TLDR: QuickBooks Online's new project module allows small businesses to track job profitability, manage projects, and refine estimates to focus on generating more revenue. 00:00 📊 Mike from Mack Financial Group is starting a UA-cam series on job costing for small businesses, focusing on the new project module in QuickBooks Online for tracking job profitability in construction and landscaping. 01:40 🔧 Enable project tracking in QuickBooks Online by going to account settings, turning on the project feature, and accessing the project section in the navigation bar to view a list of all your projects. 02:35 📊 Filter and convert project details, adjust cost rates, and send estimates before creating a project in QuickBooks Online, then create and send an estimate to a potential customer and proceed with the work once accepted. 04:40 📊 Utilize QuickBooks Online to create and manage projects, track income, expenses, and profit/loss in real time, and generate detailed transaction and project reports. 06:33 📊 Create and send an invoice with correct rates and services to show project income in QuickBooks Online. 08:45 💡 Assign expenses to a project in QuickBooks Online by creating an expense, choosing the payee, and selecting the customer project section. 10:29 💡 Job costing in QuickBooks Online helps businesses track costs and profits, refine estimates, and focus on areas that generate more revenue. 11:51 👍 Filter completed projects in QuickBooks Online, more detailed tutorials on budgeting and time tracking coming up.
Thank you!!! I just started as a project manager for a pool construction company, and they *kind of* keep track of their projects in QB. I'm not an accountant, but after I get done watching all your videos, I think I could pretty much do that too lol
Hey, can you have the labour in the reports? How would I take something like caulking (we stock as inventory) out of inventory to add as an expense to the project?
Thanks. Qb is frustrating because different releases place things in different places, and your accounting version is different from my company user version. For instance projects is not on left banner like yours, but under business overview. And another example of the hodge podge of drop downs is that the sales funnel is under customers and leads, not sales. Oy Vey. Not your fault, but just thought you and folks should know. Thanks again. helpful vid for a contractor like myself. Now...I can be abetter manager for my bookkepper.
We are a construction company looking for more Job Costing capabilities. We need labor/payroll hours to be included in these costs. What version do you recommend Plus or Advanced? Also, is this only available on online versions and not desktop? Thank you for your videos!
Hi Mike! Thank you so much for these videos!!! I have a client who takes on projects that consist of cost codes, however, I’m not sure how to setup them up in QBO. Would you happen to know how?
Unfortunately, without reviewing your clients books and understanding exactly how the cost codes are being used by your clients business, I don't think i'd be able to give you great advise on this. First thought is to create a custom field for cost codes and make this field available on the appropriate transactions or lists that makes sense. Hope this helps.
Thank you for the very informative videos. I use projects for a lot of my jobs, but can't figure out the proper way to record customer deposits when using progress invoicing. I have read about creating a current liability account.
Hm. Not sure why your overview tab would not be showing up. Unfortunately I dont know if i would be able to help you unless i saw what you were seeing for your specific QuickBooks Company. Sorry i am not able to help further over UA-cam, but our contact information is in the description of the video if you would like us to trouble shoot any issues you may be experiencing.
Hey Valerie, we have been very busy lately and are looking to begin posting videos soon! Keep your notifications on and we will be providing some more value here soon! Thank you!
I am trying to use Projects in conjunction with T Sheets. However, I cannot get the time entered by TSheets to appear in Projects. My goal is to have a report that shows a P&L by Client or Project, including the cost of time. Any suggestions?
Give part 2 and 3 of our job costing series a watch, and our video on need to know reports and see if that answers your questions! If you still have questions feel free to direct message us and we will be glad to help!
we got a refund from home depot on a project and it was entered as a deposit against the correct COGS expense. I am having a hard time finding where I can input the project in order to associate it with this QBO deposit though.
you will be able to select the project from the "Received From" column on the deposit transaction. youll see your projects labeled as "Project of [customer name]". Hope this helped!
Quickbooks does not have a great way of doing this that I have found. You can come up with a predetermined overhead rate (since this is based on estimates make sure you make the appropriate adjustments timely) or just allocate all indirect costs in proportion to the size of each job. Hope this helps!
It is very similar to how you assign expenses to a project. First, make sure the project feature and PO's is turned on under account and settings. Then whenever you create a new PO, and on the same line you select your product/service for the material you are purchasing for a job, you can select a the project using the Customer/Project drop down. Hope this helps!
