Raeann, I’m wondering if there’s a way that you can push an estimate from an application like CoConstruct, abd have that be your acc payable for that job, and then create a “fixed price estimate” with your contract draws, like you demonstrated in ~13:00, and have that be the acc receivable for the job. Any insight on this concept ?
This really helps me a lot, where i could share this one to my colleagues for them to have a better understanding in this system...hope i could also get a link for how we could manage the retentions of customers
Hi Karen, Thank you for reaching out. Intuit took the link down but here's the steps to create the retainage account, retention item, and make payments. *Create Retainage Account* Step 1 Click the "Lists" menu and choose "Chart of Accounts." Step 2 Click the "Account" button, and then click "New." Step 3 Select "Other Current Liability" for the Account Type. Step 4 Type "Retainage Payable" in the Account Name field. Click "OK." *Create Retention Item* Step 1 Click the "Lists" menu, and then select "Item List." Step 2 Click the "Item" button and choose "New." Step 3 Select "Other Charge" for the Item Type. Step 4 Enter "Record Retainage Payable" for the Account Name. Step 5 Check the box for "This Item is Used in Assemblies or is a Reimbursable Charge." Step 6 Select the "Account" drop-down menu and choose "Retainage Payable." Click "OK." *Making Payments* Step 1 Click the "Vendors" menu and select "Enter Bills." Step 2 Enter the amount for the items purchased if you are running accrual reports. Click the "Items" tab and select the "Record Retainage Payable" item. Enter the retained amount to deduct it from the total if you are running accrual reports. Click the "Expenses" tab and select the "Retainage Payable" account. If you are running cash basis reports, only enter the amount for the current due. Step 3 Click "Save" and pay the bill using the Pay Bills window. Step 4 Enter a new bill when the project has been completed. For accrual accounts, click the "Items" tab and select the "Record Retainage Payable" item. Enter the amount of the retained fee. For cash basis reporting, enter a bill only for the total outstanding amount. Step 5 Click "Save" and pay the bill using the Pay Bills window.
Here's the link on how to set up and use retainage. This is an old article but still applies today. blog.sunburstsoftwaresolutions.com/2010/07/09/quickbooks-tip-handling-retainage/#.YOzvuxGSlEa
A demonstration on how Quickbooks Enterprise Contractor Edition can be used for your business!
What is the difference between EIR and PO Management Worksheet?
Nice job on this video. So informative!
Raeann,
I’m wondering if there’s a way that you can push an estimate from an application like CoConstruct, abd have that be your acc payable for that job, and then create a “fixed price estimate” with your contract draws, like you demonstrated in ~13:00, and have that be the acc receivable for the job.
Any insight on this concept ?
This really helps me a lot, where i could share this one to my colleagues for them to have a better understanding in this system...hope i could also get a link for how we could manage the retentions of customers
Hi Karen, Thank you for reaching out. Intuit took the link down but here's the steps to create the retainage account, retention item, and make payments.
*Create Retainage Account*
Step 1
Click the "Lists" menu and choose "Chart of Accounts."
Step 2
Click the "Account" button, and then click "New."
Step 3
Select "Other Current Liability" for the Account Type.
Step 4
Type "Retainage Payable" in the Account Name field. Click "OK."
*Create Retention Item*
Step 1
Click the "Lists" menu, and then select "Item List."
Step 2
Click the "Item" button and choose "New."
Step 3
Select "Other Charge" for the Item Type.
Step 4
Enter "Record Retainage Payable" for the Account Name.
Step 5
Check the box for "This Item is Used in Assemblies or is a Reimbursable Charge."
Step 6
Select the "Account" drop-down menu and choose "Retainage Payable." Click "OK."
*Making Payments*
Step 1
Click the "Vendors" menu and select "Enter Bills."
Step 2
Enter the amount for the items purchased if you are running accrual reports. Click the "Items" tab and select the "Record Retainage Payable" item. Enter the retained amount to deduct it from the total if you are running accrual reports. Click the "Expenses" tab and select the "Retainage Payable" account.
If you are running cash basis reports, only enter the amount for the current due.
Step 3
Click "Save" and pay the bill using the Pay Bills window.
Step 4
Enter a new bill when the project has been completed. For accrual accounts, click the "Items" tab and select the "Record Retainage Payable" item. Enter the amount of the retained fee.
For cash basis reporting, enter a bill only for the total outstanding amount.
Step 5
Click "Save" and pay the bill using the Pay Bills window.
Great video. I have a question on the Cost to Complete Report, can you help with that?
Great videos Raeann, would you please send me the link for retainage. Thank you
Here's the link on how to set up and use retainage. This is an old article but still applies today. blog.sunburstsoftwaresolutions.com/2010/07/09/quickbooks-tip-handling-retainage/#.YOzvuxGSlEa
Hi
How can I get report estimated Quantity and actual quantity comparison report
Are you looking for estimate vs actual report?
@@RaeannSalter yes but not amount vise,
I need Quantity vise report
Actual verses estimated
Can I have the retention link?
How can I have a call to ask questions?
Here is my links for a Discovery Call, Trouble Shooting, Training or Setup: www.mindingmybooks.com/contact