QB Issue Resolution:
“We want to record the value of work we have done”
That is done by entering your Actuals: Purchases of goods and services, Job Cost tracking for Payroll.
“but don’t usually invoice the client until a project is complete. I can set up a Job with status “in process”, but can’t work out how to record the value of work completed”
You run reports. Example:
Starting with Estimate, and using the Items (some are Two Sided, for cost and pricing). You Job track the entries. Then, you run reports, such as Est vs Actuals and Profiability and Cost reporting.
And if you have the Premier Contractors Edition, you see more reports.
If you are supposed to Accrue the costs into WIP, link your “cost” side to Other Asset and not to expense. Then, you will Clear WIP as you charge the customer.
I have a lot of examples, attached.
Resolution for Issue 'How can I get a Work in Progress value into the balance sheet for projects we haven’t completed yet?' available: Yes (Solved).
Source: Intuit Community forum.
How can I get a Work in Progress value into the balance sheet for projects we haven’t completed yet?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for completed
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