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Bobbie51
February 16, 2023
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reconciling credit card accounts and those project charges

  • February 16, 2023
  • 1 reply
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Hi,

Im an experienced job costing/basic accounting human.  I am familiar with other systems but not QB so Im having some problems getting around especially with this credit card reconciliation.  I can reconcile just fine, but I do not see how these individual charges get into those project expensis

Best answer by Giovann_G

Welcome to the Community space, Bobbie51.

 

I'll provide some information to assist you in allocating individual charges to the appropriate project expenses.

 

The Project feature is available in QuickBooks Online Plus and Advance. This is turned on by default. Please make sure that you have already created a new project to link expenses to specific projects.

 

Here's how:

 

  1. Go to the Project menu, then click New project.
  2. In the Project name field, enter the project name.
  3. Select the project customer from the Customer ▼ dropdown.
  4. Add any notes or details about the project in Notes.
  5. Once done, hit Save.
  6. Repeat the same steps if you have multiple projects.

 

If you have existing expenses or charges, you can follow the steps below to add them to the certain project:

 

  1. Go to the Expenses menu, then select the Expenses tab.
  2. Find and open the transaction you want to add to your project.
  3. In the Customer/Project column, select the ▼ dropdown. Then select the project. Do this for each expense item you want to add to your project. This is different from the payee for the expense. Note: If you don’t see the Customer/Project column, you can turn on the setting Track expenses and items by a customer in the Expense section of your QuickBooks account.
  4. Select Save and close.
  5. Repeat the same process for the rest of the transaction.

 

These are the steps if you want to add new transactions to a project:

 

  1. Go to the Project menu, then select your project.
  2. Select Add to project to create a new transaction
  3. Choose Invoice, Receive Payment, Expense, Estimate, Time, or Bill.
  4. Fill out the details for the transaction as you normally would.
  5. Once done, hit Save and close.
  6. Repeat the same process for the rest of the transaction.

 

For your reference, check out the link for a complete guide: Set up and create projects in QuickBooks Online.

 

In addition, I've added this article if you want to invoice your customers for specific project-related expenses: Invoice customers for project expenses in QuickBooks Online.

 

You're welcome to reply to this post if you have further questions about the project feature. We're available to help you.

1 reply

G
Giovann_GAnswer
February 16, 2023

Welcome to the Community space, Bobbie51.

 

I'll provide some information to assist you in allocating individual charges to the appropriate project expenses.

 

The Project feature is available in QuickBooks Online Plus and Advance. This is turned on by default. Please make sure that you have already created a new project to link expenses to specific projects.

 

Here's how:

 

  1. Go to the Project menu, then click New project.
  2. In the Project name field, enter the project name.
  3. Select the project customer from the Customer ▼ dropdown.
  4. Add any notes or details about the project in Notes.
  5. Once done, hit Save.
  6. Repeat the same steps if you have multiple projects.

 

If you have existing expenses or charges, you can follow the steps below to add them to the certain project:

 

  1. Go to the Expenses menu, then select the Expenses tab.
  2. Find and open the transaction you want to add to your project.
  3. In the Customer/Project column, select the ▼ dropdown. Then select the project. Do this for each expense item you want to add to your project. This is different from the payee for the expense. Note: If you don’t see the Customer/Project column, you can turn on the setting Track expenses and items by a customer in the Expense section of your QuickBooks account.
  4. Select Save and close.
  5. Repeat the same process for the rest of the transaction.

 

These are the steps if you want to add new transactions to a project:

 

  1. Go to the Project menu, then select your project.
  2. Select Add to project to create a new transaction
  3. Choose Invoice, Receive Payment, Expense, Estimate, Time, or Bill.
  4. Fill out the details for the transaction as you normally would.
  5. Once done, hit Save and close.
  6. Repeat the same process for the rest of the transaction.

 

For your reference, check out the link for a complete guide: Set up and create projects in QuickBooks Online.

 

In addition, I've added this article if you want to invoice your customers for specific project-related expenses: Invoice customers for project expenses in QuickBooks Online.

 

You're welcome to reply to this post if you have further questions about the project feature. We're available to help you.

B
Bobbie51Author
February 17, 2023

Thank you so very much.  I'm still having a problem understanding this process.  I use QB online.and this process has me really confused.  

I enter the individual charges on the credit card statement under the projects tab and not expenses? Then how do these charges get paid; that's my disconnect

R
Rea_M
February 17, 2023

Yes, you'll have to enter your charges on the credit card statement under the Projects tab, @Bobbie51.

 

You can make your project expenses billable and invoice your customers so you'll get the charges on your credit card statement paid. Let me guide you with the process and help you record your transactions in QuickBooks Online (QBO) accordingly.

 

The first step is to decide how you’ll charge for projects. If you charge for time and materials, you need to make your project expenses and timesheets billable to add them to invoices. If you charge a fixed fee, you typically don't invoice for specific project expenses. Instead, you send customers an estimate for the entire project. You can convert the estimate into an invoice when the work begins.

 

Next is to turn on the billable expenses feature(if you haven't already). To do this, go to the Account and Settings page and select the Expenses tab. Then, go to the Bills and expenses section and turn on the Make expenses and items billable switch.

 

Then, you're set to make project expenses billable. To do this, here's how:

 

  1. Go to Business overview, select Projects, then select your project.
  2. Select Add to project, then select Expense.
  3. Add expenses to the form.
  4. Check the Billable box next to each item. 
  5. Select Save and close.
  6. Select the project from the Customer/Project dropdown menu.
  7. Select Save.

 

Once you're done, invoice your customer for billable expenses. For the step-by-step guide, please see this article: Invoice customers for project expenses in QuickBooks Online.

 

Also, you can use projects to track your labor costs and profitability. You may want to check out this article as your reference to guide you in performing the process in QBO: Track hourly labor cost and profitability by project in QuickBooks Online.

 

Please feel free to leave a comment below if you have other project concerns or questions about managing billable expenses in QBO. I'm always ready to help. Take care, @Bobbie51.

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