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.
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.
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.
If you are using the same Tax ID number for both, you can use classes to report profit & loss information by company.
1. Turn on class tracking at Edit -> Preferences -> Accounting -> Company Preferences (you may need to be logged in as Admin to do this)
2. Setup your classes at Lists -> Class Lists, click on Class and then New. It's a good idea to add a class called G&A, Overhead or Miscellaneous to keep track of expenses that don't belong to either company.
3. Start using classes on all your transactions.
4. Use the Profit & Loss Unclassified report to check that all transactions have a class entered, and then the Profit & Loss by Class report to review your profit & loss by company.
To address an email to all of your customers without giving them the ability to view the email addresses of other customers:
Note: This process requires Microsoft Excel.
1. Choose Reports > Reports Center.
2. Click Customers in the left portion of the window.
3. Click Customer List, click Modify and click Add or Remove Columns.
4. Select the E-Mail column and clear all the remaining columns.
5. Ensure that the Sort by field shows E-Mail and select Descending Order.
6. Click Save and click Run. When the email list is displayed, click Excel.
7. When the email addresses are displayed in Excel, select the first email address, press and hold the Shift key and select the last email address.
8. Choose Edit > Copy.
9. Open a blank email in your email program and place your mouse cursor in the line for BCC and press Ctrl+V on your keyboard to paste the addresses into this field.
10. Enter your own email address in the To field and fill out the body of the message.
11. Send the email message.
So, you should use two items. One for the principle payment that reduces notes receivable, and one for the interest payment which increases income.
If you aren't using Premier for Contractors, you can accomplish the same thing by adding subtotal items. Go to Lists -> Item List, click on the Items button, select New and select Subtotal as the type.
I recommend adding two subtotals, one for the total before the change order and one for the total after. Make sure to add good descriptions like "Total of Original Contract" and "Total including Change Order approved by [name] on [date].
Then, whenever you have a change order, add a line using the first subtotal item, line(s) for the the change order items, and a line for the revised subtotal item.
You can also setup an item for the deposit.
1. Go to Lists > Chart of Accounts, click on the Account button, select New, and add a current liability account called Customer Deposits.
2. Go to Lists > Item list, click on the Item button, select New, and add a service item called Customer Deposit mapped to the Customer Deposit account you setup above.
3. Create an Invoice or Sales Receipt for the deposit, and receive payment as usual.
4. On the final invoice, invoice for the full amount of the contract and add a line using the Customer Deposit item using a negative amount for the deposit already received. The total on the invoice should show the remaining amount due.
5. Periodically go to Banking > Reconcile and reconcile the Customer Deposit account so that the customer deposits that have been applied to invoices are marked as cleared.
6. Then you can filter a report to only show uncleared transactions to get a report of only Customer Deposits that haven't been applied yet.