Hello sh2295,
The Projects feature in QuickBooks Online allows you to manage the jobs you do for specific customers in one organized location. It's a one-stop-shop to view the income and expenses, as well as other costs associated with that specific job. Being able to create an Invoice or Expense directly to the project makes your job a little easier and reduces the chance of error or of missing out on a transaction. Let me help you out with this.
What it sounds like to me is that you're working on a project for a customer that you've set up to pay you in USD. Your company is likely based in Canada and thus you're paying your suppliers in CAD. In this case you need to enter an Expense in CAD, but make it billable to your USD client, and attached to a specific project. Luckily, this is straightforward. Here's how you do it:
- Navigate to the Projects tab and select the project you're working on.
- Use the Add to project dropdown to choose Expense.
- Select your Payee or Supplier, and your Payment account.
- Fill in the Payment date, Payment method, Category, and any other relevant details.
- Select the checkbox in the Billable column.
- Hit Save and close when you're finished.
Now when you navigate to the Transactions section of your Project page, you'll see 2 new transactions. One is the Expense that you created in CAD, and the other is the Billable Expense that can be turned into an Invoice in USD. The amount is automatically converted by QuickBooks to suit the currency of the customer you're billing.
When you're creating a new Billable Expense from the + New button that you want associated with a Project, you just have to ensure that you select the appropriate Customer/Project from the corresponding dropdown next to the Billable column.
I hope this clears things up, but if you have more questions I'm here to help. Take care and have a great day!
