Thank you for reaching out regarding project tracking and profit margin calculations in QuickBooks Online (QBO), chuck27p. I understand your desire to accurately track employee hours and improve your project's profit margin reporting. Allow me to share some insight to address your concerns.
In QBO, accurately reflecting labor costs in profit margin calculations requires associating employee hours with a monetary value. Simply entering hours worked without a corresponding cost will not impact profit margins, as the system needs a financial transaction to include in its calculations.
It’s essential to create a bill or check to ensure employee hours are associated with a monetary value, which will allow us to reflect these costs in our profit margin calculations. This step is crucial for providing a clear and accurate picture of project profitability.
For a more comprehensive understanding of tracking labor costs and profitability by project in QBO, I recommend reviewing this helpful article: Track hourly labor costs and profitability by project in QuickBooks Online.
I hope this information helps you address your concern. If you have further questions or need assistance tracking employee hours or another aspect of QuickBooks, please don't hesitate to reach out. I'm here to help ensure financial reporting is as precise and insightful as possible.
