TLDR: QuickBooks Desktop Job Costing and Contractor Edition features are essential for accurate tracking of expenses, revenue, and profitability by job, with a focus on including markup in sales price and using double-sided items for accurate tracking and invoicing. 00:00 📊 Job costing in QuickBooks Desktop is essential for tracking expenses, payroll, and profit and loss by job, with features like payroll taxes, billable items, and specific reports in the Contractor Edition. 02:49 📊 Job costing in QuickBooks Desktop involves filtering expenses without a job allocated and assigning expenses to a job from a drop-down menu, focusing on direct expenses for detailed analysis. 04:53 📊 Setting up job estimates is crucial in QuickBooks Desktop Job Costing, and having the markup column open in the estimate template is necessary for accurate cost reporting. 06:38 💡 Create double-sided items with the checkbox checked for cost and income tracking in QuickBooks Desktop Job Costing & Contractor Edition. 07:51 📊 QuickBooks Desktop discusses job costing and contractor edition features, emphasizing the importance of including markup in sales price and using double-sided items for accurate tracking and invoicing. 09:33 📊 Track job costs and expenses, tie expenses to original items in estimates, and convert estimates to invoices with discounts in QuickBooks Desktop Contractor Edition. 12:09 📊 QuickBooks Desktop Job Costing & Contractor Edition features a detailed report showing a 204% markup on deals, emphasizing the importance of hitting invoicing and payment targets for profitability. 13:57 📊 Using items in QuickBooks Desktop Job Costing is crucial for tracking actual costs and revenue, and the Contractor Edition features reports that show estimated versus actual costs.
How does quickbooks online take care of construction jobs that are not sold or consummated at the end of the year and not put everything on the income statement, after all not all homes are sold by year end.
hi Hector . in contractor version of QB 2016 version --when i add a new inventory items it shows three account to be attached compulsory - 1-CGS 2- income 3-asset account (inventory asset) when i enter bills for a vendor and Even i put cumster number/name in customer column it does not hit P&L rather it goes to inventory in hand(asset account ) . for incorporating in P&l I tried few thing that worked. please advise which is good option. 1- I link asset,CGS and Income account to an item correctly and when i enter bills (it does not hit P&L) so after entering the bills i go to sales receipt (its not invoicing to customer ) and make that use sales receipt as stock issue to projects and consume inventory to projects and their effects goes to P&l and other reports. 2-I link asset,CGS and Income account to an item correctly and when i enter bills (it does not hit P&L) so after entering the bills then i go inventory adjust form and adjust inventory inventory . it hit P&L but not few other reports 3-I link to CGS Account and i link CGS to Asset account as well two times CGS and income account and when i enter the bills it goes to P&l and other reports. directly no need to adjustment because i did not linked it to asset account . what is the correct practice ?
Dear Hector - when i enter bills and even i put customer job in customer job column it does not hit P&L unless i adjust the inventory to project/job via inventory adjust or other way. Please advise
Dear Hector - when i enter bills and even i put customer job in customer job column it does not hit P&L unless i adjust the inventory to project/job via inventory adjust or other way. ( I am using QB Premier 2016 contractor edition ) Please advise
Hi, Hector great video.... i have a question , i am new to job costing, if you have a file that you have not worked with it, how would I know what job belongs to a particular expense.does the client have to provide you with this information....?.
Hi i have question. Its obvious that when we will open bills Offcourse we will write job name or number in the job column in bills........ but if we enter bills and even i put job name it does not show effect in p&l . currently i going to invetory adjust form and once i adjust inventory (inventory in hand then showing new invenyory as zero) then it takes the effect to p&l. Is there any other way or its the correct way. Please advise
Hector Garcia CPA. Dear it doesn't i am in contractor business unless i go to inventory adjustment form and put job number there and do adjustment. It goes to inventory in hand if i go to that particular item detail it show that i have such quantity inhand . one consultant has advised me that once i enter the bill then i should to sales receipt form and design it as stock issue to projects and allocate to projects other wise it does not effect p&l . and as u know it wull effect p&l if i put in expense rather in items... please advise is it correct way .
Please make a vedio on adjustment of bills / inventory once bills enter then their adjustments via sales receipt or inventory adj similarly for time sheet entry and subsequently thier adjustment so that it would apear in p&l. I am still confuse about time sheet ok entered now how should adjust that it would apear in p&l as direct cost project wize
i'm new to quickbooks. can you tell me if one of my guys purchased an item (ran to home depot) paid with the business account debit card, where do i put this?
TLDR: QuickBooks Desktop Job Costing and Contractor Edition features are essential for accurate tracking of expenses, revenue, and profitability by job, with a focus on including markup in sales price and using double-sided items for accurate tracking and invoicing.
00:00 📊 Job costing in QuickBooks Desktop is essential for tracking expenses, payroll, and profit and loss by job, with features like payroll taxes, billable items, and specific reports in the Contractor Edition.
02:49 📊 Job costing in QuickBooks Desktop involves filtering expenses without a job allocated and assigning expenses to a job from a drop-down menu, focusing on direct expenses for detailed analysis.
04:53 📊 Setting up job estimates is crucial in QuickBooks Desktop Job Costing, and having the markup column open in the estimate template is necessary for accurate cost reporting.
06:38 💡 Create double-sided items with the checkbox checked for cost and income tracking in QuickBooks Desktop Job Costing & Contractor Edition.
