Projects & Job Costing Flashcards

Where does a user turn on the Projects feature in QuickBooks Online?

Answer: Settings > Account and settings > Advanced > Projects

The Use projects toggle is in the Projects section of the Advanced tab in Account and settings.

Which QuickBooks Online subscription levels include the Projects feature?

Answer: Plus and Advanced

Projects is included in QuickBooks Online Plus and Advanced.

A contractor records a vendor bill for lumber used on a kitchen remodel and wants to pass the cost on to the client. What must be entered on the bill line?

Answer: The customer/project in the Customer column with Billable checked

Assigning the customer/project and checking Billable makes the cost show up as a billable expense for that project.

Which project status options are available in QuickBooks Online Projects?

Answer: Not started, In progress, Completed, Canceled

Projects can be set to Not started, In progress, Completed, or Canceled.

Which built-in project report shows income, costs, and profit for a single project?

Answer: Project profitability (Profit and Loss for the project)

The Project profitability report is a Profit and Loss filtered to that project's income and costs.

An employee's timesheet entry is marked billable but hasn't been invoiced yet. Which project report will list it?

Answer: Unbilled time and expenses

The Unbilled time and expenses report shows billable time and costs that haven't been added to an invoice yet.

Where are labor costs shown on the project overview when the company doesn't use QuickBooks Payroll?

Answer: QBO uses the hourly cost rate entered for each employee or contractor

Without QuickBooks Payroll, QBO estimates labor cost from the cost rate you enter for each worker multiplied by the hours they track.