Question

entering projects/matching expenses

Forum|Forum|2 years ago
June 8, 2024
8 replies
91 views

Hoping for some help or suggestions about projects and if im going about it right or wrong. I think im not doing it correctly and it is messing up my profit/loss this is what im doing in order.

* start a new project/fill out that info

*click on expense , then fill out payee, payment account, date and payment method

* then I usually just go to item details and fill out product/services (which is cost of goods sold) description, my cost and % mark-up and make sure tax is checked.

The one problem I have is a lot of times in the category details a price from a vendor will be there but the issue is when I buy from vendors its usually multiple different jobs. With that said

QuickBooks Online

L

lin_jcaj

Level 9

Thanks for reaching out to the Community regarding your Project concern, FactoryEdge.

I'm here to offer insights on effectively managing projects in QuickBooks Online.

The process you've outlined and the steps involved are correct. Additionally, when entering expenses related to the project, it's important to properly categorize them to ensure your project profitability is accurately reflected in your financial statements.

About the one problem you've encountered, could you please provide more details? This will help me offer an accurate troubleshooting solution or address it promptly.

I'm sharing this article to learn more about the project feature in QuickBooks: Create and manage projects in QuickBooks Online.

I'd appreciate it if you could share an update regarding this matter. I'll be glad to assist you more.

F

FactoryEdgeAuthor

Sorry meant to say this:

The one problem I have is a lot of times in the category details a price from a vendor will be there but the issue is when I buy from vendors its usually multiple different jobs. To give an example lets say I purchased from a vendor and it shows up in Category details for $500. The problem is when I order from the vendor 9 out of 10 times its for multiple customers so that $500 would not be correct amount for that project and customer. I hope that makes sense?

F

FactoryEdgeAuthor

I'll share information about tracking your order or an expense from one vendor for multiple customers, @FactoryEdge.

If you use the Category details, it will be recorded as lumpsum, and you can only choose one customer or project.

That said, I suggest you use the Item details. This way, you can allocate each product with a quantity to different customers. You can delete the lumpsum from category items.

Here's how:

Open an expense transaction.
Select a vendor.
Scroll down to the Item details section.
Choose a product.
Add a quantity and select the customer or a project.
Click Save and close.

For future reference, you can read this article to help you review or modify your expenses: Enter and manage expenses in QuickBooks Online.

Feel free to click the Reply button below if you have questions about managing expenses in QuickBooks Online. The Community is always here to help. Have a great day.

Thank you for your reply, I have been doing that and what im experiencing now is the following. It is doubling my cost of goods sold. How do I keep that from happening? Here is what im doing, Also if it helps my bank is attached to my QB... lets say I purchase from vendor called "A" and thats under cost of goods sold, Then I go to projects and add in my expense under item details. its acting like I payed twice from Vendor A in my cost of goods. What can I do differently?

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