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Expenses are not correct in project report.

I've been putting all my expenses on a bill (Bill 1). My non-profit group pays me back whenever and whatever they can.

I started a project and received a $600 donation for it. I started a 'Project' in QB. My project related expenses were added to my 'Bill 1' while trying to figure out how to set up a QB project. I went back to the bill and selected the project for those expenses. I did not click 'Billable".

The $600 went in as a credit (partial payment) on 'Bill 1', reducing the amount the group owes me.

In my project transaction report, it correctly shows income ($600). In the transaction report, using 'cash' accounting method, the total is $140. Using 'accrual', it's $731 (which is the true expenses towards the project).

QB seems to have taken my 5 expenses and reduced each one. An expense of $536 shows as $102 with the 'cash' accounting method.

Should I not have included my project expenses on my 'Bill 1'? Are payments towards my bill affecting the project expenses? I want just a simple report showing actual income and expenses.

Thank you.
Solved
Best answer 05-06-2019

Accepted Solutions
QuickBooks Team

Re: Expenses are not correct in project report.

Thank you for sharing some information, EAA839.

 

The transaction report that is using a cash accounting method only shows the transactions of the expenses using cash. Thus, the accrual method is the recorded expenses regardless if you have already paid it or not.

 

I'd recommend creating a bill for your project's expenses and a separate bill for your other expenses. This way, you can specifically track the expenses of your project.

 

Regarding your second question, the payment to your bills won't necessarily affect your project's expenses since you've did not made it as billable.

 

Please let me know if you need more help. I'd be right here anytime.

View solution in original post

1 Comment
QuickBooks Team

Re: Expenses are not correct in project report.

Thank you for sharing some information, EAA839.

 

The transaction report that is using a cash accounting method only shows the transactions of the expenses using cash. Thus, the accrual method is the recorded expenses regardless if you have already paid it or not.

 

I'd recommend creating a bill for your project's expenses and a separate bill for your other expenses. This way, you can specifically track the expenses of your project.

 

Regarding your second question, the payment to your bills won't necessarily affect your project's expenses since you've did not made it as billable.

 

Please let me know if you need more help. I'd be right here anytime.

View solution in original post

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