Merge projects in QuickBooks Online is one of the features that helps you to organize all of your associated transactions, time spent, and other necessary reports in one place. It is one of the project features that helps you examine each project and its profitability to keep it at the top of the expenses. It also helps you in tracking all your income, expenses, and profits of the project.
Rather than the accounts or multiple spreadsheets, the maximum features of this project make it easy to see the spending and earnings of your business on each job. In QuickBooks Online, the project provides you with a perfect picture of the project’s performance level and profitability to merge, whether you are a contractor, freelancer, or small-sized business owner. In this article, we’ll discuss with you the step-by-step process of “merge projects in QuickBooks Online” quickly and exactly.
What is Projects in QuickBooks Online?
A project is a collection of pieces that is designed in QuickBooks Online, which was belonging with transactions and reports for you. The owner of the company can know its income and expenses in a particular period, which will help to track the profitability. It is mostly useful for industries that are merging in construction and consulting, with their transactions to keep them organized in time. Creating a project in a group or individually provides you with a single dashboard, where you can see or edit your transactions and run your reports.
Role of Merge Project in QuickBooks Online
The combination of two projects into one in QuickBooks Online, for which all income, expenses, and entries of time are tracked together, is meant by merge project. It is very useful to make your management easier by keeping everything under a single project, if you have created a duplicate project by mistake. When you merge both projects, the other project’s details move into the main one, while becoming a single project. Once they merge, only the main one will remain, and the duplicate will get removed. So, choose carefully before you merge them.
Before starting to work with the merge projects in QuickBooks Online, you need to understand the basics of it. Merge projects in QuickBooks Online allows you to stay organized in all your financial details of a job or to keep a client in one place. You can add your invoices, expenses, bills, and also the time of an employee to a project by linking them together to track their money in and out. The dashboard of the project shows the profit of your income and costs, through which you get help to know whether the project makes money or not.
It is a simple way for small-sized business owners and contractors to merge their work and can quickly check the profitability of their projects. With QuickBooks Online, you can create your project by earning more amount as profitable and can keep clients to stay organized.
Learn How to Merge Projects in QuickBooks Online
There are no “merge projects” options available in QuickBooks Online, but in only one way you combine them by linking to merge the customers with those projects. While you merge projects in QuickBooks Online under a single customer, the projects and transactions move automatically, with two customers. Through this process, it became easy to manage all your data in one place. Before saving, just ensure that both names of the customer match. After that, QuickBooks will allow you to merge your project. Here we have explained the process in steps. “How to Merge Projects in QuickBooks Online” is mentioned below:
- Log in to QuickBooks Online, then open Customers to make changes to the sales.
- Make a search for the link between two customers to the project.
- Edit one of the customer’s names to match exactly the other one.
- Then, click the Save option for permanent.
- If QuickBooks asks you to select the “Yes” button during merging, then click it.
- Then in finally, it displays you, all projects now merged into one, those are under both customers.
Benefits of Using Merge Projects in QuickBooks Online
For each job separately, you can track income, expenses, and profits by using the merge projects in QuickBooks Online. This project helps you to merge your finances easily by keeping them organized together. You can improve your decision-making by avoiding confusion and saving time for the growth of your business. Now, some benefits are discussed briefly in a step-by-step process mentioned below:
- You can edit the profit and loss, and also view the project in the dashboard.
- It keeps all data for projects in one organized place.
- It has improved decision-making for costs and earnings.
- Clear and accurate project reports can be generated quickly.
- It saves time for small businesses and also solves the issues created.
- It has an improved quality of profitability tracking for all businesses.
When Should You Merge Projects?
When you have duplicated projects or multiple projects which are created by mistakes for the same client or job, at that time, you should merge projects in QuickBooks Online. Merging helps reports to be more accurate and easier to manage while keeping all income and expenses in one place. It is also very useful at the time when you are cleaning the project’s list to make it organized. Before merging, you should carefully verify or make sure that it is the right step for your business needs because merging is permanent; once done, it can’t be changed.
How Accountants Handle Merged Projects?
In QuickBooks Online, carefully review and reorganize the transactions, most accountants handle the merged projects. Since QuickBooks never allows you to merge the projects directly, you can only move their invoices, expenses, and time entries from one project to another. To avoid loss of data, they back up the reports by checking the duplicates, reconciling balances, and ensuring to make sure of the financial reports. They close or make the duplicate projects archive after everything is reassigned once. To avoid future duplicates, accountants train their teams and set clear naming conventions to maintain accuracy and keep financial records simplified.
Project Profitability Reports While Merging in QuickBooks Online
Profitability reports of merge projects in QuickBooks Online present whether they are making money or losing money in projects. They compare the earned income from invoices and costs that you’ve recorded with expenses. For making better decisions, the report also marks those jobs that are profitable for you. It keeps all records of organized financial details and making their performance easier to track, the planning for future projects. Through this, you can view each project’s accurate profit or loss.
Best Practices for Merge Projects in QBO
Best practices for merge projects in QuickBooks Online help your work by keeping them organized and making them more profitable. For accurate billing, create a project for each job to track your income and expenses for converting them to invoices, and add the estimates for accurate billing. Keep a record to see the cost value of all expenses under projects. Use time tracking for billing correctly from employees and contractors to clients. To stay on budget, regularly review your profitability of projects. For better decisions, always keep your details updated regularly.
Common Issues and How to Avoid Them
Merging is permanent to keep your record safe, take a backup or export project reports. Here we have discussed some steps briefly that you need to know what the common mistakes are to avoid during the merge projects in QuickBooks Online, as mentioned below:
- Before merging, review both projects carefully.
- Make sure to confirm the correct main projects.
- Check your projects again and again.
- To keep records safe, take a backup or export reports.
- If everything Ok, then allow them to merge.
Conclusion
At the end of the conclusion, we conclude that merge projects in QuickBooks Online means the result of the overall project is completed, which helps you to track income and expenses with profitability in one place. By reviewing the reports in QuickBooks, the project provides you with profitability by keeping the financial records organized to view their full details anytime, which will be helpful for your future planning.