Thank you for the video Hector, all your videos have helped me a lot. I use Quickbooks Online Plus right now but like this feature in Quickbooks Avanced. I did a trial of Quickbooks Advanced but was the same as plus version. It didn't have cost estimate or estimate vs actuals. I am in Canada
Thank you Hector! Is it possible to get an Estimate V. Actual report for all projects, not just one project at a time? We may have as many as 15 projects that are active at any given time, so we need a WIP for all projects. Any suggestion you might have to get a WIP for all projects at any given time would be much appreciated.
Hi Hector, how do I record income from different employees in a business. Let’s say a beauty shop, we want to record income from different hairdressers. How do I track the income from these different workers in the business ?
Hi Hector, How to write off tax from cryptocurrency. My client invested in FTX, he got his assets in FTX crypto company now it’s bankrupt . How I write off tax he couldn’t get his documents because the FTX company is frozen!
Please help me to solve this question Carson has called to ask why, in QuickBooks Online Advanced, he can’t add costs to an estimate. What are 2 possible reasons? The custom form style has not been modified to add a cost column He is creating the estimate from + New The Estimates vs. Actuals setting is not turned on The setting to add the customer column to purchase forms is not turned on He is creating an estimate for a sub-customer He is creating an estimate from the Projects center
Thank you for the video! I'm watching this in 6/2023. The beginning of your video suggests that this is only in Advanced. However, I see "Project Profitability" in both the Plus and Advanced columns on the QBO comparison chart on their website. Has this now been added to Plus or are there just more limited functionality within plus vs Advanced? Thanks!
New to QBOnline Advanced. Used Desktop Contractors Edition for 14 years. Prior to entering any estimates, I entered all the cost line items under New - Other - Add Product/Service. When I tried to enter my first estimate, I pulled up the project then clicked on Project Estimate on the dropdown box. In your video, you stressed the importance of using the Cost Estimate under Add to Project. But, my screen isn't showing that exact option of Cost Estimate, only Project Estimate. I thought "ok" but none of the previously entered product/service line items show up. I thought they would show up in the dropdown box as I entered the estimate, but they are a no-show. What am I doing wrong?
not sure.. if you are on qBO Advanced, you should be able to see the Cost Estimate or Project Estimate.. is the same thing. If you converted from QB Desktop, none of the cost lines from QB Desktop will transfer to QBO, you have to manually enter all that info for the active projects
Is Project Cost Estimate now Project Estimate? Also, does the initial estimate have to be created in the project or can an estimate be created under the client and moved to a project once accepted?
Thanks i did find this informative but the one part I needed and i think many others will too is how this works with actual employees on payroll. Its easy to just plug in subs, but I cannot find any info on how this applies to hourly employees and specifically how it integrates with Quickbooks time(tsheets). Any help on that would be great.
Hey Hector, great content as always. Is it possible to convert a project estimate to a cost estimate, or must it be entered from scratch? Thanks again for all you do.
@@HectorGarciaCPA Just getting into job costing for a construction company. Would love tips or a video on that & how to include payroll expense for each job
What if your client facing contracts use different categories (such as project Milestones - eg Milestone 1, Milestone 2, Milestone 3) than the expense categories (such as metal, glass, etc). can you still use these reports? I ask because of invoicing the client as you demonstrated. Thank you for your time!
So the items (instead of doing Materials, Labor, Sub, Equipment, etc.) you can call them Phase 1, 2, etc. The challenge is when job costing (assigning expenses to the projects) that gets a bit confusing to the WB user. As you will have in the report separate lines for expenses than income, so you cant really do a detailed analysis
Hector-Can you drill down on the estimate vs actual like you can on QB Desktop? I have a trial version of Online and can not on my end. Wasn't sure if it was due to the trial or just an overall QB online thing.
Hector, If I sign up for quick books online advance as a contractor and want to use the estimate vs. actual report. Do I have to enter all the items from my estimate into the project or is like the desk top version. I heard you say you have to use a cost estimate. My question is do I have to re enter all the items from my estimate into the cost estimate? or does it track to the cost estimate?
