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Monthly Archives: May 2009

Completed Contract Accounting for Construction in QuickBooks

I would like to use the completed contract method to account for our homebuilding operation and record progress sub payments directly to the asset WIP and record the cost of the entire home to COS once the home is completed. Customer progress draws would be posted to a liability and moved to income once the home was completed. Can that be accomplished? What are the steps to set this up properly.
1. Go to Lists > Item List and change the expense account on your service items to your WIP current asset account.

2. Add two other charge Items: (1) Transfer out of WIP – with WIP as the account and note in the description that the amount should be positive, and (2) Transfer into COS – with COS as the account and note in the description that the amount should be negative.

3. Make sure to always use the Items tab on all your transactions instead of the Expenses tab.

4. If you use Job Profitability reports, modify/filter them to include your WIP account.

5. You can track the amount in WIP by job by going to Lists > Chart of Accounts. Highlight the WIP account, click on the Reports button, select Quick Report, and sort by Name.

6. Once the home is completed, prepare an invoice or sales receipt with a line for the sales price (mapped to an income account) and then add the two other charge items you created above making sure to use a negative amount for Transfer into COS. Once done, the ending total for the invoice should match the sales price. 


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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How to Find Invoice Templates in QuickBooks

How can I find automotive invoice templates or downloads?
Intuit offers free invoice templates that you can download and customize. I use the beautiful E-mail Orange target remit Inv for my business:http://community.intuit.com/quickbooks/library/forms


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

Job Report Listing Checks Written and Unpaid Bills in QuickBooks

I'm looking for a report that lists checks written against a job, or a job transaction report. I'm also looking for a report that shows what has been paid against a job, what subs have been paid, and who hasn't been paid. Estimates versus actuals is great, but I would really prefer to have checks written against the job, and bills outstanding on there as well.
You can play around with report filters to accomplish this.

1. Unless it's a minor report modification, I usually start with a Custom Summary or Transaction Detail report. Use a transaction detail report if you want a listing of transactions, like checks, bills, etc. Use a summary report if you're looking for account totals. For the first report you're looking for, I'd use a Custom Transaction Detail Report.

2. Click on the Modify Report button.

3. On the Display tab, select All for Dates and Customer for Total by.

4. On the Filters tab, select Transaction Type and select Checks.

5. You can add Unpaid Bills by selecting Multiple Transaction Types and adding Bills. Then select Paid Status and select Open.

You can also select which columns you want to see on the report on the Display tab, and change the name of the report, fonts. etc. on the other tabs.

Just remember to memorize the report once you've modified it exactly the way you want, so you can use it whenever you like. You can also add it to your Icon Bar by going to View -> Add [report name] to Icon Bar when the report is open.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Reconcile Cash Deposits from Journal Entries Made from R.O. Writer System with QuickBooks

I need help reconciling my cash deposits on my bank statment, with journal enteries that have been made by my R.O. Writer System. The R.O. Writer System inputs the credit card deposits, but the amounts don't reflect the deposits.
I'm not familiar with R.O. Writer, but reconciling credit card deposits is a common problem. It's likely that your deposits are being done on a net basis (after fees are deducted) instead of gross.

If this is the case, check with your merchant account processor to see if you can be switched to gross deposits, so your bank deposits will match up to your credit card deposits. This will mean that your fees are deducted in a separate lump sum transaction.

I also highly recommend using QuickBooks for merchant services because it integrates perfectly with QuickBooks and eliminates this problem. I also couldn't live without QuickBooks Billing Solutions, which allows your customers to pay you online. 


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!