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JSMC1313
January 8, 2024
Question

Projects and Classes

  • January 8, 2024
  • 1 reply
  • 0 views

I want to run a P&L by class for the different markets we service. I have the classes created and I know where to find the report. Subcontractors, direct material costs and revenue are easy to class out to this report so that has been completed. My issue is direct cost of labor from our team members that clock in by customer/project. When I create a project, the only place I can connect a class to a project is to import it into QuickBooks Time, go through the Customer section and add a class to it. Even after I have been able to create the project, import it to Time and add the class, it is not flowing through to the P&L by Class report. When I open a project, the cost of labor is tied to the project in that view, but I do not know what I am missing to be able to get that to go one step further and segment by class into the P&L report. I know I can assign employees to a class under payroll classing tracking in QBO BUT they complete work for different customers in different segments and can change between them in one day so assigning a rigid class isn't going to work. Is what I am looking to do possible?

1 reply

S
SirielJeaB
January 8, 2024

Hi, JSMC1313. I'm here to assist you in understanding how classes and projects work in QuickBooks Online (QBO).

 

The Profit and Loss by Class report specifically refers to invoices, receipts, or any other customer transactions you have created within the program and assigned to their respective classes. This report essentially reflects the financial impact of these transactions based on the classes you've designated within QBO.

 

Furthermore, although projects and classes have similarities, they have distinct purposes. Classes are generally utilized to categorize business departments or the different services they provide. Conversely, projects are used to monitor and analyze the profitability of specific jobs, such as contracting, interior design, or consulting, which can vary based on their scope and complexity. Therefore, assigning a class to a project isn't possible in QuickBooks.

 

If a class was set up outside the system, it won't appear on your Profit and Loss by Class report because the report only includes transactions associated with a class within the program.

 

You can personalize your financial reports and memorize their configuration settings for future use.

 

You're always welcome to post any questions about running reports, and I'm here to provide the necessary information you need. Have a good one.

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