Setting up job costing in QuickBooks Online is the best plan to get the idea that, which projects make money and which ones break the bank. If you are decided to set up the QuickBooks job cost then there is no reason to hesitate, this will be the best plan to manage payroll in QuickBooks. Hurry up, and continue with this blog, if you are not yet set up the job costing.
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Procedure to Set Up Job Cost in QuickBooks Online
Follow the procedure to set up the job cost in QuickBooks Online. Here we have completed the procedure in some steps. Just go for the steps;
Step 1: Track Customer’s Expenses
The first step is to track the customer’s expenses, you can track the expenses by following the below procedure:
- First, visit for the ‘Company Settings’ option.
- And go for the ‘Company Name’ or the gear icon from the top-right corner of the QuickBooks Online screen.
- Click the ‘Company Setting’ option.
- Now again visit the ‘Sales’ tab for the sales form option.
- Checkmark on the ‘Custom transaction Numbers’ box.
Step 2: Set Up the Customer List
Now set up the customer list:
- Visit for the ‘Customer Preferences’.
- And from that, select the ‘Bill with parent’ option.
- Now set up your customer list according to your need.
Step 3: Adjust Products & Services
Go through this procedure to adjust products and services:
- Click at the gear icon, and select Lists > products & services.
- Click on the [New] button within the upper right corner.
- Choose an item type either “stock,” “Non-inventory,” “service” or “package.”
- Enter the applicable item information.
- To be able to track expenses for this item, enable the I buy this product/service from a vendor checkbox.
- Click [Save and close].
Step 4: Submit Estimates and Invoices
At last, submit the estimates and invoices:
- Click on the ‘Quick Create’ option from the QuickBooks Online screen.
- Go to the ‘Estimate’, and enter the information, and click the ‘Save’ option.
- Then send it to your customer.
- Now you are allowed to convert to an invoice.
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Using Sub Customers as Jobs
One common method to try job costing in QuickBooks online is the “Sub-client method.” What QuickBooks Desktop versions are used to call “jobs,” QuickBooks Online calls “sub-clients.” These are simply customer records that you’re capable of the nest under a “parent” customer like a subcategory. Just like a job can only have one client, a sub-customer can belong to only one customer record.
Sub-customers are used for slightly different functions by way of numerous other industries. A designer might use them to track multiple projects for a single customer. A bookkeeper or consultant might use sub-customers for every of several businesses operated by the same person. It indicates that they could represent member teams in a league. For contractors, however, sub-customers can function as a work-around so one can benefit some amount of job cost reporting.
How to Include Sub Clients in QuickBooks
Include the sub-clients in QuickBooks, by following the below steps:
- First, select the “Sales” from the left sidebar.
- then go for the “Customers” tab.
- Click at the [New Customer] button within the higher right corner.
- Enter the name of the desired project name company name and display name. To avoid confusion, this name needs to be awesome from the name of the customer. It should also be identifiable from any other projects they may have now or within the future.
- Choose the “parent” customer report from the drop-down menu. This will be the real customer of the projects.
- Enable the Is sub-client checkbox.
- Choose “Bill with the parent” for you to tie the invoice to the customer when recording an expense under the sub-customer.
- Click on ‘Save’ option.
In the above, we have discussed almost everything about the setting up procedure of QuickBooks Online job cost. Hope you like it, and thanks for continue with us till the end. Follow all the steps carefully, still, if there is any problem to set up the job cost in QuickBooks Online then, you can hire a QuickBooks ProAdvisor for the best troubleshooting solution.