1. First, turn on progress invoicing (Edit > Preferences > Jobs & Estimates > Company Preferences)
2. Create an estimate (Customers > Create Estimates)
3. Create an invoice from the estimate by clicking the Create Invoice button at the top of the estimate
4. You are given the choice to create an invoice for the entire uninvoiced amount remaining on the estimate, a percentage of the entire estimate, or different percentages for each item
5. If needed, you can use various job cost reports, such as the Job Estimates vs. Actual report to compare your actual costs to your estimated costs, in order to determine the percentage of the job completed
When donors fund a particular program, the funds are restricted until spent on what the donor designated, so they should generally be deposited into a temporarily restricted fund. Once you’ve spent the money and released the restriction, you should transfer the funds from the temporarily restricted fund to the unrestricted fund. The easiest way to accomplish this is to set up an Other Expense account called “Transfer to Unrestricted Fund” and an Other Revenue account called “Transfer from Temporarily Restricted Fund”. Create a journal entry at the end of each month using these two accounts to transfer the funding that’s been released from restrictions.
There’s no problem if you want to use jobs and I definitely recommend using them for grants, but I wouldn’t use this as a substitution for classes.
You don’t need to re-install QuickBooks to add a new file. Just go to File > New Company and answer the questions. However, you might find it easier to just adjust the transactions in your current file. The easiest way to get a list of all your revenue and expense transactions is to open a Profit & Loss Detail report. Just click on each transaction and make the changes you want. However, if you’ve already filed your tax return for 2008 I’d be careful about making any changes. There’s no problem adding classes and jobs, because they won’t change your basic Profit & Loss, but if you change the revenue or expense account it might.
For fiscal year budgets, you can set up budgets by class at Company > Planning & Budgeting. For multi-year budgets, you should use estimates at Customers > Create Estimates. You might need to activate the feature at Edit > Preferences > Jobs & Estimates first.
2. Go to the Employee Center, double-click on the employee, change the tab to Payroll and Compensation Info, and add the payroll item you just created in the Additions, Deductions and Company Contributions box.
We hardly ever have our clients send us accountant’s copies because of the limitations you describe. If you aren’t expecting changes back from your, you can remove the restrictions at File > Accountant’s Copy > Client Activities. But once you do this, you can’t merge any changes your accountant makes to the file they received into your current file. They’ll all have to be manually entered.
The Intuit Sales Tax Reporter is a simple downloadable application that works with QuickBooks. If you or clients track sales tax information in QuickBooks for California or New York State, then you can use the Intuit Sales Tax Reporter to very easily transfer this information onto the sales tax form that you can print and file with the state.
California and New York Just the Start: This initial Intuit Labs version supports California and New York State forms. But the team is hopeful that more states may be on the way.
Requirements: PC, QuickBooks 2009 and California (or New York State) Sales Tax filing.
New Intuit Insurance Services Health Benefits Center Offers Welcome Help
California Focus. Intuit has created an online Health Benefits Center for small businesses that want to learn more about group healthcare insurance options and find affordable plans for their employees. Currently the site focuses on the many small businesses in California.
Who Qualifies? While each carrier has specific eligibility requirements (see them on the website), in general, employers need to have at least two W2 employees (can include the owner) to enroll in one of the plans being offered.
No Pressure – Information When You Want It
Learn about Group Health Insurance Options. The Intuit Health Benefits Center helps business owners get answers to their questions on
- The Basics — how to understand group health insurance.
- Eligibility — whether their companies are eligible.
- Benchmarking — what other businesses like theirs are choosing (and how much they are paying).
Small business owners can also read useful tips about how to buy a plan and get advice on which type of plan may be best for their business.
Shop for Plans. Business owners can evaluate and compare some of the most affordable PPO, HMO, and HSA-compatible plans from Blue Shield of California, Kaiser Permanente, and Anthem.
No Pressure. Business owners can enter just a few basic facts about their business into the website’s quoting tool to get a free, no obligations quote. Unlike most websites, the Intuit site does not require them to provide contact information before they can get a quote. At any time, business owners can contact an Intuit Alliance Broker who can answer questions, or help them finalize their decision and enroll.
Next Step: Please refer your California small business clients to www.intuithealthbenefitscenter.com.
QuickBooks offers a plethora of standard job costing reports designed to give you the information you need to manage your customer and jobs. Some of these reports are only found in the Contractors and Accountants editions, but many are available in other versions of QuickBooks as well.
