We get a lot of requests from these types of businesses that currently use QuickBooks Pro, QuickBooks Premier, and/or QuickBooks Enterprise* (if you use QuickBooks Online, see this article please)… and they want to learn how to maximize the software to track the most important accounting elements that these type of businesses like to track. A typical intermediate/advanced custom training for these companies encompass the following topics:
- Creating and tracking different Jobs for each project under a customer, including tracking all job status elements such as Job Status (Bid, Awarded, In Progress, Completed), Job Description, Job Start and Projected End Date, and Grouping jobs by “type”
- Grouping customers by Type, such as “Commercial, Residential, Government, Other” for the purposes of creating custom income and receivables reports
- Creating Progress Invoices from an original estimate, based on payment terms and contractual billing conditions
- Creating special group items that hide the details of the individual lines from an estimate to only show a “lump-sum” in the invoice
- Tracking all expenses and job costs to specific projects. Plus tracking reimbursable expenses with and without markup
- Tracking reimbursable mileage and non-reimbursable usage of internal equipment costs
- Tracking Job Profitability, Item Profitability, and Customer Profitability Reports
- Using Classes to create custom reports based on segments or departments in the organization that cross multiple jobs
- Work with Billing Rate Levels to invoice customers based on vendor/employee that performed the job
- Processing Payroll inside QuickBooks to track timesheet-based paychecks with job costing and costing for payroll burden (such as workers’s comp, payroll taxes, and fringe benefits). Or creating journal entries with job costing details when payroll is outsourced (Payroll Processor outside of QuickBooks) or via an employee-leasing company
- Other specialty contractor reports such as Unbilled Expenses by Job, Open PO’s by Job, Line-item-based job profitability detail reports, Unpaid Bills by Job, Expenses not assigned to Jobs, and Job Progress v. Invoice Reports
- Tracking 1099-Misc eligible subcontractors and preparing forms at year-end
- Tracking Change Orders
- Closing open estimates and work-orders for completed or lost jobs
- Updating Completion Percentage per item per job to obtain Cost to Complete Reports
- Generating Work in Progress Summary Reports reports to track the percentage of Completion, Earned Revenue vs. Actual Revenue, and Over/Under Billing. *QUICKBOOKS ENTERPRISE ONLY
- Tracking Committed costs report that track projected costs from Time sheets and Purchase Orders *QUICKBOOKS ENTERPRISE ONLY
This video explains some of the Job costing Features in QuickBooks Desktop:
This type of training/consulting is very specialized. We try to cover as many of these topics in one 2-hour session, but depending on how in-depth we go in any of these, we may be more than one session. We charge a $575 flat fee for a remote training session (if you are outside of the Miami-metro area) or you can come o our Doral, FL office for an in-person private session.
To schedule a session or for more information call 954-414-1524 or email: info@qbkaccounting.com