07:51 📊 QuickBooks Desktop discusses job costing and contractor edition features, emphasizing the importance of including markup in sales price and using double-sided items for accurate tracking and invoicing.
09:33 📊 Track job costs and expenses, tie expenses to original items in estimates, and convert estimates to invoices with discounts in QuickBooks Desktop Contractor Edition.
12:09 📊 QuickBooks Desktop Job Costing & Contractor Edition features a detailed report showing a 204% markup on deals, emphasizing the importance of hitting invoicing and payment targets for profitability.
13:57 📊 Using items in QuickBooks Desktop Job Costing is crucial for tracking actual costs and revenue, and the Contractor Edition features reports that show estimated versus actual costs.
Thanks
Looking for training on QB Desktop premier. I am new to all this.
How does quickbooks online take care of construction jobs that are not sold or consummated at the end of the year and not put everything on the income statement, after all not all homes are sold by year end.
hi Hector . in contractor version of QB 2016 version --when i add a new inventory items it shows three account to be attached compulsory -
1-CGS
2- income
3-asset account (inventory asset)
when i enter bills for a vendor and Even i put cumster number/name in customer column it does not hit P&L rather it goes to inventory in hand(asset account ) . for incorporating in P&l I tried few thing that worked. please advise which is good option.
1- I link asset,CGS and Income account to an item correctly and when i enter bills (it does not hit P&L) so after entering the bills i go to sales receipt (its not invoicing to customer ) and make that use sales receipt as stock issue to projects and consume inventory to projects and their effects goes to P&l and other reports.
2-I link asset,CGS and Income account to an item correctly and when i enter bills (it does not hit P&L) so after entering the bills then i go inventory adjust form and adjust inventory inventory . it hit P&L but not few other reports
3-I link to CGS Account and i link CGS to Asset account as well two times CGS and income account and when i enter the bills it goes to P&l and other reports. directly no need to adjustment because i did not linked it to asset account .
what is the correct practice ?
Ishfaq Khan inventory items will post to inventory asset when bought, and to income/cogs when sold
Hector Garcia CPA. Waht about my question?
Ishfaq Khan it was kinda long and complicated... maybe ask more precisely
Dear Hector - when i enter bills and even i put customer job in customer job column it does not hit P&L unless i adjust the inventory to project/job via inventory adjust or other way. Please advise
Dear Hector - when i enter bills and even i put customer job in customer job column it does not hit P&L unless i adjust the inventory to project/job via inventory adjust or other way. ( I am using QB Premier 2016 contractor edition )
Please advise
Hi, Hector great video.... i have a question , i am new to job costing, if you have a file that you have not worked with it, how would I know what job belongs to a particular expense.does the client have to provide you with this information....?.
Thats the only way.. there is no way to Magically know unless you made the expenditure yourself
@@HectorGarciaCPA Thank you HEctor., so this is something that cannot be easily done after the fact,.,,of off bank statements..... correct ?
@@jorgefraga5045 without receipts, client notes, yes impossinle
@@HectorGarciaCPA Thank you!
How can I reverse an expense from a customer's assigned job cost
How the AIA G702 works on QuickBooks? is this something new? is this on contractors edition?
no, QuickBooks does not have G702 billing.. you need addon software for that.
Hello,
Is there a way of grouping the jobs like the items in quickbooks?
+Ana Labosky yes.. by making them "sub jobs"
Why can you not post a payroll item to COGS?
Thank you for your responses!
I never said that... you can post a Payroll Item to COGS, no problem.
Hi i have question. Its obvious that when we will open bills Offcourse we will write job name or number in the job column in bills........ but if we enter bills and even i put job name it does not show effect in p&l . currently i going to invetory adjust form and once i adjust inventory (inventory in hand then showing new invenyory as zero) then it takes the effect to p&l. Is there any other way or its the correct way. Please advise
Ishfaq Khan if you are buying inventory parts and putting a job; it would be on the P&l
Hector Garcia CPA. Dear it doesn't i am in contractor business unless i go to inventory adjustment form and put job number there and do adjustment. It goes to inventory in hand if i go to that particular item detail it show that i have such quantity inhand . one consultant has advised me that once i enter the bill then i should to sales receipt form and design it as stock issue to projects and allocate to projects other wise it does not effect p&l . and as u know it wull effect p&l if i put in expense rather in items... please advise is it correct way .
Ishfaq Khan correct... you need to invoice or sales receipt to consume the inventory
Please make a vedio on adjustment of bills / inventory once bills enter then their adjustments via sales receipt or inventory adj similarly for time sheet entry and subsequently thier adjustment so that it would apear in p&l. I am still confuse about time sheet ok entered now how should adjust that it would apear in p&l as direct cost project wize
Thanks alot
What if the expense side of your item is a payroll item. No sub-contractors used.
you would use the Payroll Module for that.. is very different than subcontractors
i'm new to quickbooks. can you tell me if one of my guys purchased an item (ran to home depot) paid with the business account debit card, where do i put this?
+JFJ Construction would be a check
expenses or items?
TIA
JFJ Construction either... but if you want it in your estimates vs. Actual detail report.... Items
Hector Garcia CPA can you put it on both? Expense and item list?
What I meant was how do you get employee pay from payroll items on the Job Estimates (budgeted) vs actual reports when no Item is used for CGS?
payroll item can point to "Payroll Expenses" not COGS, and still will show as an expense in Budget vs. Actual report
Sound is horrible! On more than one of your videos. Hard to watch or listen to
Sue Poch my older videos are harder to understand... check out the more recent ones