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Join nowI have two questions. My business is a construction business and we use QuickBooks online. The project functionality is great except that I would like to assign an overhead percentage to each project. For example, my vendor expense are $10,000, but I know I also have 20% overhead. How can I get that to show in total project profitability.
Second, I recently purchased land to build a house on for resale. The land/loan are set up on the Balance Sheet, but I would like to see the cost of that land when I'm looking at the total project cost.
Q1: Write Overhead allocation Journal Entry (Create "+" sign on top > Other > Journal Entry)
Debit side is Overhead cost allocated to Projects (Name field on JE). And the Credit side is Overhead Expense pull (leave Name field on JE blank). The net impact on the P&L is zero.
(There is one other option (zero allocation using vendor form) but this one also works the same way as other option).
Q2. To show Land Cost (or expected Project Cost) on any reports is not an option in QBO. The only workaround is to use "Add notes" (which is just a text field) on the Project page.
I have not been able to find a place where we can apply a journal entry to a project. Can you tell me what version of QB you are using and exactly where I find this feature?
We have not been able to find a way to book a journal entry to a project. Can somebody tell me where to find this capability or what version of QB we need to be on to do this?
A warm welcome to the Community, noclue.
I'm here to help you find the project feature in QuickBooks Online Plus.
The project is a new feature in QuickBooks Online Plus that helps you organize all the moving pieces of your project, including transactions, time and running reports – so you always know where you stand with all your jobs. To enjoy this, as an initial step, let's turn on this feature.
Here's how:
Here are some recommended articles that you might find helpful:
If you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours:
Should you need further assistance with projects, please let me know. I'll be around to help. Wishing you a wonderful rest of the week.
Thank you for your reply. How to open a project is clear, what is still not clear is if a user can book a journal voucher to a project. It must be there because what use is an expense collection feature if it will not accept all types of transactions. Booking overhead allocations to a project by journal entry would be an often-used transaction in my opinion.
Can a journal entry be booked to a project in QuickBooks???
Hello there, @noclue.
Thank you for updating us and clearing things up. I can share some more insights about the Project feature in QuickBooks Online Plus.
Yes, you can definitely book a journal entry to a project. I'll gladly show you how:
That should get you on the right track.
Leave me a comment below if you have other questions about projects. I'm always here to offer more help. Have a blissful day!
What expense accout do you use for the journal entry and waht income accout do you use. We are having trouble getting the Wash account to zero out on balance sheet.
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