Working for a small marketing company where we track individual profit/loss by a unique job number. In MYOB this is done by creating a sales/ purchase invoice and completing the a field called job. We can thereafter track profitability etc. Each sale/purchase has a unique number which is only used once. Therefore over a period of time we may have over 500 different jobs
Can something similar be done in Quickbooks and if so how?
In QuickBooks Online, we have a feature called Projects. You will enter your invoices and your expenses per project, and in Project section, you can automatically see your profit margin for each of them.
To enable Projects:
Click the Gear icon and choose Advanced.
Click the Pencil icon in the Projects section.
Put a check mark in the Organise all job-related activity in one place box.
Click Save and click Done.
Once enabled, the Projects menu will be added to the left navigation bar of your Dashboard. Then, just click on it and click New Project to add one. If you like to add transactions to the project you added, simply click on the Add to Projects button and choose the drop list.
Here are some articles for your additional reference:
Hi Happy Girl, If I read you correctly - basically you want to see the Gross Profit Margin of each of your Jobs. Since each job and each invoice carries a unique number, I translate this as saying you want to see your profitability at Invoice level. If this is the case, I would recommend you create your Sales Invoices by linking the Bill (cost) to the Sales Invoice (Sales) using the Billable option embedded in the Bills (You select and link the Customer in the Bill). You then use the Income by Customer Summary Report to see the Analysis of Sale, Cost of Sales and Gross Profit at the Customer Level. If you want to see the GP Margin %, you will have to down load the Report to excel and do the calculations. If you want to go down a level, you can design your Customers into Sub-Customers. You can also go down to the transaction level by choosing the Income by Customer Detail Report. You can then see profitability at Invoice level in this report. There is also the Project System that you can use to see Profitability. This should however be reserved for Jobs with multiple transactions. Let me know if this answers your question. Thank you Impiana