How to Do Project Accounting in QuickBooks Online: A Complete Guide for Contractors and Service Businesses

Introduction to Project Accounting in QuickBooks Online What Is Project Accounting? Project accounting is a specialized branch of financial management that focuses on tracking income and expenses associated with individual client jobs or projects. It enables businesses to monitor profitability and ensure cost control on a per-project basis. For construction firms, architects, engineering consultants, and […]

How to Calculate Work In Process (WIP) in QuickBooks Online for Construction Accounting

How to Calculate Work In Process (WIP) in QuickBooks Online for Construction Accounting Introduction Work In Process (WIP) is a cornerstone of accurate construction accounting. It refers to the value of work completed on a job but not yet billed to the customer. For contractors, maintaining updated and correct WIP schedules helps forecast revenue, manage […]