I appreciate you for taking the time to reach out in the Community for assistance, @mleonhartsberger. I’m here to share information about managing EU-funded projects with QuickBooks.
While QuickBooks Online (QBO) International can be used for operating projects funded by the European Union (EU), it's crucial to ensure that it complies with the specific reporting and accounting essentials.
The program also allows you to manage multiple currencies, which is particularly helpful for EU projects involving different countries.
If you haven't started setting up or making transactions related to EU-funded projects yet, you might be interested in using the Project feature in QBO. It helps you organize entries from income and expenses while keeping everything running smoothly.
Furthermore, you can easily generate labor costs and profitability statements, giving you an in-depth understanding of your earnings. Just make sure to activate the multi-currency function to fulfill the reporting requirements of EU funding.
Nevertheless, it's best to consult with a financial professional or accountant who's familiar with EU funding regulations to ensure that your use of QBO aligns with the necessary guidelines.
You can visit our Proadvisor website if you don't have an accountant. Our consultants can also guide you from technical and accounting perspectives. Simply enter your city, state, or ZIP code in the box.
I’m adding this guide to get more insights about handling projects: Project management methodologies. It contains different options for effective results and guarantees jobs are completed in the best way possible.
Tag me on this page if you have other concerns or questions about the information I provided. I’ll be more than happy to take care of them for you, @mleonhartsberger.
