Really great work. Your demonstrations are simple, very detailed, easy to understand. Thanks. Am interested to know if you've done tutorials on manufacturing for QuickBooks desktop as well. Thank you
Can we make seperate Cash ro bak acccount for specific project or we can use main cash or bank accounts just allocating it in invoice or during making journal entry?
Very informative. Thnaks for your teaching efforts. Further, the option for direct General Entry is something which should not be used for regular expenses. Routine expenses are booked trough AP.
i am working on quicks book primer version 2018. i inactivated vat in company preferences. after making vat out put and vat input under the vat control Account . i still could not get the value for the vat @ 5 in my estimate or even in the invoice . what shall i do for re correct it . anybody can help me out
hello Mr. Ishfaq, I would like to thank you about your eforts and I hope if you couls show a sample of LC (letter of Credit and letter of grantee), thank you again
Salaam I have learned very much from your videos. I have some questions. My client has a business in construction .he build apartment units and sold them out. Q1.My client sold the apartment on a booking basis and before getting full payment the same apartment may be sold out to some other customers. Then he returns the amount of the first customer with a profit. How to manage the above transaction? Q2. My client also has some financiers who invest money in his project. How to manage their investment in a specific project.
Walkum Slam Ans 2- Create capital current account for each investor and manage it. Ans 1-The booking amount is your liability and Unearned income. once you received the booking amount DR Cash/Bank and CR Unearned income (liability) regarding apartment buildings and selling I will try to make a video on that, but it needs comprehensive details.
Further, from Accounting perspective, can we book and allocate Labor Overheads as per followng GL entries: 1. Dr. Allocation Labor xxx Cr. Bank xxx 2. Dr. Labor Overhead (project 1122) xxx Dr. Labor Overhead (project 2211) xxx Cr. Allocation Labor xxx So that there is no need to reverse the Allocation Account? Your guidance is requested plz.
Effectively what you are doing is Dr labor cost project wise and Credit bank. Because allocation account is canceled but how you will deal with accruel basis?
I have a question when setting up the item list as a general contractor and everything I done by subcontractors no employees and no inventory .. would I put that under income as well? Contractor fee is the only thing he collects for the company he does not mark up subcontractor nor materials...
1-Invoice to client is done by you and work is just being sub lend to sub contractor so income should be considered from Client or project prospective not from sub contractor work 2- create and account in chart of account as direct cost "Sub contractor cost " all the work done by sub contractor should be dealt in that . you can create vendor of that sub contractor and then go to bills and click on expense tab (not on inventory tab) and select "sub contactor cost " from chart of account and allocate to project .
@@AccountingandQuickbooks Thank you for your response. Please make a generic video on how to enter any time of the transaction in Quickbooks online. I want to pursue my career as freelance bookkeeping. Thanks in advance
please help me this workout problems. thank you. A Contractor signed an agreement to construct Adam that requires four years to complete for contract price of birr 100,000,000.the contractor collected 15% of the contrac price in advance.the cost to be incurred to complete the dam is estimated to birr 80,000,000. Question 1-5 Answer based on the following data 1. If the receipt of payament method of revenue is used,what entry is passed by contructor at the time of contructor ? 2. If the point of sale method is assumed,what is the revenue recognized at the time of sale ? 3. Assuming the dam is completed to exact of 2/5, at the end of the second what is the revenue of to be recognize on the bases of contract completion method ? 4. At the end of the contruct period,the operating expense incurred in construction process total birr 98,000,000.what is the net earning for the whole construction period? 5. Assuming that at the end of the fourth year 1/8 of the construction remain incomplete.what is the total revenue earned thought out the four years?
Pls watch the video "how to accounting for construction contracts" you can replace the figures with yours e. G the advance amount and contract value etc
Vat input and vat output are not treated separately. Vat output is our liability and vat input is our Contra liability account. So vat input reduce the amount of liability and we have to pay the net amount which is normally pooled in VAT control account. So if vat out put minus vat input =positive it's liability and if vat output minus vat input =negative figures than its refund or asset
Great tutorial! I have a field supervisor that has been paid hourly based on timesheet inputs who has been converted to salary. How do I allocate his salary and payroll taxes to jobs he had hours on?
