Yes, you're correct. You can count the inventory material that you've used through the Projects feature in QuickBooks Online (QBO), @userroadartsb. I'm here to share further details about this.
You can easily track your inventory in QBO even if you aren't an accountant and don't have any accounting background. The system lets you monitor what's on hand, get alerts when it’s time to restock, and see insights on what you buy and sell.
QuickBooks deducts inventory once you add the product into a sales transaction (invoice or sales receipt). The quantity on hand will automatically decrease by the amount indicated in your invoice. To learn more about this, kindly refer to this article: Track your inventory in QuickBooks Online.
With the Projects feature, you can keep track of your project income, expenses, and profitability. Once you've created your first project in QBO, you can add a new project income or an existing invoice. For the step-by-step guide, you can refer to this article: Create projects in QuickBooks Online.
I'm also adding this article to give you a clear picture of your profits from every project you have: Track income, costs, and profitability by project. It also provides tips on how to make sure you're recording your project accordingly in the Step 6 section.
Please let me know if you have other concerns. I'm just around to help. Take care always.
