This article addresses how to create a project within a customer’s profile in your QuickBooks Online company file. It also addresses how to see that project’s transactions list, also within that customer’s profile. This transactions list is especially helpful for Spec type of home-building projects. This is because Spec type of homes don’t have Profit & Loss type of transactions (expenses, income) during the build process.

Spec homes are built “on speculation,” meaning there is no customization during the build process. Since these homes are not being directly financed by the buyer during the build process, then all materials, labor and other costs are capitalized in the bookkeeping and thus not recognized for profit and loss purposes until the completed project (home) finally sells one day.

So, if you want to create a home project within a customer’s profile in QuickBooks Online, this is easily done by the following:

1. Click on the customer’s profile of where you want to create the individual project.
2. Now, on the tab list (about half way down), click on “Projects.”
3. Now click on “Add project” on the right side.
4. Fill out the appropriate fields and “Save.”

Over time, as you post materials and labor costs during the build, be sure to assign to the “project” within the customer field on each expense transaction and not just the overall customer’s name. Otherwise, your “project” reporting will not display all transactions for that specific project and will be instead mixed in with the overall customer’s account.

If you don’t want to create a customized project transactions report in the Reports section in QuickBooks Online, you can opt instead to get a project’s transactions list straight from the customer’s profile. To do this:

1. Go to a specific project within a customer’s profile.
2. Once you are within the project, then simply click on “Transactions” from the tab list.

This transactions list is very useful for Speculative (Spec) type of projects where all costs during the build are residing in a Balance Sheet type of account, usually titled “Construction in Progress” or something similar. For these types of builds, this is why you will so no income or costs for now during the build phase of the Spec project.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.