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Deano2
August 5, 2019
Question

Projects or Classes

  • August 5, 2019
  • 11 replies
  • 23 views

Consultancy Company where they track  all income and expenditure per client and consultant. A profit and loss is produced through the project and at the conclusion.  Purpose of the P&L is to determine profitability, which consultant manged the project and a history of all jobs for this client.

 

Would it be better in the above scenario to use Projects or assign all income and expenses to a class and thereafter extract reports.

 

Is there a fundamental difference between  Project and classes>

 

 

 

 

11 replies

Terina Carr
August 5, 2019

Hi Deano2

 

Classes and Projects are definitely similar in Quickbooks, however, the intent of them is slightly different.

 

Classes are generally for categorizing business departments or different services your business may provide. 

 

Projects are for tracking and analyzing the profitability of a job. If you have a project-based business such as contracting, interior design or consulting this means projects can vary widely in scope and complexity.

The Projects feature lets you organize all the components of one job - like sales, expenses, and timesheets - in one place, making it easier to track individual projects or jobs.  

 

For your above scenario then Projects would work perfectly:) 

 

Cheers

Deano2Author
August 9, 2019

Thank you for help.

 

Is there any way we can add a cistom field <<custom 1>>  to the project profitability responts. We hoping to track which salesman was managing the project and thereafter pay a commission

 

thank you 

Zac Product Champion
Zac Product Champion
Level 1
February 18, 2020

A similar question on if to use Projects vs. Classes:

 

We have one legal entity set up in QBO. We are building two buildings in this QBO file, a hotel and office building. We'd like to separate these two projects out. I'd like to use Projects over Classes. However, I read that you can't run the balance sheet and P&L by Project. Is that true? I do need full reporting by Project. Classes allow you mostly to do this. But unsure if Projects does. Is this true? Is there another recommendation on how to set up QBO to report two projects within the legal entity?


Hi Knievel124, 

 

Thank you for reaching out on this. 

 

You can actually track the profit for both of your projects. We have put together a 3 mins QuickUpdate video on the feature. Please take a look:

 

QuickUpdate: Project Profitability

 

Thank you. 

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