Be A Better Bookkeeper
Being a bookkeeper or office manager for a construction business is one tough chore! There are thousands of little things that you have to keep track of and manage on a daily basis and there is always something “special” that your boss needs you to keep track of. Who has time to pick and poke around QuickBooks to see if you can automate a task? As a result, we all end up, at one point or another, resorting to a trusty Excel spreadsheet track something special. The result – fragmented data or information all over the place. These tips will help you to handle specific tasks.
A recent QuickBooks Payroll Update has caused the Print function to be disabled for W-2's, 1099's and all quarterly/year end reports. You can save them to PDF and then print them to your printer, but it's an extra step and a PIA. Continue reading
Using Purchase Orders in QuickBooks can help you to ensure that your Subcontractors or Material Suppliers do not charge you more than what they originally quoted you for a price and the Open Purchase Order by Job Report can help you to see how much in committed costs there are left on your jobs. Both very valuable pieces of information.
Having said that, you do have to use the QuickBooks Purchase Order function correctly and there are several pitfalls that can happen, that you will want to avoid.
This post provides you with tips for effectively using QuickBooks Purchase Orders as well as entering Bills against those Purchase Orders. Continue reading
Which version of QuickBooks do you prefer? QuickBooks Desktop or QuickBooks Online? I'm a desktop gal all the way, more functionality, better job costing reports, payroll that is REALLY integrated with all the detail available and no dependency on the internet! Continue reading
In this webinar, "Overstating" the Importance of Cost Reporting, we will be discussing how business owners rely on accurate, timely, and relevant status reports from their management team in order to make key decisions. Procedures for project controls and record keeping become indispensable tools to managers and other participants in the process. Continue reading
One of the biggest struggles for merchants that sell on Amazon Seller Central; or participate in Amazon FBA is how to reconcile their orders with the payments received. Amazon pays their merchants either weekly, bi-weekly, or in some rare cases daily. The majority of merchants I work with are paid bi-weekly or weekly. They also combine all types of payments in your settlement; making it almost impossible to truly see the details behind Seller Central versus FBA sales. Continue reading
We have one vendor that we buy the majority of our materials from, so we have a lot of different Purchase Orders for that vendor. My problem is, a lot of times our Subcontractors or Vendors don’t reference our Purchase Order number on their invoices, only the job – so I have a hard time figuring out which of the Purchase Orders the bill belongs to. I’ve created Excel spreadsheets for each job which lists all of the Vendors we’ve created Purchase Orders for, the Purchase Order Number, cost/Item code, the amount of the PO, when we received the bill from the Vendor, and whether or not the PO was received in full or not. This worked fairly well, for awhile, but now it’s driving me insane! Is there anyway that I can get rid of my spreadsheets and track the job and cost codes for my Purchase Orders in QuickBooks? Continue reading
If you are anything like me, you've kept notes about Customers, Vendors, and Employees in QuickBooks for years - sometimes these notes were just little things like the name and extension of the really on the ball sales rep of your biggest vendor, the architect name and phone number for a job, or when an employee reached a specific milestone like change apprentice levels. These notes were clearly visible when we looked at the employee, vendor, customer or job record and helped us to see or find these little tidbits easily.
New versions of QuickBooks still contain our notes - they just aren't readily available when we click on an employee, vendor, customer or job record. This post is about a QuickBooks tip on finding employee, vendor and customer notes after upgrading to a new version of QuickBooks. Continue reading
You can easily calculate Over/Under Billings and Percent Complete from QuickBooks data IF:
- You create an Estimate for EVERY job/project
- You've modified the QuickBooks Estimate Template to include Cost and Markup columns and you utilize those columns when building your Estimate
- All of your "Items" have been set-up to capture BOTH revenue and costs (double-sided items)
- You enter ALL job related employee time and vendor costs using double-sided items
- You create Job Types for Over/Under and Completed (with sub-types for years) and assign them correctly to your jobs
IF all of these things are currently in place in your QuickBooks file, this is how you can create a simple Over/Under Billing Report with Percent Complete WITHOUT hours of manual calculations. To learn how, read the full blog post. Continue reading
The IRS has very strict rules about how a business should handle employee reimbursements.
If you make the payment under an accountable plan
, deduct it in the category of the expense paid. If you make the payment under a non-accountable plan
, deduct it as wages and include it in the employee’s Form W-2.
Avoiding paying unnecessary taxes on employee reimbursements involves keeping detailed and accurate records separating out how much your business spends on different types of expenses. Continue reading
This Q & A discusses employee payroll reimbursements and job costing in QuickBooks. Continue reading
The end of the year is fast approaching and we are all getting geared up to issued 1099's to Vendors and W-2's to employees.
Making sure that we issue 1099's to the appropriate Vendors is a task that we all need to pay attention to.
This article talks about several reports that you can create in QuickBooks that will help you to make sure that your 1099 information is up to date by performing a self-audit of your records. Continue reading
With the end of the year quickly coming – I thought it might be a good time to discuss how you can track Vendor/Subcontractor 1099 information in QuickBooks. While actually issuing 1099’s is only a once a year event – if you plan and prepare all year long you’ll be in good shape.
Thankfully QuickBooks provides with the tools and ability to track 1099 payments to subcontractors as well as the ability to generate these forms at year end - but if you don't know about (or use) these tools; well you are in for a tough time. Continue reading
Most of us strive for an organized work space and a clean desk – if not on a daily basis at least once in blue moon. But few of us ever think about including our QuickBooks file when we think of “cleaning up at year end”. You probably think I’m a little nuts, right? Well maybe I am, but…… Continue reading
Payroll management isn't an easy task and certainly involves more than just getting paychecks distributed in a timely manner. One area that businesses seem to have a hard time with is putting a plan in place to ensure payroll deduction authorization forms are properly collected and errors are prevented. Payroll deduction authorization forms are a must if you are taking money out of an employees paycheck for anything other than required payroll taxes. Yes, I know - more paperwork! You can implement a simple system in which the authorization forms can be numbered as they come in and a log may be maintained to help keep track of the forms. QuickBooks can help you to automate this process and even help you store this information electronically by attaching the authorization form to the employee record.
Also, be sure to let employees know when the deductions will take effect. Generally, deductions would activate during the following payroll processing period after they were received. Continue reading
Quite often, especially in the construction industry, an employee will purchase tools for their own personal use; either using a company credit card or through a tool vendor account. While most employers don't mind an occasional purchase such as this, it's important for you (as the bookkeeper) to track this information and make sure that the employee actually pays the company back for these purchases. This blog post will provide you with instructions on how to track this in QuickBooks and provide tips for handling this situation if you use an outside payroll service. Continue reading