Vendors & Accounts Payable | QuickBooks for Contractors blog

05Jan 2011 by Nancy Smyth

QuickBooks Tips-Year End Tasks for Filing Taxes; 1099’s

The end of the year always adds even more tasks to your already busy schedule, and sometimes it is simply overwhelming and I’ve often been asked – “What do I need to do?” Intuit has built a very good “QuickBooks Year-End Guide/Checklist” and it’s included right in your QuickBooks program by going to the Help Menu and choosing Year-End Guide. Over the next few days, we’ll cover each topic listed in the Year-End Guide, and offer some additional tips on each of the three sections: Tasks to prepare for filing taxes, Tasks to do if you use subcontractors, Tasks to do if you have employees and some Tips for the upcoming year. Tasks to do if you use subcontractors Ensure that 1099 info is correct – the IRS requires that…

18Nov 2010 by Nancy Smyth

QuickBooks Tip – Purchase Orders & Estimates Posting Status

Customers & Accounts Receivable, Vendors & Accounts Payable

When a Purchase Order, or even an Estimate, actually posts to your accounting and/or job costing numbers sometimes causes confusion for QuickBooks Users. For example - as a contractor you issue a Purchase Order for $10,000.00 to a subcontractor for excavation work on one of your projects. The Purchase Order becomes part of your accounting records, you can pull it up and look at it ..... but now you are left wondering how does the cost of that subcontract get into your job costing for the project. Is it when the PO is created or when you post the subcontractors invoice (bill) against the PO. Both Purchase Orders and Estimates are non-posting transactions, meaning that you can created them, save them, print them, and even distribute them; but in reality…

16Sep 2010 by Nancy Smyth

QuickBooks 2011 New & Improved Purchase Order Reporting

QuickBooks 2011 - What's New?, Reports, Vendors & Accounts Payable

First introduced in QuickBooks 2011, however, also available in QuickBooks 2012, 2013, and 2014; new and improved Purchase Order Reporting. The Open Purchase Orders Detail report is new in QuickBooks 2011 versions (Pro, Premier and Enterprise 11.0). As the name implies, the report displays items (cost codes) that haven't been received in full. I'm excited to see that after many years, Intuit has finally fixed the Purchase Order reports to ACCURATELY display open balances, without a lot of additional manipulation by the user. To find the new report, from the Report menu in QuickBooks Pro and Premier 2011 and Enterprise 11.0 -> Purchases -> Open Purchase Order Detail. [caption id="attachment_982" align="aligncenter" width="297" caption="Right click on the image to enlarge it."][/caption] This report lists Purchase Orders by Items or Cost Codes…

29Jun 2010 by Nancy Smyth

QuickBooks Tip – Construction A/P – Tracking Subcontractor Insurance

Free & Fee-Based QuickBooks eBooks, Questions from our readers, Vendors & Accounts Payable

A reader wrote to ask the following question: I have a vendor (subcontractor) whose general liability insurance expired. In QuickBooks I was able to produce a check for them. How do I QuickBooks to notify me that their insurance has expired? Answer: Unlike some of the more costly construction specific software programs out there, QuickBooks wasn't designed to prevent us from generating a check to a Vendor/Subcontractor whose General Liability or Worker's Compensation insurance has expired. The QuickBooks Premier (or Enterprise) Contractor edition does have a "section" in the Additional Info tab of the Vendor Record where you can enter an expiration date for both Worker's Comp and General Liability insurance - and if you enter dates in these fields you will get a warning when using a vendor whose…

28Jun 2010 by Nancy Smyth

QuickBooks Tip – Accounts Payable – Vendor Bill Approvals

Questions from our readers, Vendors & Accounts Payable

A reader asked the following question: Do you know of a good method for indicating or tracking that a vendor bill is approved for payment? Answer: Technically, the bill should be approved before it is input into QuickBooks; and generally indicating on the front or face of the document/purchase order/voucher/vendor invoice or whatever you happen to call it, is usually the relied upon method. 1. Purchasing inexpensive “custom printed stamps” is probably one of the easiest ways in which to start the process. When ordering custom made stamps you can include lines with places for accounting to approve the document signifying that the invoice had all pertinent documentation attached, that the dollar amounts matched, and the date that the invoice was received. Be sure that there is another line or…

24Jun 2010 by Nancy Smyth

QuickBooks Tip – Construction Accounts Payable

Job Costing Tips, Vendors & Accounts Payable

If you think that job costing is all it takes to have a good construction accounting system – think again! You need a firm handle on your costs and QuickBooks when properly setup and used does a very good job, however, you also need to be able to control those costs. In almost every other industry, the Accounts Payable function is strictly a clerical function, found only in the accounting department. Most construction managers know that subcontract and purchase order control can only be achieved with a good accounts payable system in place. As much as 75% of your Accounting Department’s time is spent on the Accounts Payable process. Receiving and paying invoices is a constant, on-going process. Therefore, it had better be good. The problems of having to handle…

Category: Vendors & Accounts Payable