QuickBooks Tips – 5 Reasons to Use QuickBooks Group Items – Part 1
QuickBooks provides you with a powerful, and time saving tool within your items list, which is often under utilized and often misunderstood — the QuickBooks Group Item.
5 Reasons To Use QuickBooks Group Items:
- Creating and using Group Items is useful for quickly entering a group of individual items that you have already set up as single items in your Item List.
- Group Items are versatile – you can choose to print – or – not to print the items within the group, meaning you can track more detail than your customer needs to see.
- Group Items ensure that you don’t “leave something out” – which means lost dollars on your part.
- Group Items speed up the creation of Estimates and Invoices – imagine being able to pull in 19 items with a single click of a mouse.
- Group Items allow you to bridge the difference in units of measure used to buy and sell products or materials.
The following example deals with the CSI MasterFormat Cost Code section 03.20.00 for Concrete Reinforcing.
How to create a Group Item
In the QuickBooks Item list, you’ll want to have the individual items set up (03.21.00 through 03.24.00) as double-sided items.
Once these items are in place.
From the Item List, click the Item button at the bottom of the list window -> select New. From the New Item window choose Group from the Type drop down menu. In the Group Name/Number type in 02.20.00 Concrete Reinforcing, in the Item column select each of the individual components on the Concrete Reinforcing section. I’ve even added an Subtotal and Overhead & Profit item to the group. My group now contains a total of 10 line items.
IF you want your customer to see all 10 lines within the group, click into and place a check in the “Print items in group” option. IF you do not want your customer to see all 10 line items, leave this option unchecked and they will see ONLY 03.20.00 Concrete Reinforcing, while YOU still see all the detail.
How to Use the Group Item After It’s Created
Open an Estimate or Invoice form, click into the Item Column, find the Group Item and enter you cost amounts (enter costs ONLY if you are using an Overhead & Profit item within the group). As you enter the cost associated with each line item, QuickBooks calculates and updates the subtotal, overhead & profit (if the item is setup as a percentage), sales tax (if applicable), and Estimate total.
When you use the Item list for job costing (on vendor bills, checks, etc.) you would still job cost against the individual items in the item list.
Tomorrow, in Part 2, find out how to use Group Items to bridge differences in units of measure.
5 Responses to QuickBooks Tips – 5 Reasons to Use QuickBooks Group Items – Part 1
Leave a Reply
- QuickBooks 2015- The Good, Bad and Ugly, Part 1
- “Overstating” the Importance of Cost Reporting-Free Webinar
- QuickBooks 2015 Announced – Important System Requirements
- How do Amazon Merchants Reconcile in QuickBooks? Webinar
- Happy 14th Birthday Sunburst Software Solutions, Inc.
- Simple Controls You Can Put Into Place to Discourage Fraud
- Business Susceptibility to Theft and White Collar Crime – Are You a Target?
- Warning Signs & Red Flags of Fraud – Are Your Employees Stealing From You?
- Is Managing QuickBooks Purchase Orders Driving You Insane?
- Free Webinar-Identify and Safeguard Against Business Fraud
- Technology is Changing How We Submit Certified Payroll Reports
- Ask Me Anything – 10 Common Questions about Certified Payroll
- Are Your QuickBooks Payroll & Certified Payroll Processes Efficient?
- QuickBooks Tip: How to find “Notes” after an Upgrade
- QuickBooks Timely Payroll Alerts, Updates & Issues for 2013 Payroll Tax Returns
- QuickBooks Tip: How to Calculate Over/Under Billings
- Happy Holiday’s to you!
- Employee Reimbursements-Accountable vs Non-Accountable Plans
- Sunburst’s Weekly Wrap-Up of Popular Posts 12/2 – 12/8/2013
- Q & A: QuickBooks Employee Payroll Reimbursements & Job Costing
- Using Account Numbers in Your QuickBooks Chart of Accounts
- Straight from the IRS - Social Security Tax Reduced to 4.2%
- Calculating & Displaying Fringe Benefits on a Certified Payroll Report
- QuickBooks 2013 Upgrade Do's, Don'ts & Frequent Questions
- QuickBooks 2012 - Frequently Asked Questions About Upgrading
- QuickBooks Payroll Tip - Tracking Employee Advances or Loans
- QuickBooks Tip - Job Costing Starts With A Simple Item
- QuickBooks Tip-Handling Employee Reimbursements for Expenses
- QuickBooks Tip - Determing Cost of Goods Sold
- QuickBooks Creating a More Meaningful Payroll Expenses Section
- QuickBooks for Contractors Tip – Advanced Progress Invoicing
- QuickBooks for Contractors Tip – Basics of Progress Invoicing
- QuickBooks Tip - Child Support Garnishments
- Create a QuickBooks Job Cost Report With Hours & Payroll Costs
- New FHWA-1391 & 1392 Annual EEO Forms For Highway Contractors
- QuickBooks 2012 Announced
- QuickBooks Tip-Creating a Functional Payroll Liabilities Section
- Frequently Asked Questions - California Prevailing Wage
- QuickBooks 2012 - Best Practices & Tips for Installing an Upgrade
- QuickBooks Tip: Important Facts About Items Left as Billable