QB Issue Resolution:
“How do I put this into QuickBooks so I can run reports to show my estimated profit vs. my actual profit?”
By using an estimate and by using Items. Two Sided items will give Cost and Income. You can see in my attachment of Est Vs Actual reporting, Est Cost Vs Actual Cost and Est Income Vs Actual Income. You use an estimate and include items and Qty and rates, for “scope of work for price.” That is your Project Baseline.
“They give my the full invoice amount and the expected profit amount.”
That means they are giving you Sales and related Expense, to justify their Profit.
“I don’t have to enter the breakdown of the estimated costs.”
You can enter a Single entry, or as much detail as you want to, for Estimates. The Estimate is how you Project Costs, so that you can Project Profit. Or, you already have Costs incurred, and they tell you what the Charges are for Sales, and you can run a Job Costs report to compare and to monitor if you are on track.
“Right now I do this in an excel worksheet showing Invoice Amount,”
Which will be in QB…
Which means you Job Track your costs, as you incur them…
Which you will see in QB on reports. I attached for you a side-by-side of P&L and Job Profitability, for the same job. You can see one is account-based and one is item-based. They have the Same values.
“and Estimated Profit that I pull from a few different places, which is time consuming.”
Which is why you create an Estimate, in QB. Estimate = scope of work.
“I hope I better explained what I am trying to do. The only thing that I can think of is to try and determine the amount to mark up to get the final invoice amount.”
You can use Estimates for markup, or for your Service Items already as Rate you charge.
The invoice is Gross SALES. You get the program to report from the Gross sales minus Direct Costs. You get the program to comparison report Estimates Vs Actuals, for managing a project.
Resolution for Issue 'How do I set up invoices with an estimated profit?' available: Yes (Solved).
Source: Intuit Community forum.
How do I set up invoices with an estimated profit?: 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 Invoices
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