Question Carson has called to ask why, in QuickBooks Online Advanced, he can’t add costs to an estimate. What are 2 possible reasons? • The setting to add the customer column to purchase forms is not turned on • The Estimates vs. Actuals setting is not turned on • He is creating an estimate from the Projects center • He is creating the estimate from + New • The custom form style has not been modified to add a cost column • He is creating an estimate for a sub-customer Question Michael doesn’t understand why all the actual costs for a project are showing up as Not Specified on the Estimates vs. actual report in QuickBooks Online Advanced. Why would that be? • The cost feature setting was not enabled • The purchase transactions were entered using the Item details grid • The estimate is marked as pending • The purchase transactions were entered through Bank feeds • The purchase transactions were assigned to the customer
TLDR: QuickBooks Online Advanced for Construction can help project-based businesses track estimated vs. actual costs and income to ensure accurate job costing and project management. 00:00 📊 Use QuickBooks Online Advanced for Construction to track estimated vs. actual costs and income for project-based businesses. 02:05 💡 Double the expected costs and track project expenses to ensure a $100,000 profit from a $50,000 investment in a construction project. 03:51 🏗 Use QuickBooks Online Advanced to create and accept project estimates, generate reports comparing estimates versus actuals, and view actual income in project reports for construction projects. 06:25 🏗 Properly track project costs in QuickBooks Online Advanced for Construction by creating consistent expense transactions and job costing to specific projects. 08:46 🏗 Track and compare project costs to actual expenditures in QuickBooks Online Advanced for Construction, including payments to subcontractors, materials, and payroll expenses. 10:39 💰 Keep track of your budget and expenses in QuickBooks Online Advanced for Construction to ensure accurate job costing and project management. 12:11 🛠 Learn how to manipulate data in QuickBooks Online Advanced for Construction and calculate the percentage of completion for a project based on expenses and invoices. 14:03 🏗 Tracking estimates vs. actuals in QuickBooks Online for construction projects, including invoicing, cash flow, and project profitability.
Thank you for the video Hector, all your videos have helped me a lot. I use Quickbooks Online Plus right now but like this feature in Quickbooks Avanced. I did a trial of Quickbooks Advanced but was the same as plus version. It didn't have cost estimate or estimate vs actuals. I am in Canada
Thank you Hector! Is it possible to get an Estimate V. Actual report for all projects, not just one project at a time? We may have as many as 15 projects that are active at any given time, so we need a WIP for all projects. Any suggestion you might have to get a WIP for all projects at any given time would be much appreciated.
I have this same question, did you ever find a solution?
They added that report in QBO advanced in December
Hi Hector, how do I record income from different employees in a business. Let’s say a beauty shop, we want to record income from different hairdressers. How do I track the income from these different workers in the business ?
Hi Hector,
How to write off tax from cryptocurrency. My client invested in FTX, he got his assets in FTX crypto company now it’s bankrupt . How I write off tax he couldn’t get his documents because the FTX company is frozen!
Please help me to solve this question
Carson has called to ask why, in QuickBooks Online Advanced, he can’t add costs to an estimate.
What are 2 possible reasons?
The custom form style has not been modified to add a cost column
He is creating the estimate from + New
The Estimates vs. Actuals setting is not turned on
The setting to add the customer column to purchase forms is not turned on
He is creating an estimate for a sub-customer
He is creating an estimate from the Projects center
who is Carson? I am kinda lost
@@HectorGarciaCPA This is the question in QBO Advance renewal exam.
@@InamAli-h7z please don’t ask exam questions here
Thank you for the video! I'm watching this in 6/2023. The beginning of your video suggests that this is only in Advanced. However, I see "Project Profitability" in both the Plus and Advanced columns on the QBO comparison chart on their website. Has this now been added to Plus or are there just more limited functionality within plus vs Advanced? Thanks!
They both have “Project Profitability” but only Advanced has Estimates vs Actuals
New to QBOnline Advanced. Used Desktop Contractors Edition for 14 years. Prior to entering any estimates, I entered all the cost line items under New - Other - Add Product/Service. When I tried to enter my first estimate, I pulled up the project then clicked on Project Estimate on the dropdown box. In your video, you stressed the importance of using the Cost Estimate under Add to Project. But, my screen isn't showing that exact option of Cost Estimate, only Project Estimate. I thought "ok" but none of the previously entered product/service line items show up. I thought they would show up in the dropdown box as I entered the estimate, but they are a no-show. What am I doing wrong?
not sure.. if you are on qBO Advanced, you should be able to see the Cost Estimate or Project Estimate.. is the same thing. If you converted from QB Desktop, none of the cost lines from QB Desktop will transfer to QBO, you have to manually enter all that info for the active projects
Is Project Cost Estimate now Project Estimate? Also, does the initial estimate have to be created in the project or can an estimate be created under the client and moved to a project once accepted?