Thanks for appreciation. If you use time sheets it will take lot time of yours.What else can be done is from the time sheets enter total monthly hours or weekly hours project wise via journal entry(and just copy that journal entry next month and change the hours or project) or there is another technique also in which we can use manual payroll and enter that (for this method I will try to make a video in future)
If you have one or two employee only who are being paid on hourly basis. Step1. Record accruel on every week or month by journal entries Dr wages expense a/c and in name select project cr wages payable and select employee name in name section. At the time of payment Dr wages payable cr bank /cash select employee name in name section
Good morning... be well greeting. I am so proud, glad and apreciate of your hard effort to explain that. I am an new accountant. Emhh.. i was newbie of quickbook. But i still confiused at all. Could you please, give file of quickbook explained those video as well as my templated. I am so sorry if that as your copyright. For all thanks before.
Hi dear. Thanks for joining in. I made that file tutorial purposes unable find now. I am gona recomend you another good option just download quick books trial version (it's free for 30 days) and create and new company. Then implement above instructions and it will be a perfect exercise for you for learning. If you are facing difficulty then apart from above video watch this also👉👉👉👉th-cam.com/video/rW0eFsmpvOY/w-d-xo.html Wish you all the best
Good work but a little confusion about mobilisation advance. You did not show Advance received from which customer. Will it not affect customer ledger?
@@AccountingandQuickbooks Because QuickBooks online quite difference some construction company want QuickBooks online.please mentioned how we made other item list online like charge and subtotal
This was great and helped me so much! Is there a way to track Line Items in a construction budget that will run for more than a year for draw requests and tracking the Schedule of Values? I thought using Items might work but as I learned in your video Items will not appear in the P&L by Job. I work for a general contractor who builds new residential construction, who has no employees, and am struggling with how to track things efficiently.
As for as qb is concerned use VAT control account (liability account) under which there will two sub accounts VAT input and vat out put and if at the time of closing period if VAT output minus VAT input is positive amount its ur liability and do nothing because VAT control account is already liability account however if the VAT account balance become -ve it's ur refund. Means negative liability is your asset vat input is being deducted or its negative Negative liability or you can say asset
Create account under head G&A in chart of account e.g. telephone Now 1. You can record this expense via general entry Dr exp cr cash without selecting project 2. Via bill creating telephone agency as vendor 3.if someone has paid from petty cash advance you can adjust (wtch video on petty cash advance adjustment) You will not select project
when making general entries, why do you put the same amount in debit and then credit? Account DEBIT CREDIT ------------------------------------------------------------------------------- Bank123 31,500 Billing for Adv Payment 31,500
Big Thanks to you brother... Great effort, it helps me alot, you're really professional 👏👏👏♥️♥️♥️
Do you have any video for Installment sales ? Thanks
Thank you so much, really very clear and nice explanation
Great video. By the way, it was not tackled in this video, but how do we create a project cost estimate vs actuals?
Great Work, Much Appreciated!
Thanks
thank you brother for the tutorial, great work, btw can you put another video about more reconciliations or the variation of contract happen.
@@jasbinjaleel-rs5tf wellcome sure InshAllah
Really great work. Your demonstrations are simple, very detailed, easy to understand. Thanks. Am interested to know if you've done tutorials on manufacturing for QuickBooks desktop as well. Thank you
Thanks,dear .On manufacturing, not yet
Thank you so much for taking your time to respond. I highly appreciate your marvelous work
Can we make seperate Cash ro bak acccount for specific project or we can use main cash or bank accounts just allocating it in invoice or during making journal entry?
No need to make seprate bank account for each project you can use main cash/bank . if you need project wise reports you can get that
Very informative. Thnaks for your teaching efforts. Further, the option for direct General Entry is something which should not be used for regular expenses. Routine expenses are booked trough AP.
Well organized, thank for your kind to sharing the knowledge.
i am working on quicks book primer version 2018. i inactivated vat in company preferences. after making vat out put and vat input under the vat control Account . i still could not get the value for the vat @ 5 in my estimate or even in the invoice . what shall i do for re correct it . anybody can help me out
Hi Sir, are the procedures or course outline applicable to Quickbooks Enterprise 16?
Hi, well explained.
you are helping very well
Are you from India??
