The Projects tab helps you track income, expenses, and profitability for individual contracts, customer relationships, or specific work clusters.
To create a new project, click the New Project button.
Once your project is set up, you can link it to financial transactions. When entering income or expenses, select the appropriate project from the drop-down menu.
Purchase orders can be assigned to projects. While purchase orders are not actual costs until invoiced, they appear in the Purchase Orders column.
This allows you to track potential upcoming expenses and get a more accurate picture of your project's financial status.
The Projects tab displays several columns to help you monitor project performance:
The project name or title. Use descriptive names like 'Website Redesign for ABC Corp' or 'Q4 Marketing Campaign'.
Total income assigned to the project.
Total expenses allocated to the project.
Net profit calculated by subtracting Expenses from Income. Click this figure to view a detailed Profit and Loss Statement for the project.
Shows expenses from uninvoiced purchase orders. Click this figure to view all purchase orders linked to the project that are pending invoice processing.
If you are not using purchase orders, you should disable this column since it will always show zero.
Profit adjusted by subtracting uninvoiced purchase orders. This provides a more accurate view of the project's financial status.
For example, if profit is $10,000 and uninvoiced purchase orders total $2,000, the revised profit shows $8,000.
If you are not using purchase orders, you should disable this column since your revised profit will always be the same as profit.