Other questions
Greetings, @Paul2410. Let me dive into the conversation and share some insight regarding this matter.
To clarify, yes, the Project account my colleague means is the Parent account affected by the transactions you created within the project. While this is a viable workaround, it can be a lengthy process that requires collaboration with your accountant since we are creating new accounts in the Chart of Accounts.
You may also consider using a Tag/Tag Group to track transactions for the sub-project. By assigning these tags to the transactions, you can easily identify completed transactions for the sub-project and bill them to your customers. I'd be glad to show you how. You can follow these steps:
- Go to the Gear icon.
- Select Tags.
- Click New and choose Tag.
- Enter a Tag Name.
- Choose one of your groups to apply the tag to.
- Hit Save.
Note: This action generates the tag which you can apply to any sale or purchase forms like invoices, sales receipts, or expense transactions. To include already existing tags in forms, just type the name in the Tags field and select it. I've attached a couple of screenshots for your reference in applying tags to your forms.
I included this article as a supplement to guide you on how to create Tag/Tag Groups: Tag transactions in QuickBooks Online.
Consequently, you can consider this link for future reference on using projects to track your labor costs and profitability in QuickBooks Online.
For further clarifications about projects, feel free to reply to this thread. We'll be around 24/7 to assist you.
