"I need to create a new invoice and show it was paid." - Here's how in QuickBooks Online

[@dappledandy]

Thanks for the video, Kayla. May I ask a question? I am doing books for a custom home builder who charges cost-plus. Virtually all of our expenses are billable with a markup. I understand how to make an expense billable, but I need an added step. The added step I need is to get each customer invoice onto a ledger (perhaps not the proper term, but think of a spreadsheet) that matches the amount billed to the customer against what is set in a line item budget/estimate. Again, we have about 150 items (individual products and services) in our estimate to match. (Another question might be how to import an estimate?) A custom home building project unfolds over time. Between pricing the job and ordering materials, prices often change. So we need extreme granularity so that each time an item goes over budget (actually, the estimate) we can check everywhere else for a savings. Let’s say we have multiple expenses under the category of site work. We get a bill from a subcontractor who installed a septic tank. So when we bill the customer, how do we get that charge onto a spreadsheet in a column next to what was estimated for “septic tank installation” under the category of “site work”? We have to show our customer each month where the project stands compared to the estimate. I hope I’ve explained my situation clearly? Thanks for any help.

[@smallbusinessfinancewithkayla]

Hi Terry, It sounds like you need Progress Invoicing (also known as Progress Billing). I have a video demonstrating how to do this in QBO. You can view it here: kzbin.info/www/bejne/sKKyeaiJirZjppY An additional option would be to use the Projects feature in QBO. This would allow you to track all income and expenses for a specific job. As of now, you can't officially create a budget for a project, but you could use an Estimate as your "budget." To use Projects, your client will need QuickBooks Online Plus or Advanced. In the video description, there is a link to a sample QBO account. You can explore Projects and make a pretend project to see if it would be useful. Thanks, Kayla