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Using Projects to track an exhibtion project

Level 1

Using Projects to track an exhibtion project

Hi,

 

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

11 Comments
Highlighted
Moderator

Re: Using Projects to track an exhibtion project

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?

 

 

Highlighted
Community Champion

Re: Using Projects to track an exhibtion project

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.

 

Lynda

Highlighted
Level 1

Re: Using Projects to track an exhibtion project

Hi Cheryl,

 

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?

 

Thanks,

Suzanne

Highlighted
Level 7

Re: Using Projects to track an exhibtion project

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.

 

Ray

Highlighted
Moderator

Re: Using Projects to track an exhibtion project

@Suzanne W 

 

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.  

  • Created a class for each customer
  • Created a Sales Receipt for each using the generic customer, but on the detail line where I added the exhibition bundle, I also assigned it a class for that customer.
  • I used a Sales Receipt so I wouldn't have to worry about the A/R balance by customer since we are only using one customer.
  • Created a few expenses for the same project/customer.  In my test, I didn't assign those a class, but I could have if I needed to have the expenses broken out by customer.
  • Ran a Profit and Loss by class where I could see the stand income and the membership fee income broken out by class (customer).
  • In this scenario, I pointed my service items to their income accounts - 1 for membership and 1 for stands.  Since I was using classes and I knew I could run a P & L by class I didn't break those service items down by a separate GL account by customer.

 

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.

 

 

 

 

 

 

Highlighted
Level 7

Re: Using Projects to track an exhibtion project

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.

 

Ray

Highlighted
Community Champion

Re: Using Projects to track an exhibtion project

Hello @Suzanne W 

 

For some reason, my buddy, Matthew Fulton, @ParkwayInc could not post here (I had trouble logging in too).  So here is his deep dive into Projects blog.

 

There is a ton of stuff in the article/blog.  

 

Lynda

Highlighted
Level 1

Re: Using Projects to track an exhibtion project

Hi Lynda,

 

Really appreciate the link - will watch and digest over the weekend and post back here with results.

 

Thanks,

Suzanne

Highlighted
Level 1

Re: Using Projects to track an exhibtion project

Hi Cheryl,

 

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.

 

Thanks,

Suzanne

Highlighted
Level 1

Re: Using Projects to track an exhibtion project

Hi Ray,

 

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.

 

Thanks,

Suzanne

Highlighted
Level 7

Re: Using Projects to track an exhibtion project

If you have the enter single time activity, you can track time there. You can assign it to a class.

 

Thanks,

 

Ray

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