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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?
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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.

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