When you think of managing financial tasks with QuickBooks Online, two features probably come to your mind: QuickBooks Projects and Sub Customers. These two features always give the best results in tracking income and expenses for specific jobs. But the question is, which feature among these, QuickBooks Online Projects vs Sub Customers, is best for business? Looking at the functions, these two provide several functions that will benefit your business.
If you are in doubt about choosing one of them for your business, then follow this article. We are going to give a differentiation of QuickBooks Online Projects vs Sub Customers functions and benefits.
What is QuickBooks Online Projects?
A project is a feature provided by QuickBooks Online that is used to track the income and expenses of a specific job. This will categorize all of your expenses, which helps you to avoid overspending on a job, and will give a report of the profitability of the job. QuickBooks Online projects also provide functions to manage the financial tasks and optimize the workflow of your project.
How to Set Up QuickBooks Online Projects?
Here are the complete procedure for setup QBO project.
Turn on Projects on QuickBooks Online
- Log in to “QuickBooks Online”.
- Move to “settings” and click on “accounts”.
- Now, click on the “advanced tab”.
- Then click on the “project” option.
- Now, turn on all the “job-related activities”.
Create Project
- Visit to “project” menu.
- Now, click on “Add New Project”.
- Name your project an appropriate name.
- Now, choose the customers and add all the information.
- Then add all the records of the project.
- Now, save and close.
Add Income and Expenses to the Project
- Visit to projects.
- Click on the project to add transactions.
- Then select invoice, receive payments, expenses, bill time, etc.
- Now start tracking.
What is QuickBooks Online Sub Customer?
The sub-customer feature in QuickBooks Online creates a strong bond between the customer and the jobs. A customer has several sub-customers, and those will have different jobs and locations. So, users used this QuickBooks Online sub-customer feature to handle all the sub-customers. Sub customer allows users to track the business’s income and expenses and provides an accurate financial report. This feature gives businesses a clear view of all jobs, which helps them to know which jobs are profitable for their business.
How to Set up a Sub Customer in QuickBooks Online?
Steps for setup a subcustomer in QBO.
Create Sub Customer
- Sign in to “QuickBooks Online”.
- Then click on “Sales”.
- Now, select “Customers”.
- Add all the important information.
- Select a “Sub customer”.
- Now, select a “Parent Customer” for the “Sub-Customer”.
Create Invoices for Sub Customer
- Click on the “Customer” and select the “Invoice”.
- Then select the “Sub Customer”.
- Now again go to ‘Customers” and choose “Receive payments”.
- Add the payment method, reference number, and amount received.
Functions of QuickBooks Online Projects and Sub Customer
By adding QuickBooks Online to your business, you will get features like projects and sub-customers. These features have several functions that will empower your business.
| QuickBooks Online Projects | QuickBooks Online Sub Customers |
| It helps you track your project cost by recording every transaction related to your project. | It helps to track your income and expenses and give a report of business revenue. |
| It allows you to make a budget for each project by giving a detailed view of the cost of materials, labor, and all expenses. | QuickBooks Online Sub Customer collects all information and easily creates a profit and loss report. |
| This project feature shows you your project’s profitability and helps you understand which project is beneficial for your business. | It allows you to create invoices that empower the billing process. |
| It enhances your billing process by creating invoices effectively. |
Which One among QuickBooks Online Projects vs Sub Customers is Best for Business?
Since both QuickBooks Online projects and sub-customers are used to manage financial tasks, it is difficult to choose one of them. Both features can help you track your income and expenses. The QBO project shines when it comes to tracking the profitability of specific projects. Whereas, QBO Sub Customers really stand out for their categorizing functions for customers and sub-customers from different locations. It can easily track the income and expenses of different sub-customers in different locations.
When it comes to subscription plans, the QuickBooks Online project comes in QuickBooks Online Plus and Advanced, with an affordable subscription plan. But you will get a 30-day free trial to use QuickBooks Online for Sub customers, and after that, you have to take a subscription plan to use this feature. Both features will let you manage your financial tasks effectively.
Conclusion
We hope this guide will meet all your expectations on QuickBooks Online Projects vs Sub Customers. When you are deciding to choose between projects and sub customers, always think about your business’s requirements. Furthermore, if you want to know any information about these two, then connect to our QuickBooks Online Customer Service.