13May 2010 by Nancy Smyth

QuickBooks Tip – Working With Contractors – Part 2

Be A Better Bookkeeper, QuickBooks Corner
The word "contractor" is a vague and widely misused term which cover everyone from the local handyman who makes repairs/improvements on your house to the contractor who is building or repairing a bridge on your local highway. Who are contractors? Understanding the different types of contractors and the roles that they play in the construction industry will enable you to realize just how different their QuickBooks accounting and compliance needs will be.  "Contractors" are "construction-related" businesses including: Your "local handyman" - who is a jack of all trades and does a little of everything. He will work on various "jobs" for private homeowners and usually bills on a Time & Materials or Cost Plus basis. General/Prime Contractors - A general contractor will take full responsibility for the completion of the…
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12May 2010 by Nancy Smyth

QuickBooks Tip – Working With Contractors – Part 1

Be A Better Bookkeeper, QuickBooks Setup & Cleanup
An infusion of federal infrastructure funding through the American Recovery and Reinvestment Act (ARRA) have had and will continue to put more contractors and their employees back to work.  Federal investment in Public Works projects will create jobs throughout the country and not just construction jobs. While additional public infrastructure projects will allow the construction industry to maintain their current workforce and will even necessitate hiring more workers.  You will also see contractors who have previously worked on other types of construction projects (residential and/or commercial) begin bidding on newly created Public Works projects. This will also encourage contractors to purchase equipment, thus preserving and creating manufacturing jobs. As a Certified QuickBooks ProAdvisor or Accounting Professional who is working with construction clients - you are entering into a very challenging…
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