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The tutorial begins by noting the absence of project data in the profit and loss (P&L) statements. The user intends to monitor results and starts by creating expenses for the first project. They navigate to the expenses section, choose Home Depot for material items, and allocate a cost of $2,500 to the project. This follows a traditional accrual method. Next, the user enters a bill for contractor materials totaling $7,500 for project one. After saving these entries, they run a profit and loss report, which shows that project one has incurred direct costs of $10,000. The speaker emphasizes that these items should not be classified under direct labor.
