How to account for the cost of an item so year end reports reflect proper cost and profit??

Question

I’ve been with HB since the start so there was a long time where in the Legacy Files we could assign what the studio costs of a given invoiced item would be. This was helpful for year end tax prep. I can’t figure out how to do that in the Smart Files. If i’m billing a client for an album, for example, how to I assign what my cost is for that specific item? And, since sometimes with albums, as an example, cost more than others based on the number of pages, can that be edited in each project/invoice? Thanks in advance.

Alicia Bauer · Answer

​@Kimberly Chait-Thanks so much for bringing this up.That feature was incredibly helpful for understanding profit margins and prepping for taxes.Currently, Smart Files don’t allow you to assign internal costs or cost of goods sold to individual invoice items the way Legacy Files once did. However, HoneyBook does provide an Expenses section under the Financials tab, which allows you to manually log your business expenses—including vendor costs, studio expenses, or anything else tied to a specific job or category. While it doesn’t link directly to invoice items, it can still help you track profitability across your business.That said, if this kind of line-item cost tracking is something you’d love to see brought back, I’d highly recommend submitting the idea in the Ideas section of the Community. It’s a great space to request features, and if others upvote your post, it helps HoneyBook gauge how important this is to users like you.

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