the invoices.

 

I'm adding these articles you can use in the future:

 

 

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

C
CeCe7Author
February 27, 2024

Thank you for your reply, and:

  • The Budget feature appears to be a template for an organizational-level P&L.  A project budget may be much more simplified.  
  • If you say an invoice must be created / sent, and depending on billing phases / cycles of a client (like end of month), one doesn't know if one is on/off budget until an invoice is sent.  Any payroll or expenditures allocated to a "project" will reflect a negative margin until an invoice is sent and even then, it will be not accurate.  
  • The words "income" and "invoices" and "Budget" I believe are too loosely interchanged from a PMO perspective.  Budgets are based on estimations - not necessarily what is invoiced.  
  • When one converts an estimate to accepted, is there a feature to create a project directly from it?  That way the essential information is pulled in - labor, material, OH.  

Thank you.

Clark_B
Clark_B
February 27, 2024

Thank you for getting back to the thread, Cece.

 

Let me chime in and provide information about the feature to create directly when one converts an estimate to accepted in QuickBooks Desktop (QBDT).

 

To begin with, QBDT doesn't have a direct feature to convert an estimate to a project. An estimate is a transaction that doesn't have a financial impact on your books. So as long as you add estimates to the projects, the costs or income will not show being recorded to your project that's why you'll have to convert it first to an invoice. However, you can create an estimate directly from the job.

 

In addition, about the article on progress invoicing. As per my findings, the workflow for progress invoicing is still applicable and it is still referred to as Jobs and Estimates. To view it, I suggest switching to the Single-user mode.

 

For future reference, you can check this article to guide you on how to use your data to create budgets and forecasts: Create a budget or forecast.

 

Please feel free to comment down below, if you have additional questions about the project or other QBDT-related concerns. I'll be here to further assist you.

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