I want to buy quickbooks enterpeise solution desktop 22 or latest
Where can I get copy of quick book software?? For learning purposes
Download trail version from Intuit website
we are paying fuel expenses for our Transporter at site which will deduct from his invoice how we will do it sir
Great work Sir Appreciate that
Thanks
Is Job Cost Report (JCR) included?
Its really helpfull bro... tnks😁🙏
hello Mr. Ishfaq, I would like to thank you about your eforts and I hope if you couls show a sample of LC (letter of Credit and letter of grantee), thank you again
Thanks. Will add to list
Salaam
I have learned very much from your videos.
I have some questions.
My client has a business in construction .he build apartment units and sold them out.
Q1.My client sold the apartment on a booking basis and before getting full payment the same apartment may be sold out to some other customers. Then he returns the amount of the first customer with a profit.
How to manage the above transaction?
Q2. My client also has some financiers who invest money in his project.
How to manage their investment in a specific project.
Walkum Slam
Ans 2- Create capital current account for each investor and manage it.
Ans 1-The booking amount is your liability and Unearned income.
once you received the booking amount DR Cash/Bank and CR Unearned income (liability)
regarding apartment buildings and selling I will try to make a video on that, but it needs comprehensive details.
Further, from Accounting perspective, can we book and allocate Labor Overheads as per followng GL entries:
1. Dr. Allocation Labor xxx
Cr. Bank xxx
2. Dr. Labor Overhead (project 1122) xxx
Dr. Labor Overhead (project 2211) xxx
Cr. Allocation Labor xxx
So that there is no need to reverse the Allocation Account? Your guidance is requested plz.
Effectively what you are doing is Dr labor cost project wise and Credit bank. Because allocation account is canceled but how you will deal with accruel basis?
I have a question when setting up the item list as a general contractor and everything I done by subcontractors no employees and no inventory .. would I put that under income as well? Contractor fee is the only thing he collects for the company he does not mark up subcontractor nor materials...
1-Invoice to client is done by you and work is just being sub lend to sub contractor so income should be considered from Client or project prospective not from sub contractor work
2- create and account in chart of account as direct cost "Sub contractor cost " all the work done by sub contractor should be dealt in that . you can create vendor of that sub contractor and then go to bills and click on expense tab (not on inventory tab) and select "sub contactor cost " from chart of account and allocate to project .
Watch the complete video. Very helpful. Sir please also start video series on Quickbooks online. Thanks in advance.
Hi Amjad thanks for uplifting comment. Yes I will do video sessions on quick book online as well in future inshallah.
@@AccountingandQuickbooks Thank you for your response. Please make a generic video on how to enter any time of the transaction in Quickbooks online. I want to pursue my career as freelance bookkeeping. Thanks in advance
Wish you all the best
please help me this workout problems. thank you.
A Contractor signed an agreement to construct Adam that requires four years to complete for contract price of birr 100,000,000.the contractor collected 15% of the contrac price in advance.the cost to be incurred to complete the dam is estimated to birr 80,000,000. Question 1-5 Answer based on the following data
1. If the receipt of payament method of revenue is used,what entry is passed by contructor at the time of contructor ?
2. If the point of sale method is assumed,what is the revenue recognized at the time of sale ?
3. Assuming the dam is completed to exact of 2/5, at the end of the second what is the revenue of to be recognize on the bases of contract completion method ?
4. At the end of the contruct period,the operating expense incurred in construction process total birr 98,000,000.what is the net earning for the whole construction period?
5. Assuming that at the end of the fourth year 1/8 of the construction remain incomplete.what is the total revenue earned thought out the four years?
Pls watch the video "how to accounting for construction contracts" you can replace the figures with yours e. G the advance amount and contract value etc
Isn't vat input comes in other current assets??
Vat input and vat output are not treated separately. Vat output is our liability and vat input is our Contra liability account. So vat input reduce the amount of liability and we have to pay the net amount which is normally pooled in VAT control account. So if vat out put minus vat input =positive it's liability and if vat output minus vat input =negative figures than its refund or asset
Thank you so much for this video.it helps me a lot.
Great tutorial! I have a field supervisor that has been paid hourly based on timesheet inputs who has been converted to salary. How do I allocate his salary and payroll taxes to jobs he had hours on?
