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Projects, Progress Invoicing, & Job Costing in QBO
Rating: 4.2 out of 5(9 ratings)
24 students

Projects, Progress Invoicing, & Job Costing in QBO

QBO's Projects Center has new tools for project management bookkeeping.
Created byAlicia Katz Pollock
Last updated 1/2025
English
English [Auto],

What you'll learn

  • Projects
  • Creating estimates
  • Closing estimates
  • Converting estimates to invoices
  • How to track change orders
  • Doing progress invoicing
  • Taking deposits
  • Taking partial payments
  • Issuing customer statements
  • Making bank deposits
  • Making time and materials expenses billable to customers
  • Creating Journal Entries for payroll and expense job costing (and class costing)
  • Creating $0 Paychecks for Owner's time
  • Running job costing reports
  • Subtracting Retainage
  • Calculating Work-in-Progress (WIP)

Course content

1 section • 23 lectures • 2h 36m total length

  • Introduction and Agenda4:47
  • What is the Projects Center?8:17

    Explore how the QuickBooks Online project center organizes income, expenses, and reporting for a gig, with multiple projects under one customer and stage-based invoicing.

  • Setting Up QBO to use the Projects Center18:28

    Explore setting up QuickBooks Online project management by enabling the Projects Center, configuring sales, expenses, and time tracking, and leveraging progress invoicing for job costing.

  • Define Your Chart of Accounts2:53

    define your chart of accounts by separating COGS from expenses, including materials, labor, subcontractors, and distinguishing tools as overhead versus fixed assets.

  • Products and Services7:42
  • Employee Cost Rate3:46

    Set the employee cost rate in the project center to reflect fully burdened hourly labor, including wages, taxes, and overhead, for precise job costing. Toggle between the two as needed.

  • Tracking Tools4:01
  • Managing Projects6:16

    Learn how to manage projects in QBO by deciding whether to convert sub-customers, starting new projects, and updating project status from in progress to complete or canceled.

  • Estimates12:51
  • Purchase Orders and Billable Expenses3:33

    Copy the estimate to a purchase order and convert billable materials to a bill. Track project costs in the project center from estimate to bill, assigning the ADU customer.

  • Progress Invoicing11:03

    Convert accepted estimates to invoices with progress invoicing in QuickBooks Online, choosing line-by-line or percentage billing and tracking billable expenses, costs, and profit margin.

  • Receiving Payments1:47
  • Change Orders1:47

    Understand change orders in qbo, where scope changes alter costs, and learn to add lines to an existing estimate or create a new one, with invoices from multiple estimates.

  • Job Costing13:24
  • Time and Labor Costing10:30
  • Sending Statements1:20
  • Project Reporting5:13

    Navigate project reporting in the project center to view a project profitability p&l, track time, expenses, and invoices, and manage estimates, progress invoicing, and sales by product or service.

  • QBO Advanced and Enterprise Features for Projects4:22
  • Taking Deposits on Work to Be Performed14:42
  • Retainage7:20

    Retainage withholds a percentage from invoices as an asset until job completion. Track and reconcile retainage to zero and report on incomplete retainage by customer.

  • Work in Progress (WIP)5:29
  • Customer Paid Expenses2:24

    Learn how customer paid expenses are tracked by a paid by customer clearing account, using a vendor credit or credit memo method to reduce the invoice while preserving job costing.

  • Warranty Work4:42

Requirements

  • No Requirements Necessary

Description

QuickBooks Online’s Projects Center has new tools for construction and project management bookkeeping, including Estimates, Progress Invoicing, and Job Costing.


You’ll learn about:

  • Projects

  • Creating estimates

  • Closing estimates

  • Converting estimates to invoices

  • How to track change orders

  • Doing progress invoicing

  • Taking deposits

  • Taking partial payments

  • Issuing customer statements

  • Making bank deposits

  • Making time and materials expenses billable to customers

  • Creating Journal Entries for payroll and expense job costing (and class costing)

  • Creating $0 Paychecks for Owner's time

  • Running job costing reports

  • Subtracting Retainage

  • Calculating Work-in-Progress (WIP)


After completing this course, you will be able to:

  • Identify the features in the Projects Center to manage construction and other job-based activity

  • Describe the process to send estimates and milestone invoices to clients

  • Recognize a variety of job costing reports.

  • Identify the steps to assign expenses to clients for job costing and invoicing

  • Review a variety of methods to calculate labor costs

  • Describe the process for managing client deposits, retainage, and WIP



Instructional Level

Intermediate

Course Length

3 hours

Field of Study

Computer Software & Applications

Delivery Method

QAS Self Study

Who should take this class?

  • Businesses who work in the field

  • Businesses that write estimates or bid on jobs, take deposits for work to be performed, take partial payments as work is completed, and want to determine which services and customers make the most profit

  • Bookkeepers and Accountants who wish to brush up on their skills

Advance Preparation

None


QuickBooks Online’s Projects Center Course Description

When you work in the trades, QuickBooks® may seem daunting. However, QuickBooks Online’s new Projects Center has the tools you need for construction and other project management bookkeeping.

Royalwise has designed this class to be specific to construction and project-based jobs. QBO helps with cost accounting, including time & materials contracts, percentage of completion, and at-a-glance profitability reports. We’ll cover Estimates, Progress Invoicing, Change orders, taking Deposits, receiving partial Payments, billing for time and materials, and Job Costing.

We’ll also touch on construction-specific billing issues including Retainage and Work-in-Progress (WIP reporting).

Sign up now so you can learn to confidently use the amazing new Projects Center to quickly and easily manage all of your finances and transactions, making it easy to stay organized, run reports, and track your progress.

Who this course is for:

  • Businesses who work in the field
  • Businesses that write estimates or bid on jobs, take deposits for work to be performed, take partial payments as work is completed, and want to determine which services and customers make the most profitBookkeepers and Accountants who wish to brush up on their skills

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