QuickBooks Online for Construction & Contractors (Part 1/6)
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- čas přidán 6. 08. 2024
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Slides: bit.ly/AW012121
Timeline:
00:00 Introduction to the 6-part series & Table of Contents
06:23 Is QuickBooks Online good for Contractors?
09:56 Sub-customers vs. Projects
18:52 Best Chart of Accounts for Contractors
31:21 Products and Service List
38:40 Bundles for lump-sum billing
43:40 Project/Job Costing Workflow
01:00:35 Zero-Net Check and Advanced Job Costing
01:17:12 Preparing 1099-NED forms with QuickBooks eFile
01:30:53 About Part 2 and rest of series
Call our office 954-414-1524 to setup a private training/consultation about QuickBooks, Excel, Accounting/Bookkeeping, Taxes, and/or General Business Consulting (rates vary from $395 to $1,000) for the first consultation depending on length and consultant required. E-mail Hector your questions hector@garciacpa.com
To setup a 30-day free trial of QuickBooks Online and then a 30% www.quickbooksoffer.com/?cid=i... - Věda a technologie
Great info Hector! I wanted to mention that "Bill with Parent" also impacts how payments can be applied.
Correct.. if you receive a payment to the parent it can be applied under “bill with parent”
Perfect!!! Thanks. 🙏🏼💯
I am so grateful I found your expertise!
:)
Thanks!!!!
Hi Hector - Thanks for the info! Have you scene a way to assign T/M to a specific estimate line item vs an entire project?
Hello, what if we are constructing an office for our own company use? How do i entry the materials? and entry upon completion?
I am trying to get the Chart of Accounts as well as the General Contractors Products and Services List (the big one). Please help. Also instructions on how to get that information into my quickbooks ONLINE account.
Hector, Is there a way to add bill costs to an invoice and have the invoice included in the income side of the project instead of zeroing out my costs of goods sold? I need to mark my bills as billable because this is the only way to make sure I am recovering 100% of my costs without missing or double charging anything. But by doing this my profit is the only thing showing in my income section and I do not have any compounding cost totals or accurate income.
Hi Hector - I'm interested in purchasing the 6 part series. Do you happen to have an active coupon code for this? Thanks so much for considering!
Are there any integrated apps you recommend for contractors who are using QBO?
Hello Hector, while following along with you I created a test customer to find project costs. Created the estimate, did bundle pricing and when I went to look at P&L nothing would show up despite refreshing browser. I checked all of my settings (dates, cash vs accrual, etc) and nothing will populate for today. What would cause that to happen? QB glitch? I even created a separate 'test account' within my chart of accounts and still nothing. This is really bizarre and thought maybe I'm missing something? In the meantime, I'll be jumping on your website to purchase the COA since I'm restructuring accounting so it's perfect timing. :)
Hey Hector would you know if sage 50 online would be good for contractors? need Estimates vs actual on the WIP report?
Hey Hector, loved how comprehensive and in-depth you went. But as you mentioned, QB online is missing key features. I saw your playlist "QuickBooks for Contractors / Job Costing" are you planning on releasing a similar comprehensive product for QB Enterprise? Would love to support
I dont have a deep course for QB desktop contractors sorry. But do have a few videos in my channel (couple of years old) that are still 100% relevant
Hector - another Great video. Can I ask you - I am trying to set this up for a client, and need to know if I can post disbursements for expenses of a project to Inventory-Asset (as the Category) and then to a Project , so as to achieve Accrual accounting. Then when client sells the project-item they are building, record the sale? Will Projects in QBO do this? or do I need a 3rd party plug in?
Projects is not optimal for WIP accounting
If we use the standard mileage deduction rather than actual expenses (we are a small husband and wide LLC company right now) do we not show our business auto as an expense in our P&L? Do we just leave off the whole car/truck expense in the COA?
Yes.. leave it off 100% and just jus mileage
thanks for the video! is there another program that your would recommend over QBO?
I only use QuickBooks
I see the $48 COA download and the free download example of your contractor COA is different. I'd like to purchase the contractor version, is that available too?
The $48 package includes the contractor COA.
If we have been with the online QB advanced w/ payroll for 3 years- would you recommend just making the jump to Quickbooks Desktop/enterprise or adding knowlify/buildertrend to QB online to get better job costing? (small construction company, 14 employees)
You can add Knowify to QB online
@@HectorGarciaCPA Thank you, I will be purchasing your program. Very helpful!!
Hi Sir! May I ask how to record 'Draw Request Payment' received from a lender? I'm not sure what's the correct category for this transaction. Hope you can help me. Thank you!
Loan
Hector,
How do you deal with a proforma invoice? I mean, it is not an invoice so it will not show as an account receivable nor it will show in retained income. I guess the question is how to deal with advance payment for a customer and in which statement it show up into ?
