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Buy nowWe are a non profit organization adding onto our building, we would like to add the construction into QB Online so that we can keep track of the project separate from our regular operating expenses.
Welcome to the Community, Sara. Separating project expenses from your regular operating expenses can provide significant benefits. I'll guide you through the process and offer my expertise in this matter.
If you're referring to setting up and recording a construction loan in your QuickBooks Online, you can set up a liability account to record and track loans. You can follow the steps below:
After setting up your liability account, you may proceed with recording the money you got from the loan. If you plan to put the loan directly into your bank account, you can follow these steps:
If you decide to use the funds immediately for a purchase rather than depositing it into your bank account, I recommend reaching out to your accountant for guidance and advice.
For more detailed information about recording a loan repayment, check out this link: Record a loan repayment.
On the other hand, if you want to create a new project and track its expenses, you can follow this guide on how to:
In addition, visit this article to add new and existing transactions to your project: Manage Projects in QuickBooks Online.
Keep me posted if you still have other questions about managing your loans and projects in QBO. I'll be here to assist you. Have a nice day!
As far as the actual construction costs, I would suggest creating a fixed asset account called '2023 Addition Construction' or something similar. You can assign all bills/expenses entered for construction to that account and then let your CPA/tax accountant make adjusting entries based on what costs can be expensed and what costs need to be capitalized.
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