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steve-fitzgerald
December 4, 2018
Question

How do I use product/services with income and expense accounts?

  • December 4, 2018
  • 1 reply
  • 28 views
We have several different events each year. I'd like to be able to run P&L's on the events. We use Classes to track department income/expenses and Location for divisions within our organization. What's the best way to be track income/expenses on a per event (product/service) basis?

1 reply

RenjolynC
RenjolynC
Level 9
December 4, 2018

Hello there, steve-fitzgerald.

 

You can use the Project feature to track income/expenses per event. Note: If you are using Simple Start, Easy Start or Essentials, you'll need to upgrade to Plus to see the option in the settings.

 

To turn on Projects, you can follow these steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Your Company, click Account and Settings (or Company Settings).
  3. On the left panel, click Advanced and then click Projects to expand.
  4. Check the Organise all job-related activity in one place box, and click Save.
  5. Click Done.

Then, click Projects on the left panel and start creating transactions for your events. Once done, you can use the Project Profitability report to check how much you're making or losing on this event.

 

You can also check this article for more information: Projects FAQs.

 

If there's anything else you need help with QuickBooks, please reach out to me. Thanks.

S
steve-fitzgeraldAuthor
September 7, 2020

It looks like a customer name is required. We are the customer since it’s our event. Do we just used our name as the customer?

Kristine Mae
Kristine MaeModerator
Moderator
September 7, 2020

You can use any name, Steve-fitzgerald. 

 

In QuickBooks Online, it lets you select the display name. It can be your company name or a personal name. You can choose either of the two. To set it up, here's how:

  1. Click Sales.
  2. Go to the Customers tab.
  3. Click New customer.
  4. Fill in the necessary fields.
  5. Under Display name, select the name you'll want to show on transactions and reports.
  6. Click Save. 

Although, the name will not show in the Profit and Loss report. It will only show in reports like Sales by Customer Summary or Sales by Customer Detail report. You can also customize these reports to help you focus on the details that matter to you.

 

If you have other concerns, please feel free to drop a comment below. Keep safe!

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