They changed the terminology yes. Has to be created under the project
Thanks i did find this informative but the one part I needed and i think many others will too is how this works with actual employees on payroll. Its easy to just plug in subs, but I cannot find any info on how this applies to hourly employees and specifically how it integrates with Quickbooks time(tsheets). Any help on that would be great.
It doesnt integrate directly
But TSHEETS elite can send timesheet data to QBO and QBO can process payroll, then the costs show
Hey Hector, great content as always. Is it possible to convert a project estimate to a cost estimate, or must it be entered from scratch? Thanks again for all you do.
Scratch
As of Jan. 1st of 2024, does this cost estimate function available in QBO Canada? Thanks!
I dont think so… i think is US only
Is the cost estimate absolutely necessary in order to job cost? Wondering if this is a mandatory step, thanks.
No.. but its mandatory for the estimates vs. actual report and WIP reporr
@@HectorGarciaCPA Just getting into job costing for a construction company. Would love tips or a video on that & how to include payroll expense for each job
@@KiraOhThree ill be doing a whole course on that soon..
What if your client facing contracts use different categories (such as project Milestones - eg Milestone 1, Milestone 2, Milestone 3) than the expense categories (such as metal, glass, etc). can you still use these reports? I ask because of invoicing the client as you demonstrated. Thank you for your time!
So the items (instead of doing Materials, Labor, Sub, Equipment, etc.) you can call them Phase 1, 2, etc. The challenge is when job costing (assigning expenses to the projects) that gets a bit confusing to the WB user. As you will have in the report separate lines for expenses than income, so you cant really do a detailed analysis
Hector-Can you drill down on the estimate vs actual like you can on QB Desktop? I have a trial version of Online and can not on my end. Wasn't sure if it was due to the trial or just an overall QB online thing.
& I would like to add thank you for your awesome videos!
Not yet.. :(
Hector,
If I sign up for quick books online advance as a contractor and want to use the estimate vs. actual report. Do I have to enter all the items from my estimate into the project or is like the desk top version. I heard you say you have to use a cost estimate. My question is do I have to re enter all the items from my estimate into the cost estimate? or does it track to the cost estimate?
Needs to be in the COST estimate
Question
Carson has called to ask why, in QuickBooks Online Advanced, he can’t add costs to an estimate.
What are 2 possible reasons?
• The setting to add the customer column to purchase forms is not turned on
• The Estimates vs. Actuals setting is not turned on
• He is creating an estimate from the Projects center
• He is creating the estimate from + New
• The custom form style has not been modified to add a cost column
• He is creating an estimate for a sub-customer
Question
Michael doesn’t understand why all the actual costs for a project are showing up as Not Specified on the Estimates vs. actual report in QuickBooks Online Advanced.
Why would that be?
• The cost feature setting was not enabled
• The purchase transactions were entered using the Item details grid
• The estimate is marked as pending
• The purchase transactions were entered through Bank feeds
• The purchase transactions were assigned to the customer
Please dont ask test questions
TLDR: QuickBooks Online Advanced for Construction can help project-based businesses track estimated vs. actual costs and income to ensure accurate job costing and project management.
00:00 📊 Use QuickBooks Online Advanced for Construction to track estimated vs. actual costs and income for project-based businesses.
02:05 💡 Double the expected costs and track project expenses to ensure a $100,000 profit from a $50,000 investment in a construction project.
03:51 🏗 Use QuickBooks Online Advanced to create and accept project estimates, generate reports comparing estimates versus actuals, and view actual income in project reports for construction projects.
06:25 🏗 Properly track project costs in QuickBooks Online Advanced for Construction by creating consistent expense transactions and job costing to specific projects.
08:46 🏗 Track and compare project costs to actual expenditures in QuickBooks Online Advanced for Construction, including payments to subcontractors, materials, and payroll expenses.
10:39 💰 Keep track of your budget and expenses in QuickBooks Online Advanced for Construction to ensure accurate job costing and project management.
12:11 🛠 Learn how to manipulate data in QuickBooks Online Advanced for Construction and calculate the percentage of completion for a project based on expenses and invoices.
14:03 🏗 Tracking estimates vs. actuals in QuickBooks Online for construction projects, including invoicing, cash flow, and project profitability.
Thanks