I recently started using the projects portion of quickbooks. Everything was perfect until I decided to use the most important feature of projects- the project profitability report. I quickly realized it does not allow factoring in time/labor for the project's financials. Am I missing something? Is there a way to get this done with a custom report?
It's pretty much mind blowing that LABOR cannot be factored into a projects financials. Am I missing something or am I correct in my frustration of how on earth missing that feature is even remotely possible??
Hello there, @yes2342. Let's get your projects reporting concerns sorted out. This way, you're able to track your project's profitability accordingly.
Based on the definition, factoring is a transaction in which a company sells its receivables to a financial company. The Project Profitability report is unable to allow factoring in time/labor for the project's financials. However, if you want to view the duration or the start and end time of your project, you can pull up the Time cost by employee or vendor project report.
If you have other reporting concerns and questions about managing project transactions in QBO, please don't hesitate to let me know. You can drop your comment below, and I'll gladly help. Take care, and I wish you continued success, @yes2342.
Thanks for the response.
The issue is, I want to see how much I made/lost on a project. There is no report to do that with labor included? I think everyone would want to have that in their report.
Is there any possible way to click a button and have a report generated that includes both time and goods, like there should be? Either using custom reports or something else?
Xero can accomplish this, pointing that out for anyone who needs essential analytics for projects. Thinking about maybe going over there
I appreciate your prompt response @yes2342.
As what I know, you can run the Project Profitability report to see how much profit you made and lost in a project. Also, you can create a service item for labor and add it when you enter Time in Projects. Then you can create an invoice for time to add it to the Project. I'll share some screenshots as visual references:
On the other hand, your suggestion is important to us. I also see that having a button that would generate a report that includes time and goods would be excellent. In this case, I recommend sending feedback to our product development team for a chance to see this in future updates.
In that manner, we can boost your experience in QuickBooks Online.
Furthermore, take a look at these articles to get guides about our discussion:
Feel free to comment here if you have anything else to know about this feature. We're always delighted to help you out. Have a great day!