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BMW
October 30, 2018
Solved

Create a project budget

  • October 30, 2018
  • 1 reply
  • 17 views

I am using Desktop Pro 2017 and I am trying to create a budget for an upcoming project.  I would like to be able to enter a total cost for each line item for the length of the project.  But, when I go in to create a budget, it only lets me enter monthly amounts.  Is there a way to change the format that I'm not seeing? 

    Best answer by qbteachmt

    Use an Estimate. The Project would be on the Customer Center list, and the Estimate spans the lifecycle of the job, and allows you to use items that include P&L and Balance Sheet accounts.

    Budgets are limited to Fiscal Years.

    1 reply

    qbteachmt
    qbteachmtAnswer
    Level 11
    October 30, 2018

    Use an Estimate. The Project would be on the Customer Center list, and the Estimate spans the lifecycle of the job, and allows you to use items that include P&L and Balance Sheet accounts.

    Budgets are limited to Fiscal Years.

      M
      Mahmoud11
      March 2, 2019

      Thanks for your reply.

       

      Do i need also to make inputs for a project using Estimate for Balance Sheet accounts too?

       

      Kindly explain please.

       

      Best regards 

      Mahmoud 

      A
      Archie_B
      Level 6
      February 10, 2024

      We are a custom home builder and do not use ITEMS because they do not pull into our WIP reports correctly.   We post to Other Asset WIP accounts during the build until the project is complete and sold (cause they are technically "our" assets until they are finished and the sale is complete). 

       

      I did see where the Fixed Assets accounts pulled into the Items dropdown in the Estimates form but the Other Assets do NOT.  Is there a way to get them to pull in?  Again, we do not want to use ITEMS (kind of stupid actually - you should be able to use regular accounts in the estimates).

       

      Thanks for any ideas on how to make it work.

       


      Hi there, telrod.

       

      Allow me to share some information that will assist you in tracking and integrating it into your WIP accounts.

       

      I understand that using ITEMS or Products and Services in estimates does not fit with your custom home-building business processes, particularly when tracking Work in Progress (WIP) in QuickBooks Desktop. 

       

      In QuickBooks Desktop, ITEMS is the standard approach for tracking costs and revenue in estimates, and the available item types are predefined and do not include a specific item type for the Other Asset WIP account.

       

      However, you can consider setting up a Non-inventory item as the item type and assign it to the Other Asset WIP account. This alternative solution allows you to allocate costs accurately to the designated WIP account.

       

      Here's how:

       

      1. Go to the Lists menu, then choose Item List.
      2. Click on the Item button at the bottom, and hit New.
      3. Select the Non-inventory item type for the new item.
      4. Provide a unique name for the item.
      5. In the Income Account field, select the appropriate "Other Asset WIP account".
      6. To save, hit OK.

       

      While this solution still involves the use of items, this will allow you to track costs accurately under the specific Other Asset WIP accounts you prefer. 

       

      I've also added these articles about customizing reports and job costing:
       

       

      Feel free to leave a comment below if you have other questions. I'm always here to help. Have a great day!

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