How do I manage project contracts and projects with my clients in Premier Professional Services?

Yes, it will work, @tkatelman.

It will be easier to keep track of your income and expenses by class, department, or location. You can generate reports to compare the balances on each segment of your business. Running the Profit and Loss by Class would be a great example.

Here's how:

1. Go to the Reports menu.
2. Select Company & Financials.
3. Choose Profit and Loss by Class.
4. Modify the reporting period. 

Here's an example of a Profit and Loss by Class report:

As references, check out these articles:

• Tracking job costs
• Set up and use class tracking

Additionally, read through these guides on how to customize your reports by class or customer/job:

• Filter, sort or total reports by Class
• Customize customer, job, and sales reports

You can also memorize them so you don't have to go through the customization process again. 

Visit us again if you need further assistance in tracking the profitability for each part of your business. We're always here to help. Have a great day.

Thanks Liera. 

We're using classes to track our projects. How would we track our various projects and tasks (i.e. our time) if we don't use classes?

Where do we input the opening amount of a contract for each Job?

Hello, tkatelman.

I'm here to give more details about tracking projects in QuickBooks Desktop(QBDT).

Let's ensure that Customer: Job is properly set up. Then, you can assign all your expenses such as bills, check, or timesheets to the appropriate job to track projects. For your reference, you can visit this article for more detailed information: Tracking job costs in QuickBooks Desktop.

Also, you can create estimates for the opening or contract amount for a specific job. Please make sure that it is assigned to the correct job. Then, you can set up progress invoices to split the estimate into multiple invoices. This way, you'll be able to decide how much you want to charge on the invoice.

Here's how to turn on progress invoicing:

1. Go to the Edit menu, then Preferences.
2. Select Jobs & Estimates from the list.
3. Click the Company Preference Tab.
4. Choose Yes in the DO YOU CREATE ESTIMATE? and DO YOU DO PROGRESS INVOICING? section.
5. Once done, hit OK.

You can review this resource for more information: Set up and send progress invoices in QuickBooks Desktop.

I've included this helpful material to learn more about customizing your report and focus only on the information you need most: Customize customer, job, and sales reports in QuickBooks Desktop.

I'll be around if you need further assistance in managing your project. Just post a reply and I'll get back with more details. Keep safe always!