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Tracking separate building projects

Our company is growing and we are building two more office buildings for our future use (no plans to sell them when complete).  The costs associated with these projects will hit Construction-in-Progress.  We are not a construction company so upgrading/purchasing QB Construction is not a good fit for us.  How should I account for the two projects separately?  I am not sure if I should be using projects, classes, or items to not only track the buildings but also the different components to the buildings.  For example:

 

Building 1

   Land 

   Concrete work

   Windows

   Interior 

Building 2

   Land 

   Concrete work

   Windows

   Interior 

 

How would I run reports to show the totals per building/category?  Every report I see is a P&L.  Since the projects are hitting the CIP balance sheet accounts, P&L's will only produce zeroes.  

Solved
Best answer July 30, 2020

Best Answers
Highlighted
Moderator

Tracking separate building projects

You can use class tracking, LaurenK.

 

This will let you track account balances for your separate buildings. First, let's turn on class tracking, here's how:

  1. Open your company file.
  2. Go to the Edit menu, then select Preferences.
  3. Select Accounting, then go to the Company Preferences tab.>
  4. Select the Use class tracking for transactions checkbox.
  5. If you want a reminder when you haven't assigned a class, select the Prompt to assign classes checkbox.
  6. Select OK.

After that, set up your classes:

  1. Go to the Lists menu, then select Class List.
  2. From the Class ▼ drop-down menu, select New.
  3. Enter the class name.
  4. If it's a subclass, select the Subclass of checkbox and find the class it's under in.
  5. Select OK to add it.

Furthermore, you can run reports by Class. Check this article to learn more: Filter, sort or total reports by Class

 

Don't hesitate to leave a reply should you have additional questions.

View solution in original post

1 Comment
Highlighted
Moderator

Tracking separate building projects

You can use class tracking, LaurenK.

 

This will let you track account balances for your separate buildings. First, let's turn on class tracking, here's how:

  1. Open your company file.
  2. Go to the Edit menu, then select Preferences.
  3. Select Accounting, then go to the Company Preferences tab.>
  4. Select the Use class tracking for transactions checkbox.
  5. If you want a reminder when you haven't assigned a class, select the Prompt to assign classes checkbox.
  6. Select OK.

After that, set up your classes:

  1. Go to the Lists menu, then select Class List.
  2. From the Class ▼ drop-down menu, select New.
  3. Enter the class name.
  4. If it's a subclass, select the Subclass of checkbox and find the class it's under in.
  5. Select OK to add it.

Furthermore, you can run reports by Class. Check this article to learn more: Filter, sort or total reports by Class

 

Don't hesitate to leave a reply should you have additional questions.

View solution in original post

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