I have other videos that explain the concept of “customer deposits” which is kinda what you are asking about
It's clear that we can open projects and create invoices and expenses from the projects page in QB Online. How do I add an invoice/expense which is already created in the past?
You need to do it with a journal entry
@@HectorGarciaCPA Thanks Hector.
Can you itemize a live bank deposit? I understand the concept of invoice/billing going into WIP account, but where do I assign my live banking transactions? I shouldn’t direct it to WIP or it will reduce WIP, correct? 😢 HELPPP
I think you need some formal training/consulting… there are no single right answers to these questions. It requires looking at your file and transactions to determine how to book them
I'm helping set up a new construction company. Is QBO still not a good fit for General Contractors?
It never has been. QB enterprise is the best fit
Is there a way to purchase your product and service list? I want it all but would love to know how to get that list. Thanks!!
Is in the chart of accounts list:
qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/
Will there be a new 6-part series for 2022-2023 since the current series expire on 12/31/2022?
There will not… i was hoping to have enough updates in QBO by then
Hola. Buen día. ¿Tendrán la actualización para las leyes de fiscalización mexicanas 2022?
No creo
@@HectorGarciaCPA gracias.
Hi Hector I see the $48 COA download . I'd like to purchase the contractor version,
The $48 kit comes with both
Hey Hector, we are a construction company and have quickbooks online. I see yousaod thats not good for a construction company. Can I switch over to quickbooks desktop and all my info switch over. Thanks
Yes.. kind of, there is a conversion process but is hit and miss, i have a video about it
Hi Hector Thanks for all information...Need you guidance..I want to issues a payment receipt against Invoice, as a proof that we received payment, is it possible in QuickBook, because if I use sales receipt means I am again recording sales which I Have already receored via Invoice, can you please guide? Thanks
Delete one of them
@@HectorGarciaCPA Thanks for reply, you mean we should either issue invoice or sales receipt?
@@prashantsimejia4675 Yes, that is what he means. However, I would suggest deleting the Sales Receipt if you have posted a payment against the invoice. If you haven't posted a payment against the invoice, then it won't make a difference if you delete the sales receipt or the invoice. Typically I try to never use the sales receipt function just because you can never modify it in the future like you can an invoice. Hope this helps! :)
Hector, I have come across this video in November 2023. The link for the chart of accounts is no longer available. How might I get this please?
The importable chart of accounts is only available to the people that purchased this full 6-part course
This simple one is available docs.google.com/spreadsheets/d/1nwxSnKrqm18yKAP2H3AUs8af2SP4FehgnHtDq5BphFc/edit
I noticed you said quickbook is NOT a great tool for contractors. Do you recommend a different app for Contractors?
QuickBooks Desktop is great... QuickBooks Online is not
@@HectorGarciaCPA oh ok gotcha! 👌🏼
@@HectorGarciaCPA 6:25 into your video there is a list of reasons QBO is not a good choice for contractors. Does that include QBO+ and QBO-Advanced? Does QBDestkop provide these items? Or do I need QBEnterprise? Thanks, Hector.
Are you based in the US?
Yes
If I purchase a list of your Charted Accounts, cost codes for contractors. Would they be in a form that I could import them into QB Plus?
@@allanwitthuhn2340 yes
TLDR: QuickBooks Online has limitations for construction companies, but can be effectively used with construction-specific apps and by splitting cost of goods sold, although it lacks an estimate versus actual report and requires accurate contractor information for 1099 reporting.
00:00 🏗 QuickBooks Online series for construction and contractors covers new features, importing timesheets, payroll allocation, progress invoicing, and workarounds for essential missing features.
08:04 🏗 QuickBooks Online may not be ideal for contractors, covering sub customers, chart of accounts, using bundles for lump sum projects, project costing workflows, and limitations in tracking job status.
18:58 🏗 Import pre-formatted chart of accounts for construction income, organize expenses, and categorize payroll and other income in QuickBooks Online for construction and contractors.
30:38 🏗 Import chart of accounts and item list templates, understand overhead and time/materials billing, deal with glitches in QuickBooks, create sub-customers and projects, and learn to use the conversion tool for sub customers and projects.
40:29 🏗 QuickBooks Online allows for easy tracking and calculation of construction costs, including labor, materials, and equipment, with the option to add a markup percentage for the final project price.
57:16 🏗 QuickBooks Online can track over and under on original estimates, allocate expenses to specific customers and projects, and improve cost allocation and profitability analysis for construction and contractors.
01:07:05 🏗 Reflect owner's labor as part of job cost using journal entries or zero net checks, allocate expenses to a job, create separate category account for owner's labor, and use timesheet method if payroll is turned on in QuickBooks Online for construction and contractors.
01:17:12 🛠 Identify vendors as 1099 contractors, set up subcontractors with email addresses, exclude materials from 1099 reporting, use QuickBooks Online for e-filing, and consider live training for constant software changes.
Thanks!