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JD40958
January 28, 2024
Question

Labor Cost Allocation on Estimate vs. Actual and # of Hours on Project vs. Estimate

  • January 28, 2024
  • 1 reply
  • 0 views

Hi, 

 

I am using QB online. I have estimates setup per project. I am also using QB time. Currently employees time is allocated to the job when their hours are entered. When going under the project and pulling the report estimate vs. actuals currently all my cogs are allocated under not specified.

 

1. How can I get this unspecified number to be allocated between labor and contract materials under the actual cost categories?

2. Is there a way under project budgets to allocate # of hours to my labor cost category? I only see a field for cost total. I am trying to see not only labor costs incurred but also hours used vs. hours budgeted for the project. 

3. For Progress invoicing how can I show % billed on the contract and amount remaining on the contract on my invoicing?

4. On estimate vs. actuals reports by project how can I account for my OH percentage on my actuals for labor and materials? What is the advantage of having a budget for a project instead of just comparing estimate vs. actuals for a project?

5. On Purchase Orders do I have to create an item in order to track by qty of hours ect for labor cost?

 

 

1 reply

S
ShyMae
January 28, 2024

Warm greetings, @JD40958. I'm here to provide information regarding projects and purchase orders. 

 

Before anything else, can you please provide a screenshot wherein all your cogs are allocated under not specified. This will help me better understand your situation and offer you the best possible solution.

Please know that QuickBooks Online does not have a specific field to allocate the number of hours to the labor cost category in project budgets. 
 

Meanwhile, the feature to turn on the remaining percentage amount is currently unavailable in QuickBooks Online. You can run Estimates & Progress Invoicing Summary by Customer report to track the remaining amount. 

 

Moreover, to track the OH percentage, I recommend contacting your accountant for advice. If you don't have one, you can find a professional through this link: https://quickbooks.intuit.com/find-an-accountant/.

 

On the other hand, having a budget for a project in QuickBooks Online has several advantages over comparing estimates vs. actuals. One advantage is that a budget helps set financial goals and estimate future income and expenses, providing a clear plan for the project's financial management.

 

Furthermore, you don't necessarily have to create an item to track labor costs or other quantities when making a purchase order. However, this can help you efficiently track and manage material, supplies, and subcontractor expenses.

 

To learn how to modify reports and add details to monitor all company transactions, you can visit this article. Customize reports in QuickBooks Online.

 

I'm always here for you whenever you need further assistance and information concerning projects, budgets, and purchase orders. Kindly click the reply button below to enter your queries. 

J
JD40958Author
January 28, 2024

Thank you Shy Mae.

 

How can I get this unspecified number to be allocated between labor and contract materials under the actual cost categories?

 

How can I plug in my OH % to labor/materials on a budget vs actuals by project report or estimate vs actuals by project report?

 

Thanks

G
GlinetteC
January 29, 2024

I will be glad to offer additional assistance, JD40958.

 

Nonetheless, I would appreciate more information to gain a complete understanding of your concerns. Providing a screenshot would be greatly appreciated to assist me in offering an accurate solution to address them.

 

I'm looking forward to your response. Stay safe!

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