What’s New with QuickBooks: Projects Center - An Easy Way to Organize Your Accounting by Project
I'm new to QuickBooks online and am starting to use the PROJECTS feature.
We are hoping to track internal costs of projects that wont necessarily be shown on an invoice to the customer. For example, we want to track the cost to our business of running a particular machine that creates the part that we ultimately sell. The machine provides a cost sheet that tells us the cost to our business to run. I believe this is a cost of goods sold. Can I make this a part of the project and have it reflect in the profitability report?
"Can I make this a part of the project and have it reflect in the profitability report?"
In order to create Projects in QBO, you will need to add a project under Customer Name, even for the non-customer related project.
You will then enter expenses under Vendor forms (expense, check & bill) and also select customer/project. If you don't see Customer/project on the Expense forms, you will need to enable this feature from the Gear settings (Gear on the top corner > Your company > Account and settings > Expenses > Bills and expenses > Track expenses and items by customer > ON). This will track expenses related to customer/project and will show up on the Project profitability report (left dashboard projects > Project reports > Profit profitability).
If you need to see the Profit profitability for multiple projects on one single report, you can run the standard Profit and Loss report and select 'Display columns by Customers' on the top left header of the header. You can also change the header of the report and customize this report further if you want.