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Project Cost Accounting

See what each project earns and costs. I organize project revenue, direct costs, labor, and agreed overhead allocations in QuickBooks Online so you can review margins with more confidence.

Timeline with a completed milestone, illustrating project deposits and milestone billing

Milestone Billing
Organize deposits and milestone invoices

Invoice with an arrow representing revenue and receipts assigned to a client project

Project Revenue
Match invoices and receipts to each job

Folder with an expense list representing contractor bills and direct costs assigned to a project

Direct Project Costs
Assign contractor and job-specific expenses

Bar chart with an upward arrow illustrating comparison of project revenue, costs, and profit margins

Project Margins
Compare revenue with assigned costs

My Project Costing Process

Why project-based revenue needs a closer look

Envelope, document, and laptop representing organized invoices and records for each project

1. Organize project records

Gather invoices, time records, contractor bills, and reimbursable expenses for each client project.

Ledger, calculator, and checklist illustrating allocation of direct project costs and overhead

2. Assign direct costs and overhead

Separate direct costs by project, then apply the agreed overhead method consistently when records support it.

Envelope with a checklist and checked folder representing review of project revenue, costs, and margins

3. Review project margins

Compare project revenue with direct costs and allocated overhead in QuickBooks Online reports.

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