To add to my above comment: I invoiced a customer for a project and he paid the deposit. Now that I know about the project feature, I would like to add the project. Can I apply the invoice to the project and crate and estimate? It seems like I would be going backwards, so I want to be sure. Thanks!
Sorry for the delayed response! Yes, you can apply the current invoice to the project you create, just change the customer at the top left of the invoice, it'll show as customer name:project name. You can also create an estimate and do the same but it will not be linked to the invoice you already sent so may be best to finish out this project by just sending invoices and start with an estimate for future projects.
Yes, if you have your bank account set up in the banking section and all the expenses for the project are paid through that bank account, when categorizing the expenses you can select what project the expense is for and attach the receipt. If you don't want to scan each receipt in, you can also use the QBO mobile app to take a picture of the receipt and categorize the expense appropriately on the desktop app (you are only able to take a picture of the receipt on mobile, not categorize it) and it will have the receipt attached to the transaction when booked. If it then comes up on your banking section just match the transaction to the receipt transaction you already booked so you dont double book. If you are not using the receipt capture on the mobile app, or scanning the receipts in to attach to the bank/expense transaction, just make sure you have the paper copy of your receipts stored for your records incase you ever get audited. Makes the auditing process much easier for everyone.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
I'm glad I found this video! You explained it well. Thank you for your help!
Glad the video helped!
TLDR: QuickBooks Online's new project module allows small businesses to track job profitability, manage projects, and refine estimates to focus on generating more revenue.
00:00 📊 Mike from Mack Financial Group is starting a UA-cam series on job costing for small businesses, focusing on the new project module in QuickBooks Online for tracking job profitability in construction and landscaping.
01:40 🔧 Enable project tracking in QuickBooks Online by going to account settings, turning on the project feature, and accessing the project section in the navigation bar to view a list of all your projects.
02:35 📊 Filter and convert project details, adjust cost rates, and send estimates before creating a project in QuickBooks Online, then create and send an estimate to a potential customer and proceed with the work once accepted.
04:40 📊 Utilize QuickBooks Online to create and manage projects, track income, expenses, and profit/loss in real time, and generate detailed transaction and project reports.
06:33 📊 Create and send an invoice with correct rates and services to show project income in QuickBooks Online.
08:45 💡 Assign expenses to a project in QuickBooks Online by creating an expense, choosing the payee, and selecting the customer project section.
10:29 💡 Job costing in QuickBooks Online helps businesses track costs and profits, refine estimates, and focus on areas that generate more revenue.
11:51 👍 Filter completed projects in QuickBooks Online, more detailed tutorials on budgeting and time tracking coming up.
Thank you!!! I just started as a project manager for a pool construction company, and they *kind of* keep track of their projects in QB. I'm not an accountant, but after I get done watching all your videos, I think I could pretty much do that too lol
Hey, can you have the labour in the reports? How would I take something like caulking (we stock as inventory) out of inventory to add as an expense to the project?
I know you made this video a year ago but thank you for putting this series together. I really needed this breakdown. Keep making videos like this.
Glad it was helpful!
Excellent! Thank you very much!
You are welcome!
Thanks. Qb is frustrating because different releases place things in different places, and your accounting version is different from my company user version. For instance projects is not on left banner like yours, but under business overview. And another example of the hodge podge of drop downs is that the sales funnel is under customers and leads, not sales. Oy Vey. Not your fault, but just thought you and folks should know.
Thanks again. helpful vid for a contractor like myself. Now...I can be abetter manager for my bookkepper.
Yes, they do change the platform quite often, but im glad that our videos were still helpful!
This was very good. Thank you.
Glad it was helpful!
We are a construction company looking for more Job Costing capabilities. We need labor/payroll hours to be included in these costs. What version do you recommend Plus or Advanced? Also, is this only available on online versions and not desktop? Thank you for your videos!
Very informative! Thanks!
Hi Mike! Thank you so much for these videos!!! I have a client who takes on projects that consist of cost codes, however, I’m not sure how to setup them up in QBO. Would you happen to know how?
Unfortunately, without reviewing your clients books and understanding exactly how the cost codes are being used by your clients business, I don't think i'd be able to give you great advise on this. First thought is to create a custom field for cost codes and make this field available on the appropriate transactions or lists that makes sense. Hope this helps.
