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PhilipDutton
Level 1

Theatre Company

We have started using QBO for our theatre company, however, I have a reporting problem. Our production timescales quite often span across financial years. We need to report  the total income and expenditure for a production in the year in which the show is performed... even if some of that income and expenditure occurred in a different year. 

Would projects or locations or classes help us to do that? Is there another way?

Solved
Best answer September 07, 2020

Best Answers
BettyJaneB
QuickBooks Team

Theatre Company

Glad to have you back here in the Community, @PhilipDutton.

 

You've got me here to provide some insights about tracking your income and expenses in QuickBooks Online to keep your records accurate.

 

There are various ways in QuickBooks Online where you can record your previous and future income and expenses. This way, you'll be able to pull up a report that will show the profit and loss of your business.

 

Let's start with the project option. It helps you track all the moving parts of your account. This allows you to add project income and expenses, tag old transactions to new projects, and run project-specific reports from a single dashboard. This makes it easy to manage your work and see your progress.

 

To utilize this feature, you'll need to turn on the Project option then start creating them.

 

Here's how:

  1. Click on the Gear icon at the top.
  2. Select on Account and Settings.
  3. Go to the Advanced tab.
  4. Find the Projects section and select Edit ✎ to expand it.
  5. Press on the Organize all job-related activity in one place checkbox.
  6. Hit on Save and close your settings.

After that, the Projects menu now appears in the main navigation bar.

 

To create projects:

  1. Go to the Projects menu.
  2. Select on New Project.
  3. Give your project a memorable name.
  4. Choose the customer you’re working for from the drop-down menu.
  5. Add any notes or details about the project.
  6. Hit on Save.

Here's a link that you can check out for complete details about this procedure together with the report that you can pull up for this transaction: Learn how to use Projects to track project income, expenses, and profitability.

 

On the other hand, you also have the option to use the class tracking, which provides you deeper insights into your sales, expenses, or profitability for each part of your business. All you have to do is to enable this functionality and assign this to your transactions.

 

Please see this article for the step by step procedure on how to set up, organize your entries, and pull up a report by class: Learn how to use classes to track income, expenses, or profitability by business segment.

 

Lastly, if you want to use the location tracking feature, you still need to turn on this on your account and assign it to your transactions. I recommend scanning through this reference to see how it works: Turn on Location tracking.

 

Any of the procedures above will help you keep track of your finances. You can select any of them that suits your business needs. 

 

Know that I'll be right here to help if you have any other questions on this or with QuickBooks. I'd be happy to help. Have a great day!

View solution in original post

1 Comment
BettyJaneB
QuickBooks Team

Theatre Company

Glad to have you back here in the Community, @PhilipDutton.

 

You've got me here to provide some insights about tracking your income and expenses in QuickBooks Online to keep your records accurate.

 

There are various ways in QuickBooks Online where you can record your previous and future income and expenses. This way, you'll be able to pull up a report that will show the profit and loss of your business.

 

Let's start with the project option. It helps you track all the moving parts of your account. This allows you to add project income and expenses, tag old transactions to new projects, and run project-specific reports from a single dashboard. This makes it easy to manage your work and see your progress.

 

To utilize this feature, you'll need to turn on the Project option then start creating them.

 

Here's how:

  1. Click on the Gear icon at the top.
  2. Select on Account and Settings.
  3. Go to the Advanced tab.
  4. Find the Projects section and select Edit ✎ to expand it.
  5. Press on the Organize all job-related activity in one place checkbox.
  6. Hit on Save and close your settings.

After that, the Projects menu now appears in the main navigation bar.

 

To create projects:

  1. Go to the Projects menu.
  2. Select on New Project.
  3. Give your project a memorable name.
  4. Choose the customer you’re working for from the drop-down menu.
  5. Add any notes or details about the project.
  6. Hit on Save.

Here's a link that you can check out for complete details about this procedure together with the report that you can pull up for this transaction: Learn how to use Projects to track project income, expenses, and profitability.

 

On the other hand, you also have the option to use the class tracking, which provides you deeper insights into your sales, expenses, or profitability for each part of your business. All you have to do is to enable this functionality and assign this to your transactions.

 

Please see this article for the step by step procedure on how to set up, organize your entries, and pull up a report by class: Learn how to use classes to track income, expenses, or profitability by business segment.

 

Lastly, if you want to use the location tracking feature, you still need to turn on this on your account and assign it to your transactions. I recommend scanning through this reference to see how it works: Turn on Location tracking.

 

Any of the procedures above will help you keep track of your finances. You can select any of them that suits your business needs. 

 

Know that I'll be right here to help if you have any other questions on this or with QuickBooks. I'd be happy to help. Have a great day!

View solution in original post

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