Classes vs Projects

Rea_M · ‎March 22, 2021

Yes, you can use the Projects feature for grant tracking, @AEM21. Let me share details about this.

When you opt to utilize the Projects feature to track your grants, the QuickBooks Online (QBO) system is the right one for your nonprofit company. The data you're going to enter through the feature will automatically flow to your financials. This way, you'll easily monitor and review them by pulling up project-specific reports.

You'll first have to sign-up for a QBO (Plus, Advanced, or Accountant) account. Then, turn on the Projects feature through the Account and Settings page. Here's how:

Go to the Gear icon.
Select Account and settings.
Go to the Advanced menu.
Click anywhere in the Projects section to expand its details.
Turn on Organize all job-related activity in one place.
Select Save and close your settings.

After that, continue by creating a project and adding income and expense transactions. For the step-by-step guide, you can refer to this article: Set up and create projects in QuickBooks Online.

Also, you can refer to this article to know more on how to use projects to calculate your profits and grant costs in QBO: Track income, costs, and profitability by project.

Additionally, here's an article that'll further guide you on what you can do with the Projects feature: Projects FAQ. It includes topics about budgeting by project and transaction list, to name a few.

Let me know in the comments below if you have other concerns about the Projects feature or inquiries about managing grant transactions in QBO. I'm just around to help. take care always.

Christyalness · ‎December 28, 2021

So, you can use projects and classes at the same time?

LieraMarie_A · ‎December 28, 2021

Yes, you can use projects and classes at the same time, @Christyalness.

Make sure you have these features turned on from your company settings. To activate class tracking, follow these steps:

Go to the Gear icon and select Account and Settings.
Select the Advanced tab and choose the Categories section to edit.
Check Track classes.
You can also check Warn me when a transaction isn't assigned a class.
Under Assign classes, select One to entire transaction or One to each row in transaction.
Select Save, then Done.

After that, you can create classes that represent different parts of your business.

Then, you can follow the steps provided by Rea_M on how to set up projects. This feature is only available in QuickBooks Online Plus, Advanced, and Accountant.

Additionally, we have an awesome write-up about converting data that was previously organized by class into projects. Check out this link: Using Projects instead of Classes in QuickBooks Online.

You can swing by anytime you need more help with tracking your transactions. I'm more than happy to help. Have a great day.

HC786 · ‎February 17, 2022

Quick question Can I create a project after the transactions are posted and reallocate to the project

Thank you

MadelynC · ‎February 17, 2022

Yes, you can @HC786. I’m here to provide you information.

In QuickBooks Online, you have the option to reallocate the existing transactions to your new project. If you have unpaid invoices, you can simply follow the steps below to add them to projects.

Select the Sales menu, then go to the Invoices tab.
Locate and select the unpaid invoice.
Press View/Edit under Action.
Click the Customer dropdown, then select the project.
Select Save.

Please know that modifying paid invoices will disconnect from the attached payment, and the transaction status changes to unpaid. You can read this article to learn how to add a paid invoice to your project: Add existing invoices to QuickBooks Online Projects.

Moreover, you can visit these resources for more insights about projects:

Please don’t hesitate to comment below if you have any other concerns or questions about projects. The Community is always here to provide you assistance. Take care!

CG2423 · ‎February 07, 2023

Just another user here, but can you use the customer as the event? I use One customer but can have many projects to that customer.

AbegailS_ · ‎February 07, 2023

Hi there, @CG2423.

I'd like to help and get this issue sorted out right away. Before we accomplish your goal, can you tell me more about the concern you initially raised?

Would you mind explaining your concern further? This way, I can provide you with the best fix for it. Any additional information is much appreciated.

Keep me in the loop by replying to this thread. I hope to hear from you soon. Stay safe

TerryA2112 · ‎April 21, 2023

Hi Morgan & everyone,

My organization is a nonprofit that holds several conferences each year. We also host some education programs & have multiple departments that host their own fundraisers. We currently use classes to keep track of all of the events, but I'm considering using Projects or a combination of Projects and Classes for better reporting. Does anyone currently use both Projects and Classes and do you find the reporting easier or more difficult?

Thanks!

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