In addition to what I’ve described here, it features much more extensive reporting - not to mention seamless reporting capabilities for Job Costing. In Summary, job costing in QuickBooks Desktop is item-based. If you are familiar with them in QuickBooks Desktop and you do over/under billing Work In Progress adjustments, you might really miss these, to name a few: There are a few very important reports that, unfortunately, just aren’t available in QuickBooks Online. It might sound like kind of a pain, but this works just fine for most contractors. Actual report is NOT available from the Projects dashboard and will require some customizing. Actual reports, though, you’ll need to also create a Budget with the cost-code level detail of the estimated costs. To create Progress Invoices, you’ll want to create an Estimate: You can access your Job Profitability report from right inside the Project dashboard - as you’ll see, it’s essentially a Profit and Loss for the job: On the other hand, your Job Cost reports are a bit different. If you do lump sum invoicing, it may be just an item or two. In QuickBooks Online, your cost of goods sold accounts will represent your cost codes - meaning you could have dozens or even hundreds of COGS accounts:ĭepending on how you invoice your clients, your Item list may also represent your cost codes.
This then results in a lot of data entry, negating one of the best features of QuickBooks Online. You can use the items to record costs, but you can’t choose them when entering transactions from the bank feeds. The items are only used for estimates and invoicing.
Actual available in QuickBooks Desktop) are based on the cost of goods sold accounts. In QuickBooks Online, the Job Profitability Report and the Job Budgets vs Actual (which is as close as we can get to the Estimates vs. In most cases, there’s no need to enter the costs to the items, because there aren’t any item-based job cost reports. In QuickBooks Online, the items - called Products and Services - play a much smaller role. Your job cost reports look something like this: Meanwhile, your item list will look something like this (except usually, it will be a lot longer): Your cost of goods sold accounts look something like this: The items are used to record all job-related costs on all invoices, purchase orders, and estimates. This allows you to set up your cost codes as Items and keep your chart of accounts very simple. Actuals and the Job Profitability Detail report - are item-based. Magazine.In QuickBooks Desktop, the key job costing reports - the Job Estimates vs. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie Adams is considered one of the top QuickBooks trainers in the country. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner.
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