QBO Projects

QuickBooks Online (QBO) does not have a direct way to retroactively associate income, expenses, and invoices with a newly created project. When you create a project in QuickBooks Online, it only tracks transactions created or linked to that project moving forward.

As we value your suggestions, I recommend sending your feedback to our Product Development Team. Here's how to send feedback: 

1. Click the Gear icon in the upper-right corner.
2. Select Feedback under Profile.
3. Share your feedback.
4.  Click Next to submit.

Our product engineers will consider your suggestions, and you can always check the status of your request through this link: QuickBooks Online Customer Feedback. 

In the meantime, you can manually assign the relevant income, expenses, and invoices to the project. First, you will need to categorize the existing transactions related to the customer you want to associate with the project. It includes invoices, expenses, and income transactions. To do this, you can edit each transaction one by one and add the project information.

QuickBooks Online feature, the ability to batch update transactions in bulk to assign them to a project. To check if this feature is available, go to the Accounting or Transactions menu, and look for a "Batch actions" or "Batch updates" option. If available, use it to associate multiple transactions with the project simultaneously.

If you have a few invoices associated with the customer, you may consider recreating them. Duplicate the old invoice and assign the project to the new duplicated invoice.

For expenses, you may need to use the "Reclassify Transactions" feature in QuickBooks Online. This feature allows you to change the category or account of multiple transactions at once. You can use this feature to reclassify expenses and add project information to them.

You can create custom reports to track all income and expenses related to a specific project: Customize reports in QuickBooks Online. These reports can help review the project's financial status.

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

So how do we associate existing income expenses and what not to each newly project ?

We're happy to see you here in the thread, @GonzalesPI.

You'll need to edit the customer inside those existing income expenses and replace them with the customer associated with the project inside your QuickBooks Online (QBO). We'll gladly write down the steps to get you going:

1. Go to Business overview, then select Projects.
2. Find and select the project you want to change the assigned customer for.
3. Click Edit.
4. Select the new customer from the Customer ▼ dropdown.
5. Click Save.
6. Review the prompt, then select Assign new customer.

To add existing expenses to the project, you can visit this page and refer to Add existing expenses to a project section for more details: Create and manage projects in QuickBooks Online.

Moreover, here are some articles to help you ensure your data stays accurate inside QBO:

• Run reports in QuickBooks Online.
• Memorize reports in QuickBooks Online.

@GonzalesPI, The Community space is open 24/7 if you need assistance accomplishing tasks inside QuickBooks. We'll be here, ready to help you out. Take care, and have a nice day! 

Hello,

I have a similar question about the Projects function.

I'm setting up a client who is new to QBO and is in the middle of a few projects.

How can I enter a beginning balance for the project so it has funds against which to deduct future expenses?

If I enter (false) sales receipt or invoice/receipt for that project customer, how does that affect my initial bank reconciliation?

Thanks for your help,

Maria

Thanks for joining us here, Maria. 

Let me share some insights about how Projects function in QuickBooks Online (QBO).

Firstly, ensure that you have an accurate and organized chart of accounts, as this will have an opening balance in your Balance Sheet.

If you have a new account in QuickBooks, you have to select a specific date to begin tracking transactions. After selecting the start date, you'll be prompted to enter the actual balance of your bank account for that day. The balance and the chosen start date will be used to set the opening balance of the account.

Moreover, if you connect your bank and credit card accounts, QuickBooks automatically downloads your historical transactions up to a certain date. It totals them up and enters the opening balance and date.

However, if you don't have any plan to connect your account, you can manually enter the opening balance. 

Here’s how: 

1. Fill in the amount you need to enter for your opening balance.
2. On the upper right corner, look for the Gear icon.
3. Then, choose Chart of accounts.
4. Select New, then set up your account.
5. In the open balances section, pick the date you want to start tracking your finances. 
6. Then, enter the account balance for that date. 
7. Once done, hit Save.

Once everything's good, you can now start tracking new transactions that come after the opening balance date. 

Furthermore, it'll affect your initial reconciliation since these transactions don't appear on your actual bank statements. Your ending balance is based on your financial statement after you reconcile your account in QuickBooks.

Lastly, here are some resources that you can check out for you to be able to know how to work on with Projects in QuickBooks:

• Change sub-customers into projects QuickBooks Online.
• Create and manage projects in QuickBooks Online. 

You can always count on us if you still have further queries with projects or anything else about QuickBooks. I'd be glad to assist you at any time. Keep safe and have a good one.