Yes, QuickBooks Online Advanced will allow you to create and use projects to track your project’s profitability. You can add project income, expenses, and labor costs, and run project-specific reports from a single dashboard. If needed, you can also add old transactions to new or ongoing projects.  Here are the steps below on how to set up and add transactions to a project:

Step 1: Create a new project

1. Go to Business overview and select Projects
2. Select New project.
3. In the Project name field, enter the project name.
4. Select the project customer from the Customer ▼ dropdown.
5. Add any notes or details about the project in Notes.
6. Select Save.

After you’ve created a project, you can add both new and existing transactions to the project.

Step 2: Add new transactions to a project

You can add new transactions like invoices, expenses, or estimates directly into your project. Adding transactions to projects won’t change how they’re categorized or affect your accounts. You’re simply marking them as a part of the project so you can track a specific project’s income and expenses.

There are two ways to add new transactions. You can create the transaction in QuickBooks as you normally would. Just enter the project name in the Customer/Project dropdown. Or here’s how to create a new transaction from within projects:

1. Go to Business overview and select Projects
2. Select your project.
3. Select Add to project to create a new transaction.
4. Select Invoice, Receive Payment, Expense, Estimate, Time, or Bill.
5. Fill out the details for the transaction as you normally would.
6. Select Save and close.

Step 4: Add existing expenses to a project

If you have existing expense transactions that you’ve already added to QuickBooks, like bills, checks, expenses, or purchase orders, here’s how to add them to your project:

1. Go to Bookkeeping, select Transactions, then select Expenses.
2. Find and open the transaction you want to add to your project.
3. In the Customer/Project column, select the ▼ dropdown. Then select the project. Do this for each expense item you want to add to your project. This is different from the payee for the expense. Note: If you don’t see the Customer/Project column, you can turn on the setting Track expenses and items by the customer in the Expense section of your QuickBooks account.
4. Select Save and close.

If you have any additional questions about QuickBooks and how to set up or work with projects, give our experts a call at 866-949-7267 and we can help get you the answers.  If you would like to try QuickBooks Online Advanced free for 30 days, just click the free trial link below and we will send you to full-access copy so that you can test drive it for yourself.