Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
So here is how I do it (you will need QBO projects module)
1) Customer: Create New Customer - "Grant 1"
2) Projects: Create 3 Projects - Client 1, Client 2, Client 3
Make sure you select "Grant 1" customer for these three projects
3) Product/Service: Setup New "Restricted Funds 1"
4) Create New Invoices (Assume total funding of 10,000)
Invoice 1001
Customer: Client 1
Product/Service: Restricted Funds 1
Amount: 2,000 (20% of 10,000)
Invoice 1002
Customer: Client 2
Product/Service: Restricted Funds 1
Amount: 4,000 (40% of 10,000)
Invoice 1003
Customer: Client 3
Product/Service: Restricted Funds 1
Amount: 4,000 (40% of 10,000)
5) Grant Payment Received:
Receive Payment for $10,000
Select invoice 1001, 1002 and 1003
At this point you will have all restricted funds allocated to project based on their proportion
Now you want to make sure you allocate all the expense to the respective project when costs are incurred
6) Incurred/Paid 500 against Client 2 funds
Create Bill/Expense
Under customer column select "Client 2"
You can browse through Project module to understand grant amount vs spent
Under reports section you can view Profit & Loss by Customer for details as well.
You can also see a consolidated view for "Restricted Funds 1" by running Profit & Loss and filter or display column by Product/Service
Hi,
You may consider setting the grant up as a parent customer GRANT and then each grant would be a subcustomer : Grant 1, Grant 2 to track all your grants and be able to run a report by customer Grant 1, Grant 2.. Profit & Loss by Customer then filter for GRANT or Grant 1, Grant 2 customer... then
Code all income and expenses with the GRANT as the customer/job so you are able to run a Profit & Loss by customer and filter as stated above.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here