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Level 1

How do I use product/services with income and expense accounts?

We have several different events each year. I'd like to be able to run P&L's on the events. We use Classes to track department income/expenses and Location for divisions within our organization. What's the best way to be track income/expenses on a per event (product/service) basis?
5 Comments
QuickBooks Team

How do I use product/services with income and expense accounts?

Hello there, steve-fitzgerald.

 

You can use the Project feature to track income/expenses per event. Note: If you are using Simple Start, Easy Start or Essentials, you'll need to upgrade to Plus to see the option in the settings.

 

To turn on Projects, you can follow these steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Your Company, click Account and Settings (or Company Settings).
  3. On the left panel, click Advanced and then click Projects to expand.
  4. Check the Organise all job-related activity in one place box, and click Save.
  5. Click Done.

Then, click Projects on the left panel and start creating transactions for your events. Once done, you can use the Project Profitability report to check how much you're making or losing on this event.

 

You can also check this article for more information: Projects FAQs.

 

If there's anything else you need help with QuickBooks, please reach out to me. Thanks.

Level 1

How do I use product/services with income and expense accounts?

It looks like a customer name is required. We are the customer since it’s our event. Do we just used our name as the customer?

QuickBooks Team

How do I use product/services with income and expense accounts?

You can use any name, Steve-fitzgerald. 

 

In QuickBooks Online, it lets you select the display name. It can be your company name or a personal name. You can choose either of the two. To set it up, here's how:

  1. Click Sales.
  2. Go to the Customers tab.
  3. Click New customer.
  4. Fill in the necessary fields.
  5. Under Display name, select the name you'll want to show on transactions and reports.
  6. Click Save

Although, the name will not show in the Profit and Loss report. It will only show in reports like Sales by Customer Summary or Sales by Customer Detail report. You can also customize these reports to help you focus on the details that matter to you.

 

If you have other concerns, please feel free to drop a comment below. Keep safe!

Level 1

How do I use product/services with income and expense accounts?

Thanks. How do I add an existing sales receipt to the Project? I can't seem to find a way to do it. 

Moderator

How do I use product/services with income and expense accounts?

Hello there, steve-fitzgerald.

 

Let me share some information about adding an existing sales receipt to the Project in QuickBooks Online.

 

We can add an existing sales receipt to the project by opening this transaction. Then, change the name of the customer to the appropriate project.  We're unable to add a sales receipt from the Projects page since most of the transactions created in a project are not paid on time. 

 

To get this thing done, let's create a project first if we haven't done it yet. Here's how:

 

  1. Go to Project on the left panel.
  2. Click the New project button. 
  3. Enter the project's name.
  4. Hit the Customer drop-down and select whom you want to associate this project.
  5. Then, Save.
    hh.PNG

 

Once done, open the existing sales receipts. We can follow these steps to find them easily:

 

  1. Go to the +New button.
  2. Select Sales receipt under Customers.
  3. Click the Clock icon at the upper-left corner.
  4. Hit View More. Then, filter the correct type of transaction that you're looking for and dates.
  5. Click the Search button.
    h.PNG

 

Once you click the transaction, modify the customer's name by clicking the Customer drop-down arrow. Then, select the project you've created to add the sales receipt to the Project.  Here's a sample screenshot for additional reference:

 

hhh.PNG

 

Also, you may want to check this article for additional information about the Project feature: Projects FAQ.

 

Let me know if you have other questions with QuickBooks. I'm always here to back you up. Take care and stay safe!

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