Material Cost tracking for Time and Material Work

Thank you, @RyanC3PO, for constantly reaching out to the Community. I'm grateful you chose QuickBooks Online (QBO), and I'd be happy to assist you in tracking material costs for individual jobs moving forward. 

You can easily track the value of your inventory assets in QBO. Let's begin by creating an account. I'll show you how:

1. Click the Gear icon at the top, then go to the Chart of Accounts. Hit New.
2. From the Account Type dropdown, Select Current assets.
3. Select Other current assets from the Detail Type dropdown.
4. Click Save and Close.

Use the asset account you created to track the value of the items using Checks, Expenses, or Bills in the Account field. It transfers the funds to the asset account, thereby increasing the value of your inventory.

You can also check out these articles to help you monitor and manage your inventory:

• Use reports to see your sales and inventory status
• What is FIFO and how is it used for inventory cost accounting?
• Can I track inventory manually in QuickBooks Online?

Feel free to approach us again if you require additional help tracking inventory or any QuickBooks-related concerns. The Community is eager to assist you whenever you need it. Have a prosperous year with QuickBooks!

Thanks for your reply.  This is helpful but I was hoping to be able to be even more selective.  I can track all the material purchases under one account, but how to I track those purchases to individual jobs?  I may have 10-15 small jobs each week.

Thanks for getting back to us, @RyanC3PO.

Currently, the jobs feature isn't available in the online version. However, we can use Project to help track the moving parts of the jobs. It's accessible using QuickBooks Online (QBO) Plus, Advanced, and Accountant versions. If you'd like to use this feature, you may consider upgrading.

Here's how:

1. Go to the Gear icon.
2. Under Your Company, select Account and settings.
3. Select the Billing & subscription tab.
4. In the QuickBooks Online section, select Upgrade your plan.
5. Review the available plans and then select Choose plan.
6. Follow the on-screen steps to upgrade your subscription.

I've added these articles as your reference to guide you in using projects in QuickBooks: 

• Set up and create projects in QuickBooks Online
• Track hourly labor costs and profitability by a project in QuickBooks Online

Let me know if you need more help managing your properties in QuickBooks. It's always my pleasure to help you out again.