In the QuickBooks Subscription Plus Plan, a new feature “QuickBooks Projects” has been added Which helps in organizing all the parts of the project which include time and transaction reports.
- It organizes all the records in one place.
- Each project is connected to Invoices, expenses, and transactions.
- Check where are you spending money on the project.
Understanding the project card in Quickbooks
Reports help in understanding if you are making a profit and loss on each project. Custom reports help you checking the invoices that need to be sent, sales transactions, and profitability. Check If the reports are displayed on the basis of under cash or accrual.
In this, You will see the activities that you did in the project, Which were not billed to the customer. With this information, you can find out the labor cost of the Job.
This Tab shows all the invoices, billable expenses, and bills related to the project. Note that the expenses tag does not show up here but they do in the reporting.
Unbilled Time and Expenses:
With this Report, You can make sure that you have billed the client for an unexpected expense or the additional time you spent on the project.
Add to Project Drop-Down:
In this, you can select the type of transaction you want to add to the project.
Steps To Use QuickBooks Projects:
All Expense and Time
Track and view all the time, Expenses, outstanding Expenses, and unbilled work. If You do not see the project option in your Quickbooks Online, then most likely the reason should be that you are not a plus user. In such a case, you need to upgrade your QuickBooks Online Subscription. Following are the steps to upgrade the QuickBooks subscription.
- Click on the Setting option(Gear Icon).
- Go to Accounts And Setting.
- On the left Panel Go to Billing and Upgrade and select “upgrade” by plan details.
- Select “Plus”.
- If you want you can review your selection.
- Click on Done to finalize the upgrade.
Steps to turn on the QuickBooks Projects Option
- Click on the Settings Option (Gear Icon).
- Go to Accounts and settings
- Select Advanced And Turn on the project
Steps for Creating a new QuickBooks Projects
- Go to the Project Menu.
- Select the New Project option.
- Type the suitable project name.
- Now From the Drop-down menu Select the name of the customer the project belongs to.
- Add the detail of the project.
- Click on Save.
Adding Income and Expense to the QuickBooks projects
- It does not affect the category of the project, we are just tagging the projects.
- Open the project you want to start to add tagging.
- Click on add to project to create a brand new transaction.
- Select Tags you want to Add.
Adding Existing Expenses and Time Sheets to Projects:
First, let’s See How to add Existing Expenses to the project.
- Click on Expenses Menu.
- Open the Transactions.
- Select the Project from the Drop-down menu.
- Click on Save And Close.
Now let’s Learn How To add Existing Time Sheets(billable and non-billable)
- In the Sale Menu Select the Type column to sort the list
- Find the Timesheet And Open it.
- From the Customer/Project drop-down menu select the project.
- Click on Save and Close
Add Existing Invoices and Estimates
If You have an existing Invoice you should add them before it is paid. If the invoice is paid before adding them it will be disconnected from the payments. Do not try to add invoices linked to more than one transaction. If you do so then the invoice would be added but you will need to add the transaction linked to invoices again and then reconnect them to the invoice.
In this article, we told you about the Quickbooks Projects Feature. Which allows you to organize and manage the records in one place. Hope Now, You should be able to use the feature and keep your business growing.