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Join nowThanks for reaching out, michael158. I can help share some information about this.
We can only handle WIP in QuickBooks Online. To track all of your WIP costs, you'll need to create an asset account. This way, you can transfer the costs from the Asset to the Expense account when the project is sold and complete.
Other than manually adding costs to a WIP current asset account for each contract and tracking job profitability by Customer/Job. You can also use other third-party apps in tracking it. We have a lot of supported apps that you can check if it meets your needs. Simply go to the Apps tab and search for a construction management app to integrate with QBO.
I would also suggest seeking help from your accountant. This way, they can properly guide you on how to handle this in QBO.
I've also added these articles for more information with the Project feature:
Please keep me posted if you have any other QuickBooks needs. I'm always happy to help.
You need an additional app to create the AIA biiling.
The feature is available in one construction management app and it supports QB Online and QB Desktop. The subscription fee starts from $99 for single use and will manage up to 50 active jobs.
What is the name of the Construction App?
What is the name of the construction app?
Knowify?
Yes you are correct
You can explore it.
https://www.knowify.com/contractor-business-software?advisor=Advisor16374
Hope it helps.
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