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Pros & Cons to setting up projects by converting sub-customers in QBO Advanced
What are the pros and cons to setting up projects using the sub-customer conversion? (I am not looking to figure HOW to do this. That is the one thing I CAN find.)
Do you have expirience why it is better to use an estimate to creat a project or just starting with a raw project creation? This is the 3rd time I am setting this up in QBO Advanced from Desktop. I want to take everything that is under our current sub-customers and tie them to a project, which is not set up right now.
Thank you in advance for any responses to my question!
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Hello there, systematicbookke.
There are many pros when using Projects in QuickBooks Online. Here are some that I can think of:
- You can centralize the projects.
- You can add transaction directly in the Project Center.
- Add notes for projects.
- There are profitability reports related to projects.
- You can track income and expenses.
I can only think of a con when using projects in QuickBooks Online. Projects is not yet available in the QBO mobile app. You can use this link for reference: Compare mobile app features.
Here are some links that I can share about projects in QBO:
- Set up and create projects in QuickBooks Online
- Introducing QuickBooks Projects - An Easy Way to Track Your Projects
- Gain better insights into your finances with Projects
Other users might be able to share thoughts about the projects.
Feel free to let us know if you need anything else.
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Thank you for the reply!
I actually am not wondering if I should use projects... I am going to set it up.
I am trying to figure out what the cons are of converting sub-customers into projects, since those are already set up. There are several ways to set up projects, but I do remember seeing something that said not to convert subcustomers to set up projects but I am not sure why.
I need to find someone that has expirence with why I would or would not want to "mass convert" sub-customers to make them projects.
Thanks again!
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Thanks for getting back to us, systematicbookke.
I can help share some insights regarding Sub-customers or Projects features for your business within your QuickBooks Online account.
In Projects, there can only one hierarchical level which means it can't have sub-projects. Unlike customers wherein you can have a project or multiple projects. Also, Projects needs you to bill the project with the customer, whereas sub-customers can have a different billing address than the customer.
I've listed below the advantages of utilizing Project:
- There are three defined reports within Projects:
> Project Profitability
> Time cost by employee or vendor
> Unbilled Time and Expenses - You can view all projects in one place
- Drilling into the project gives you more information on the project
- Transaction processing is more efficient
Check out our detailed guide on changing sub-customers into projects.
Feel free to comment down below if you need anything else.
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Thank you. :)
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I actually got my answer from Hector Garcia. I am grateful for all of the responses.