Yes, you can use the Projects feature for grant tracking, @AEM21. Let me share details about this.
When you opt to utilize the Projects feature to track your grants, the QuickBooks Online (QBO) system is the right one for your nonprofit company. The data you're going to enter through the feature will automatically flow to your financials. This way, you'll easily monitor and review them by pulling up project-specific reports.
You'll first have to sign-up for a QBO (Plus, Advanced, or Accountant) account. Then, turn on the Projects feature through the Account and Settings page. Here's how:
- Go to the Gear icon.
- Select Account and settings.
- Go to the Advanced menu.
- Click anywhere in the Projects section to expand its details.
- Turn on Organize all job-related activity in one place.
- Select Save and close your settings.
After that, continue by creating a project and adding income and expense transactions. For the step-by-step guide, you can refer to this article: Set up and create projects in QuickBooks Online.
Also, you can refer to this article to know more on how to use projects to calculate your profits and grant costs in QBO: Track income, costs, and profitability by project.
Additionally, here's an article that'll further guide you on what you can do with the Projects feature: Projects FAQ. It includes topics about budgeting by project and transaction list, to name a few.
Let me know in the comments below if you have other concerns about the Projects feature or inquiries about managing grant transactions in QBO. I'm just around to help. take care always.
