When you get your monthly statement, reconcile it like you would your checking account. After you reconcile, a box will pop-up asking if you’d like to Enter a Bill to make a payment. Click yes and the amount you want to pay (you can always change this later).
If you want to enter it manually in Enter Bills, the account for the payment needs to be the Credit Card account NOT an expense account.
Pay your bill like you would any other, and you’re all set.
One more thing–when entering your credit card expenses in the Enter Credit Card Charges screen, if you are doing job costing (Contractors) or grant tracking (Nonprofits) use Items. Otherwise, use Expenses.
The best way to do this is to use items that point to a WIP account on the balance sheet instead of an expense account. You can do the same thing using the expense tab instead of items, but I find using items gives you better information.
When you sell the home, you’ll need to prepare a journal entry to expense the WIP associated with that home off the balance sheet and onto the P&L.
If you handle your own payroll taxes, the amount you pay your payroll provider is lower than your salary expense because of employee deductions.
If your payroll service handles your payroll taxes, the amount you pay is higher because employer-paid payroll taxes are tacked on.
The key to entering your payroll correctly is to understand the difference between gross and net payroll. Gross payroll is the total amount you pay your employees before deductions. This is your payroll expense. Net payroll is what your employees are paid after deductions. This is a mixture of payroll expense and payroll liabilities that need to be paid sometime in the future–things like state and federal payroll taxes, medical insurance, 401(k) contributions, etc. These things are not payroll expenses because your employee is paying them rather than you.
Sound too complicated? Then I highly recommend using Intuit’s Assisted or Enhanced Payroll instead. It will make these calculations for you automatically, and if you are doing any sort of job costing you’ll go crazy using an outside service.
If you have payments in undeposited funds that have already been deposited, you are probably over-reporting your income. To correct this, find the deposits and note the account you used (most likely an income account). Then go back to the Make Deposits screen and select all the Undeposited Funds that have already been deposited. Add a line at the bottom of the deposit, with a negative deposit amount using the income account that you used when you made the other deposits. This will make a $0 deposit into your account, reduce your revenue down to the correct amount, and clear out your undeposited funds.
When making deposits in the future, select each payment included in the deposit you’re about to make from the undeposited funds screen first. Then add any additional deposit items that aren’t listed to the deposit so that it matches up to the total amount of the deposit you’re making.
Of course! We love working with builders and contractors.
The best way to send an “invoice” for multiple jobs is to create separate invoices and then a statement. On the statement window, you’ll probably want to select the “Show Invoice Details on Statement” button. You may also want to take a peek at the free customized statements at http://community.intuit.com/quickbooks/library/forms because, let’s face it, the standard forms that come with QuickBooks aren’t really all that great. If you still don’t like how the statements look, there are several add-ons that can help you with this.
The easiest way to process job cost information in QuickBooks is to use QuickBooks for payroll. They have an Assisted Payroll version that does everything ADP or Paychex does for a lot less. If you really want to stay with your outside provider you have two choices: (1) re-enter all your payroll data in QuickBooks and just don’t cut the checks or, (2) enter all the job costs manually (either on the bill or check you use to pay your payroll vendor or on a separate journal entry). Most of our clients only do manual job costing a few times before switching, no matter how much they like their outside provider.
A more important question for you, though, is do you know how to use QuickBooks to get the most out of job costing? Item setup and using estimates for all jobs is the key to a happy contractor. We do a lot of remote troubleshooting and training with clients all over the US. If this is something you’re interested in, just let me know. Also, if you’d like to explore Assisted Payroll let me know and I can have someone from Intuit’s payroll department call you.
The two Job Profitability reports (Summary and Detail) will show you how well you did on a profit/loss basis.
The two Job Estimates vs. Actual reports (Summary and Detail) will tell you how well you did compared to your estimates. However, to get the best detail on these reports, you need to use the Items tab on your bills and checks instead of Expenses.
I’d recommend setting up “Transfer to Corporate” and “Transfer from Divisions” accounts below the line (i.e., as either other revenue or other expense accounts). This way you can see Profit & Loss by Class information before and after the transfers, and when you pull a Profit & Loss for the entire company you can check to make sure the transfers net out to $0.
Also, usually “profit” means revenue less expenses. The invoiced amount will only capture the revenue side of this equation.
2. Select the Customize button
3. Select Layout Designer
4. Select Add and then Data Field
5. Select the customer information you want to add and hit OK (you have to add them one at a time)
6. A new box with the data field will show up on the invoice, move it to where you want it to be on the invoice
7. Hit OKYou won’t be able to see the new additions on your screen, but if you select Print Preview you will see it is now on the printed/emailed invoice.
You might also want to peruse the customized forms on the Intuit Library. I use the absolutely gorgeous “E-mail Orange target remit Inv” invoice for my business (orange IS my favorite color) and it has the added advantage of having a place for my customers to enter their credit card number: http://community.intuit.com/quickbooks/library/forms
Then you can create estimates in Customers > Create Estimates. It’s based on Items, so it’s really important that they are setup correctly as two-sided entries (pointing to both revenue and expense) because you’ll need to enter your grant expenses using the Items tab instead of the Expenses tab. You won’t be able to enter any grant expenses via journal entry because there are no Items on that form. But you can enter a $0 check listing both the debit (positive $ amount) and credit (offsetting negative $ amount) using the Item tab.
To pull a budget vs. actual report, use the Job Estimates vs. Actuals report located under Reports > Jobs, Time & Mileage. If any grant expenses are entered as expenses instead of items, they’ll show up at the bottom of the report as uncategorized. You can click on the line to open up a list of these transactions and change them to Items.
If you’re serious about deleting all these old items, the only way to do this is change the Item in all the transactions it was used in to something else. You can get a complete list of transactions by clicking on Reports – Quick Report at the bottom of the Item screen and changing the dates to All.