QuickBooks Online Projects is a new feature available to small businesses so they can track all relevant tasks and transactions related to a job. This feature is only available to QuickBooks Online Plus subscribers, so you’ll have to upgrade your subscription if you want to take advantage of Projects.
QuickBooks Online Projects is similar to job costing. Many small businesses had to come up with workarounds in order to be able to track all income and expenses related to a job.
This would have meant using sub-customers, custom transaction numbers, or any number of methods in order to track jobs. But these workarounds didn’t provide accurate reports, leaving many businesses in the dark about the true cost of a major project.
Now you can track all of the transactions that occur and view running reports for specific projects in one easy location. There’s no need to find some workaround since Projects tracks all of the transactions you enter. Start a Trial version of QuickBooks Online Plus and see if this feature works for your needs. Click on the toggle to switch to Free Trial and select the Plus subscription.
To use QuickBooks Online Projects, you’ll first have to enable it under Accounts and Settings. Click on Advanced, and enable the “Projects” option.
Once you enable this option, you’ll see a new link in QuickBooks Online called “Projects.”
When you click on Projects, you’ll be prompted to create a new Project. Under Projects, you can track the following:
- Receive Payment
- Purchase Order
Once the project is complete or at any time during the project, you can run a report to see all of the income and expenses associated with the project by clicking on the “Project profitability” link.
Along with profitability, all Nonbillable time and Unbilled time and expenses can be tracked through Projects so long as you add them to the project. You should track as many transactions as possible so that you’ll have more detailed insight into your business.
That means tracking the number of hours your employees spend at a job site or any additional expense incurred during the project.
If you’re upgrading to QuickBooks Online Plus just to use this feature, then you can create a new project and migrate all of your current project transactions into the proper Project. Projects can be selected through the customer field. They’re stored as sub-customers for tracking. Click on the invoice or transaction you want to move into a Project and then under the “Customer” field, select the Customer and Project you want the transaction to go under.
Chances are the customer will already exist. If that’s the case, then create a new Project. When you select the customer, the Project will automatically appear as a sub-customer. Then simply open each transaction and select the Project (sub-customer).
If you’re already using sub-customers to track projects in your own way, then you can merge the sub-customer with the new QuickBooks Online Project. Here’s how you’d do that:
- Create a new project with a different name under the same Customer as your current job that you saved as a sub-customer
- Go back to the Customer list and click on the sub-customer (your job that you want to merge) to edit
- Rename the sub-customer to the name of the new Project you created earlier
- Click on Yes to confirm that you want to merge
Tracking your job costs through QuickBooks Online Projects has never been easier with this new feature. Now you’ll have more data and a better understanding of your income and expenses per project. Armed with this information, you can better adapt to the ever-changing business landscape. Increase your competitive edge over businesses that don’t track their expenses in such detail.
Want to improve your mastery and efficiency of QuickBooks Online? Read our article for some tips and shortcuts using QuickBooks Online to save even more time!
Or look through our series on creating the proper documents in QuickBooks if you’re an Amazon seller:
- Create the proper QuickBooks Online documents from Amazon refunds and returns
- Make accurate invoices from Amazon orders
- Handle Marketplace Facilitator Tax in QuickBooks Online for Amazon FBA orders
If you like these articles and want to read more, then visit our articles section to read more helpful articles for Amazon, eBay, and other marketplaces!