A relatively new ProAdvisor here....
We have a client who, amongst other things runs exhibitions and wants to use projects to track a proper P&L easily. If I create a dummy customer called Exhibition, I can easily collect the hours and the expenses involved and track them. However, the income for the project will come from multiple customers who pay a bundled service item for their stand + membership fee that currently go into different income accounts. Whats the best / easiest way to track this income into the project?
Thank you for your help in advance
Hi @Suzanne W
Welcome to the Getting Started with QBOA Community!
I have some clarifying questions for you.
1. Is the income for their stand tracked into one income account and the membership fee tracked into another income account the only income separation needed?
2. Or, do you also need the income for each of these tracked by the individual customer?
Hello @Suzanne W :
Your fake customer named Exhibition could be the parent customer. Then you could create sub customers (multiple customers) under the parent customer (project). Not sure if that will work given your scenario described in your question. My partner, @ParkwayInc is the "master" at projects. He may jump in here with a better solution. But in my mind, that is the only way you could make it work for you.
Thank you for your response :-)
1) No .....
2) Yes .......Need to also retain that income by Customer for reporting and tracking
Hope this make sense?
If you have the option, I’d use class tracking to track income & expenses for the project. That doesn’t lock you in to customers & can be used by many customers for the same project.
Class tracking is a great way to segment your business.
The next question would be how many customers would be attending this exhibition? Also, do we know why they want to use a generic (dummy) customer? Is this so they can use Projects to track the event? If that's the case, then they could use class tracking instead of projects and be able to run a P & L by class to see the profitability of the event. But, if they still want to try this by using Projects in QBO, this might be one way to accomplish that.
I ran through a scenario by using 1 generic customer so I could use that same customer as my project name.
The challenge with this is that in Plus you can have 40 classes before you run into the usage threshold. This is why I was asking how many customers you would end up tracking.
Here is a screenshot of the end result.
The class would be Exhibition. Then you can assign transaction lines to the class. It doesn’t matter how many customers you have. You don’t assign customer to a class.
Really appreciate the link - will watch and digest over the weekend and post back here with results.
Thank you so much for your response. I will work it through and understand this as an option - however there could be over 200+ exhibitors / customers, so the classes limit would be an issue.
Yes you are correct Classes would be an easier solution to track the P&L only, however how would you account for the time the team spend on managing each exhibition? The projects option was request to properly account for the staff time spent organsising and selling.
If you have the enter single time activity, you can track time there. You can assign it to a class.