Thanks for appreciation. If you use time sheets it will take lot time of yours.What else can be done is from the time sheets enter total monthly hours or weekly hours project wise via journal entry(and just copy that journal entry next month and change the hours or project) or there is another technique also in which we can use manual payroll and enter that (for this method I will try to make a video in future)
If you have one or two employee only who are being paid on hourly basis. Step1. Record accruel on every week or month by journal entries Dr wages expense a/c and in name select project cr wages payable and select employee name in name section.
At the time of payment Dr wages payable cr bank /cash select employee name in name section
Good morning... be well greeting. I am so proud, glad and apreciate of your hard effort to explain that. I am an new accountant. Emhh.. i was newbie of quickbook. But i still confiused at all. Could you please, give file of quickbook explained those video as well as my templated. I am so sorry if that as your copyright. For all thanks before.
Hi dear. Thanks for joining in. I made that file tutorial purposes unable find now. I am gona recomend you another good option just download quick books trial version (it's free for 30 days) and create and new company. Then implement above instructions and it will be a perfect exercise for you for learning. If you are facing difficulty then apart from above video watch this also👉👉👉👉th-cam.com/video/rW0eFsmpvOY/w-d-xo.html
Wish you all the best
Good work but a little confusion about mobilisation advance. You did not show Advance received from which customer. Will it not affect customer ledger?
Please watch this 👉th-cam.com/video/_23wLpBBf18/w-d-xo.html
Thanks sir for this great video.
Sir I am not able to allocate inventory to project
Thanks. Go inventory adjust and allocate
👉👉👉👉👉th-cam.com/video/H6ARfpangJ0/w-d-xo.html
can thsi be done with the online version?
hi David, its different I will do a separate video on that soon.
@@AccountingandQuickbooks Apprceiate your video bro. About to start a carpentry business. These help alot! Thank you!
👉👉👉th-cam.com/video/3Dt_cHbW7eo/w-d-xo.html
Can you same vedios how we do it QuickBooks online
hi Nouman thanks for pointing out yes i am thinking to have video on how to do contrs accounting in QBO
@@AccountingandQuickbooks Because QuickBooks online quite difference some construction company want QuickBooks online.please mentioned how we made other item list online like charge and subtotal
You are right I will do a video on that
Not immediate but it's my list as soon I get time i will do a detailed video
We want more and more from you thank You bro
This was great and helped me so much! Is there a way to track Line Items in a construction budget that will run for more than a year for draw requests and tracking the Schedule of Values? I thought using Items might work but as I learned in your video Items will not appear in the P&L by Job. I work for a general contractor who builds new residential construction, who has no employees, and am struggling with how to track things efficiently.
Thanks.
You can track profit and loss account by jobs from reports
@@AccountingandQuickbooks Thank you SO much for responding. I look forward to watching the rest of your videos on QB Desktop.
Wellc0me
Vat input I think it's under Current Asset
As for as qb is concerned use VAT control account (liability account) under which there will two sub accounts VAT input and vat out put and if at the time of closing period if VAT output minus VAT input is positive amount its ur liability and do nothing because VAT control account is already liability account however if the VAT account balance become -ve it's ur refund.
Means negative liability is your asset
vat input is being deducted or its negative
Negative liability or you can say asset
👉th-cam.com/video/4ApOkDyDbH4/w-d-xo.html
Thanks friend well done!
Thank you so much brother
how to enter office and administration expenses
Create account under head G&A in chart of account e.g. telephone
Now
1. You can record this expense via general entry Dr exp cr cash without selecting project
2. Via bill creating telephone agency as vendor
3.if someone has paid from petty cash advance you can adjust (wtch video on petty cash advance adjustment)
You will not select project
Could you please share excel data file. Thanks in advance
Alright . I will provide the link in description you can download it .
@@AccountingandQuickbooks Jazak Allah bhai.
I have construction company in dubai, and I need part time accountant
when making general entries, why do you put the same amount in debit and then credit?
Account DEBIT CREDIT
-------------------------------------------------------------------------------
Bank123 31,500
Billing for Adv Payment 31,500
Watch this video it will help you👉👉👉👉th-cam.com/video/R073fM5ykFo/w-d-xo.htmlsi=mtGvkpvKzS7aVfl4