QBO Projects & Job Costing

Question 1

A construction client wants to see income, costs, and profit for each job in one place. Which QuickBooks Online feature is designed for this?

Accepted Answer

Projects

Answer

Projects lets you group transactions, time, and costs for a customer's job and view profitability. It is available in Plus and Advanced.

Question 2

Where does a ProAdvisor turn on the Projects feature?

Accepted Answer

Settings > Account and settings > Advanced > Projects

Answer

Projects is turned on from Account and settings in the Advanced section, where the Projects option can be switched on.

Question 3

Which report most directly shows whether an individual project is making money?

Accepted Answer

Project Profitability

Answer

The Project Profitability report compares each project's income against its costs, including expenses and labor, to show margin.

Question 4

A project's expenses should be assigned to the project so they appear in its profitability. How is this done when entering a bill or expense?

Accepted Answer

Select the project (via the customer/project field) on the transaction line

Answer

Assigning the customer or project on the transaction line is what links costs to a project, so they flow into project reports. A memo is only text and does not link the cost.

Question 5

A client bills a large project in stages based on completion percentage. Which feature supports this?

Accepted Answer

Progress invoicing from an estimate

Answer

Progress invoicing lets you create an estimate for the full project and bill portions of it over time by percentage or amount. It is available in the Plus and Advanced plans.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Projects & Job Costing