I work for a nonprofit using QuickBooks Online Plus. I want to start using Projects to track grants, but I have a specific question before I do. I was reading this article about entering labor costs in Projects, but it was not clear to me:
If I enter Labor Costs using "Hourly Cost Estimates" (instead of QBO Payroll), does it affect my financial statements? Or are "Hourly Cost Estimates" I enter in Projects only counted within my project reporting?
Obviously, I want the Labor Costs for a project included in the Project tracker of expenses, but I want to make sure that the "Hourly Cost Estimates" are merely estimates, and that whatever info I enter as an "Hourly Cost Estimate" will not also go onto my ledger, financial reports, etc. and effectively double-count my payroll expenses. I use a separate Payroll vendor instead of QuickBooks, which I am pleased with, however, it means that my QBO Projects won't automatically calculate insert billed to those projects and I probably have to use "Hourly Cost Estimates" if I want to use the Project feature at all.
Is anyone able to speak to this for me?
Thanks in advance!
