To close out open time in QuickBooks Online (QBO) for a project that has been fully completed and paid for, follow the steps and guide below and please note that we need to process this manually, Catherine.
In the project, click on Time Activity to view all time entries, including those that are unbilled.
If the time does not need to be billed to the client, you can manually mark each time entry as billed even without creating an invoice. To do this, navigate to each time entry, open it, and select the option Mark as billed. It ensures that the time entry does not appear as unbilled.
Once all time entries are marked as billed, they should be marked as completed. To do it, please be guided by the steps:
- From your QBO dashboard, go to Projects. (Located at the left-sidebar).
- Select each project, and click on the edit button at the top.
- You'll be routed to the edit section, then look for the Project status.
- After that, mark the status as completed.
- Tap save once done.
I'll be adding this article detailing efficient project management, labor cost handling, and profitability: Track hourly labor costs and profitability by a project in QBO.
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