QuickBooks for Contractors
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About this ebook
QuickBooks for Contractors is a must have reference tool for construction professionals who want to get the most out of QuickBooks. Beyond the basic manuals and how to guides, this book answers “How do I get QuickBooks to …?”
This unique guidebook presents numerous workarounds and examples of practical applica
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QuickBooks for Contractors - Craig M Kershaw
QuickBooks for Contractors
Presented by:
Craig M. Kershaw, CPA, MBA
QuickBooks for Contractors
By Craig M Kershaw
Copyright © 2015 by Craig M Kershaw, The CFO Source, LLC
This eBook is licensed for your personal use only. This eBook may not be re-sold or given away to other people. If you would like to share this book with another person, then please purchase an additional copy.
All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.
For permission requests, write to:
The CFO Source, LLC
5515 Hudson Drive
Eldersburg, MD 21784
http://www.cfosource.net/
Ordering Information: Quantity sales. Special discounts are available on quantity purchases by corporations, associations, and others. For details, contact the publisher at the address above.
Orders by U.S. trade bookstores and wholesalers:
The CFO Source, LLC
5515 Hudson Drive
Eldersburg, MD 21784
Main category—Business & Money > Bookkeeping
Other category—Computers & Technology > QuickBooks
ISBN: 978-0-9977388-1-0
First Edition
Table of Contents
About the Author
Chapter One – Overview of Functionality
What Can QuickBooks Do for the Contractor?
Profit and Loss Statement Considerations
Balance Sheet Considerations
Determining the Level of Detail to Track
Chapter Two – Setting Up Jobs in QuickBooks
Chapter Three – Customizing Item Codes
Overview
Item Code Types
Setting Up Item Codes
Set-Up of a Service Item Code
Additional Information on Item Codes
Chapter Four – Creating and Using Estimates
Overview
Showing Multiple Lines for Revenue
Showing Single Line for Revenue
Chapter Five – Vendor/Subcontractor Transactions
Recording Vendor Bills to Jobs
Recording Vendor Refunds
Tracking Subcontractor Insurance Expiration Dates
Chapter Six – Using QuickBooks Payroll for Job Costing
Overview
Setting Preferences for Job Cost Payroll and Workers’ Comp
Using The Weekly Timesheet to Track Hours and Pay By Job
Workers’ Compensation Costing and Management
Modifying the Workers’ Comp Payroll Item Code
Setting Up Workers’ Comp Codes
Setting up the Experience Modification Rate
Setting Default Workers’ Comp Codes for Employees
Workers’ Compensation Reports
Generating Certified Payroll Reports
Using Company Contribution Payroll Item Codes to Charge Non-Payroll Expenses to Jobs
Dealing With the Problem of Payroll Item Codes That Only Post to One Account
Chapter Seven – Billing for Contracts
Billing for Prepayments/Deposits – Two Approaches
Approach One - Posting the Deposit to Accounts Receivable with a Credit Memo
Accounting Comment on this Approach
Approach Two - Posting the Deposit to a Current Liability Account
Progress Billing
Time
Expenses
Mileage
Items
Generating a Time and Material Invoice
Alternative Approach to Time and Material Billing
Retention Billing
Chapter Eight – Equipment and Vehicle Costing
Set-Up
Allocating Costs to Jobs
Chapter Nine – Inventory Costing
Overview
Setting Up and Using Inventory
Making Inventory Adjustments
Chapter Ten – Percentage Completion Accounting
Chapter Eleven – Functionality for Government Contractors
Costs Aggregation Approaches
Account Types
Accounts & Sub Accounts
Class Codes
Cost Allocation Approaches
Chapter Twelve – Reports
Reports to Review for Data Integrity
Expenses Not Assigned to Jobs
Unbilled Costs by Job
Job Profitability Reports
Summary Profitability Reporting
Individual Job Profitability Reports
Profit and Loss by Job
Job Profitability Detail
Job Estimates vs. Actuals Detail
Modifying and Memorizing Reports
The Expand/Collapse Function
Customizing Reports
Memorizing (and Retrieving) Reports
Appendices
Appendix A
Appendix B
Appendix C
About the Author
Craig Kershaw, CPA, MBA is the managing partner of The CFO Source, a Baltimore based consulting firm that provides senior level financial expertise to small and medium size businesses. With over 20 years of experience at the CFO and Controller level in transportation, construction, and service industries, he has worked with medium size businesses and Fortune 500 corporations, demonstrating excellence across the full range of financial management responsibilities—financing, treasury, accounting, risk management, information technology, and QuickBooks training. Craig is experienced in all levels of financial and accounting software, from QuickBooks to custom systems used in multi-billion dollar operations.
A Certified QuickBooks Pro Advisor since 2009, Mr. Kershaw has helped numerous clients set up, trouble shoot, and fine tune their accounting. He teaches continuing professional education courses to members of the Maryland Association of CPAs using his QuickBooks series, and regularly contributes articles on QuickBooks functionality for the Maryland Construction Networks Networked and Connected newsletter.
The CFO Source provides services to clients in the construction and contracting business, and the firm’s guidance in their financial matters empowers them to more efficiently and effectively track job costs and profitability, manage backlog, improve estimating processes, and produce accurate financial statements. The CFO Source’s clients receive training for tracking estimated costs versus actual, properly billing and collecting contract revenues, preparing percentage of completion information their lenders and sureties require, and worker’s compensation reporting.
Craig’s QuickBooks training series began as how to
instructions for clients wanting to record specific transactions. In many cases, the guidance could not be found in more basic manuals. The growing list of real user how to
solutions has developed into a series of books, allowing users to learn the breadth and scope of QuickBooks capabilities.
Chapter One – Overview of Functionality
Keeping track of the myriad of details necessary to run a successful contracting or construction business can seem like a daunting task. This