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Howdy! We've just migrated from QuickBooks Desktop 2018 to QBO (god help me). We are sub contractors to contractors usually. I'm also having trouble explaining this to the live experts, as many are not familiar with QBD.
In QBD we used to make "Estimates" (or "Contracts") and track our services and expenses against a specific contract amount.
I've tried every which way to emulate this same process by categorizing each job as either a "Project" or a "Sub-Customer" beneath the parent customer. I understand we can send out a "Project Estimate" and have the customer pay only a certain percentage, but more often then not the customer usually pays at the end. If I mark the Estimate or Project Estimate as "paid" it messed up my numbers when I go to pull reports. So I want to be able to track the billable employee hours OR products/services and materials against a contract amount that has not been paid.
I'm at my wits end, honestly. If this sounds familiar to you, or you've had some luck figuring out a similar way to emulate this process, I'd seriously love to know.
Thank you! :')
*I've attached an example of one of our contracts that begins at $29,993 and shows our services and expenses we've allotted towards it. Now, this customer has not yet paid that 29K, but we can see just how far into the project we are at the bottom right.
It's great to have you visiting the QuickBooks Community space, trackey. Thank you for sharing a thorough explanation of your concern and a screenshot that illustrates the specific action you want to accomplish. I truly appreciate the time and effort spent to provide this information, as it helps me understand your situation better.
You can use the Project functionality to track your contractual job. It'll allow you to monitor your employee's hours, products and services, expenditures, or materials. This feature also lets you add project income, expenses, and labour costs and runs project-specific reports. Projects are only available in QuickBooks Online Plus, Advanced, and Accountant.
I'll show you how you can enable this functionality:
- Go to the Gear icon, then select Account and settings.
- Choose the Advanced tab.
- Find the Projects section and hit Edit to expand it.
- Turn on Organise all job-related activity in one place.
- Click Save and then Done.
After that, you can proceed with creating an estimate or quote. An estimate is a non-posting transaction, which means that this doesn't affect your financial records. In this case, you'll need to document the percentage or specific payment you've received from your customers. If customers are making partial payments, you can mark the estimates as closed instead.
Additionally, you can create weekly timesheets to monitor your employee's billable hours. On the timesheet window, select the employee and designate the project as the customer. You can also input the relevant products and services for the project and check the Billable (/hr) box. It'll allow you to track and report the costs and revenues for specific customers or projects. Ensure you accurately monitor your project activities to keep everything up to date. I'll add this article for more info: Create and manage projects in QuickBooks Online and Accountant.
As always, our dedicated community is available around the clock, 24/7, to assist you with any further questions or concerns about managing contractual jobs and sales transactions in QuickBooks Online (QBO), trackey. We understand that navigating these features can sometimes be challenging, and we want to ensure you feel fully supported throughout this process. Whether you need guidance on specific functionalities or have general inquiries, our team is here to provide the assistance you need. Your satisfaction is our priority, and we look forward to making your experience as seamless and enjoyable as possible.