Labor Cost Allocation on Estimate vs. Actual and # of Hours on Project vs. Estimate

Warm greetings, @JD40958. I'm here to provide information regarding projects and purchase orders. 

Before anything else, can you please provide a screenshot wherein all your cogs are allocated under not specified. This will help me better understand your situation and offer you the best possible solution.

Please know that QuickBooks Online does not have a specific field to allocate the number of hours to the labor cost category in project budgets. 
 

Meanwhile, the feature to turn on the remaining percentage amount is currently unavailable in QuickBooks Online. You can run Estimates & Progress Invoicing Summary by Customer report to track the remaining amount. 

Moreover, to track the OH percentage, I recommend contacting your accountant for advice. If you don't have one, you can find a professional through this link: https://quickbooks.intuit.com/find-an-accountant/.

On the other hand, having a budget for a project in QuickBooks Online has several advantages over comparing estimates vs. actuals. One advantage is that a budget helps set financial goals and estimate future income and expenses, providing a clear plan for the project's financial management.

Furthermore, you don't necessarily have to create an item to track labor costs or other quantities when making a purchase order. However, this can help you efficiently track and manage material, supplies, and subcontractor expenses.

To learn how to modify reports and add details to monitor all company transactions, you can visit this article. Customize reports in QuickBooks Online.

I'm always here for you whenever you need further assistance and information concerning projects, budgets, and purchase orders. Kindly click the reply button below to enter your queries. 

Thank you Shy Mae.

How can I get this unspecified number to be allocated between labor and contract materials under the actual cost categories?

How can I plug in my OH % to labor/materials on a budget vs actuals by project report or estimate vs actuals by project report?

Thanks

I will be glad to offer additional assistance, JD40958.

Nonetheless, I would appreciate more information to gain a complete understanding of your concerns. Providing a screenshot would be greatly appreciated to assist me in offering an accurate solution to address them.

I'm looking forward to your response. Stay safe!

How can I make sure the labor cost under non specified costs in the attachment are allocated to the actual labor item? The labor cost under non specified is labor hours allocated to the project in quickbooks time. 

How can I plug in my overhead % to my labor and materials for actual cost on the project on the actual vs. estimate report?

Thanks

Thanks for coming back, JD40958.

To ensure the labor cost under non-specified costs in the attachment is allocated to the actual labor item and the labor cost under non-specified labor hours allocated to the project in QuickBooks Time, we'll need to make sure we set them correctly. You can check out this article for the steps and details: Track hourly labor costs and profitability by project in QuickBooks Online.

Also, there are two options for tracking your project’s labor costs. After you run payroll, you can see your labor costs using your actual payroll expenses. The other one is to add the hourly cost rate for each employee and QuickBooks will multiply the hourly cost rate by the hours worked to calculate your labor costs.

On the other hand, we can plug in your overhead % to your labor and materials for actual cost on the project on the actual vs. estimate report by comparing your income and expenses with what you originally estimated for a project. If you are using QuickBooks Online (QBO) Advanced version, just follow the steps and details in this article: Compare project cost estimates vs. actuals in QuickBooks Online Advanced. 

From there, you’ll see also your estimated vs. actual costs and income, broken down by product or service. Then it will show you the difference between the two, measured by monetary value and percentage. Lastly, it will group any transactions without a product or service, like payroll transactions, under Not Specified.

The Comments section below is the best place to ask questions or post any other concerns if you have any. Don't hesitate to give me a shout and I'll be with you right away.