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anthony_r_neal-y
May 22, 2024
Question

We run several education projects simultaneously. Is it feasible to account for the income and expenditure for such a project by title?

  • May 22, 2024
  • 5 replies
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5 replies

Erika_K
May 22, 2024

I'm thrilled to have a new member joining us today, anthony. I'll provide some information of accounting the income and expenditures by project.

 

There are a few considerations to keep in mind. First, you can easily track revenue, expenses, and profitability for each project. This will enable you to identify which projects are profitable and which are not. Second, all project-related transactions, such as invoices, will be consolidated in one place, simplifying the management and reporting for each project. However, if you have an active project associated with a customer, you cannot make that specific customer inactive.

 

It's important to remember that accounting for income and expenditures by projects in QuickBooks Online (QBO) can offer valuable insights and improve financial management for project-based businesses. However, it's crucial to weigh the pros and cons and consider your business needs before adopting this approach. In this situation, I recommend seeking advice from an accounting professional. They are familiar with the business processes involved and can offer personalized guidance. 

 

I appreciate your interest in project-based accounting within QBO, anthony. If have other questions, you can comment them below. I'm here to help you make the most out of QBO and ensure your business's success. Stay safe and have a great rest of the week! 

    anthony_r_neal-yAuthor
    June 3, 2024

    Hello Erika,

    Thank you very much for your helpful response. My reason for seriously considering project accounting is to enable accurate and efficient recording and reporting of expenses incurred within a project, so that these can be matched to its initial funding by the provider for disclosure purposes.

    I note from your screenshot that Projects is already set up on your dashboard as a reporting shortcut. BF4A does not have this installed as yet. If you are able to refer me to the appropriate member of staff who can facilitate this, I can then proceed to design and test a project accounting process before it is implemented.

    With many thanks, Anthony

    emmam6
    June 3, 2024

    Hello Anthony, Projects is a feature available in QuickBooks Online Plus, Accountant and Advanced versions. More details on projects can be found here. If you wanted to test it out, we do have a test account you could use at tihis link

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