This is the fourth of a four-part series about how to use QuickBooks for job costing. Intuit, the creators of QuickBooks, has also asked me to present a series of free Small Business Town Hall covering the same topics every Tuesday this month. This is your chance to get your job costing questions answered live.
Jobs & Profitability Reports:
These reports can be found in Pro, Premier and Enterprise in Reports > Jobs, Time & Mileage.
Job Profitability Summary – This report summarizes how much profit your company has made from each customer.
Job Profitability Detail – This report drills down to the detailed costs and revenues for each job phase you billed to the selected customer or job, so you can see which parts of the job were profitable and which parts were not.
Item Profitability – This report summarizes how much profit you have made from each item or job phase you sell.
Profit & Loss by Job – This report shows how much profit you are making or losing on each job.
Unbilled Costs by Job – This report lists the costs you assigned to a specific customer or job but have not yet billed as reimbursable expenses.
Job Estimates Reports:
These reports can be found in Pro, Premier and Enterprise in Reports > Jobs, Time & Mileage.
Job Estimates vs. Actuals Summary – This report summarizes how accurately your company estimated job-related costs and revenues. The report summarizes estimated to actual costs and estimated to actual revenue for all customers.
Job Estimates vs. Actuals Detail – This report drills down to the detailed costs and revenues for the selected customer or job. It compares estimated to actual costs and estimated to actual revenue for each job phase you billed. That way, you can see which parts of the job you estimated accurately and which parts you did not.
Job Progress Invoices vs. Estimates – This report compares each estimate with progress invoices based on the estimate. For each customer or job, this report shows whether or not the estimate is active, the estimate total, the total invoiced from the estimate on progress invoices, and the percentage of the estimate already invoiced on progress invoices.
Item Estimates vs. Actuals – This report summarizes how accurately your company estimated costs and revenues for the items and job phases you sell. The report summarizes estimated to actual cost and estimated to actual revenue for all your items.
Estimates by Job – This report lists all active estimates assigned to a customer or job.
Open Purchase Orders by Job – This report shows the remaining purchase order line items that have not been received and their expected delivery date for each customer or job.
Job Costs & Bills Reports:
These reports can only be found in the Contractors and Accountants editions of QuickBooks. Some of them are also available in the Professional Services edition.
Costs to Complete by Job Summary – Once you enter how far along each of your jobs are, this report summarizes the cost to complete each of your jobs that have active estimates. It also shows how far you are over or under your estimate.
Costs to Complete by Job Detail – This report drills down to the detailed estimated cost by phase to complete the selected customer or job, and how far you are over or under your estimate.
Job Costs by Vendor and Job Summary – This report lists the job-related expenses you have incurred for each job, subtotaled by vendor.
Job Costs by Vendor and Detail – This report shows a detailed list of all the job-related expenses you have incurred for each vendor, subtotaled by job.
Job Costs Job and Vendor Summary – This report lists the job-related expenses you have incurred for each vendor, subtotaled by job.
Job Costs Job and Vendor Detail – This report shows a detailed list of all the job-related expenses you have incurred for each vendor, subtotaled by job.
Job Costs Detail – This report lists the expenses you have incurred for each job. This report is useful if you need to break out all material supplier purchases, all subcontractors bills, and all the labor costs for each job.
Unpaid Bills by Job – This report lists the bills you have not yet paid, sorted by customers and jobs. It lists only bills with an associated customer or job. This report is useful if you wait to pay vendor bills for a specific job when you receive a payment from the customer.
Unpaid Job Bills by Vendor – This report shows all bills you have not yet paid, sorted by vendor or subcontractor, and lists any customer or job associated with each item on the bill.
Expenses Not Assigned to Jobs – This report lists expenses that you have not assigned to a customer or job, totaled by vendor. Use this report to help identify costs that you may have forgotten to pass along to your customers.
Job Status – This report lists information for each active customer and job.
One of the wonderful things about QuickBooks is how easy it is to customize reports and then memorize them for future use. At the top of each report is a Modify Report button. Here, you can change the way it looks as well as move, sort and subtotal the data in it.
An even more powerful feature is report filtering. Each filter represents a specific way you can restrict the scope of the report. When you select a filter, QuickBooks displays fields for you to fill in. The fields ask for information that QuickBooks needs to know to apply the filter to the report.
Once you have a particular report customized just the way you want, you can easily memorize it for future use by clicking the Memorize button.