Thank you for the very informative videos. I use projects for a lot of my jobs, but can't figure out the proper way to record customer deposits when using progress invoicing. I have read about creating a current liability account.
Do you report your financial statements in cash basis or accrual basis?
@@hullstone accrual basis
thank you ! sooo helpful!
hi. can we assign like a job order number to the project. thanks
I am new to projects and my overview tab is missing ! Do you know what i have to do to get it to show up so we can see our information
Hm. Not sure why your overview tab would not be showing up. Unfortunately I dont know if i would be able to help you unless i saw what you were seeing for your specific QuickBooks Company. Sorry i am not able to help further over UA-cam, but our contact information is in the description of the video if you would like us to trouble shoot any issues you may be experiencing.
What QBO version are you using?
Projects in QuickBooks Online is available on QuickBooks Online Plus and Advanced plans. The test company I am using in the video is using Plus.
Why did you quit doing videos? Thank you 🙏
Hey Valerie, we have been very busy lately and are looking to begin posting videos soon! Keep your notifications on and we will be providing some more value here soon! Thank you!
I do not have the line project on my inline Quickbook ? is that a different subscription?
You need to have QuickBooks Online Plus or Advanced to have access to the project module.
I am trying to use Projects in conjunction with T Sheets. However, I cannot get the time entered by TSheets to appear in Projects. My goal is to have a report that shows a P&L by Client or Project, including the cost of time. Any suggestions?
Give part 2 and 3 of our job costing series a watch, and our video on need to know reports and see if that answers your questions! If you still have questions feel free to direct message us and we will be glad to help!
Hi, can inventory be assigned to a project as a cost?
yes you can!
Hi. After creating the project, how can I assign the different costs from my linked checking acct?
Using the customer drop-down, you will notice that you will be able to select the project.
What if my quickbooks online doesn’t show a project tab so I can turn it on?
Yes, you need to turn it on in the account and setting section. Then you will see it in the left navigation bar.
we got a refund from home depot on a project and it was entered as a deposit against the correct COGS expense. I am having a hard time finding where I can input the project in order to associate it with this QBO deposit though.
you will be able to select the project from the "Received From" column on the deposit transaction. youll see your projects labeled as "Project of [customer name]". Hope this helped!
What is the proper way to apply overhead costs to various projects?
Quickbooks does not have a great way of doing this that I have found. You can come up with a predetermined overhead rate (since this is based on estimates make sure you make the appropriate adjustments timely) or just allocate all indirect costs in proportion to the size of each job. Hope this helps!
If you already started a project and didn’t attach it to project can you add it once you gave already created invoices and received payments
Yes, just change the customer on the invoice to the project.
At 8'55, you show how to assign expenses to a project but instead of listing out each expense, how to tie a PO to the job/project ? Thanks
It is very similar to how you assign expenses to a project. First, make sure the project feature and PO's is turned on under account and settings. Then whenever you create a new PO, and on the same line you select your product/service for the material you are purchasing for a job, you can select a the project using the Customer/Project drop down. Hope this helps!
What happens if I had created the invoice before the estimate?
To add to my above comment: I invoiced a customer for a project and he paid the deposit. Now that I know about the project feature, I would like to add the project. Can I apply the invoice to the project and crate and estimate? It seems like I would be going backwards, so I want to be sure. Thanks!
Sorry for the delayed response! Yes, you can apply the current invoice to the project you create, just change the customer at the top left of the invoice, it'll show as customer name:project name. You can also create an estimate and do the same but it will not be linked to the invoice you already sent so may be best to finish out this project by just sending invoices and start with an estimate for future projects.
Isn’t there another way to add expenses so you don’t have to print all those receipts?
Yes, if you have your bank account set up in the banking section and all the expenses for the project are paid through that bank account, when categorizing the expenses you can select what project the expense is for and attach the receipt. If you don't want to scan each receipt in, you can also use the QBO mobile app to take a picture of the receipt and categorize the expense appropriately on the desktop app (you are only able to take a picture of the receipt on mobile, not categorize it) and it will have the receipt attached to the transaction when booked. If it then comes up on your banking section just match the transaction to the receipt transaction you already booked so you dont double book.
If you are not using the receipt capture on the mobile app, or scanning the receipts in to attach to the bank/expense transaction, just make sure you have the paper copy of your receipts stored for your records incase you ever get audited. Makes the auditing process much easier for everyone.
You don't sound excited