Reports | QuickBooks for Contractors blog

10Jan 2014 by Nancy Smyth

QuickBooks Tip: How to Calculate Over/Under Billings

The construction industry often requires that your financial statements be based on Percentage of Completion accounting practices - where you recognize revenue progressively throughout the life of the job. The Percentage of Completion is determined by dividing the costs to date over the current budget (Estimate). The current budget is defined as the original budget (Estimate) plus any approved change orders. An adjustment to the financials for overstated/understated revenue must then happen, because customer monies are often collected in advance of the work in job costing, you’ll want to state the true revenue on the financials carefully. Accounting guidelines recommend that you make your percentage of completion calculations based on Revenue Earned = (Total Costs to Date / Current Project Budget) x Current Customer Contract Sales Price. In reality, you…

26Nov 2013 by Nancy Smyth

QuickBooks at Year-End: Getting Ready for 1099’s

1099"s, Payroll Tips, Reports, Vendors & Accounts Payable

Here we are almost at year end and one of the tasks that we will soon be faced with in QuickBooks is getting ready to issue 1099's. According to the IRS, business owners must file Form 1099-MISC for each person to whom you have paid at least $10.00 in royalties or broker payments in lieu of dividends or tax-exempt interest; at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate; any fishing boat proceeds, or gross proceeds of $600,…

21Nov 2013 by Nancy Smyth

QuickBooks Year-End Tip – Tracking 1099 & W-9 Information

1099"s, IRS Information, Payroll Tips, Reports, Vendors & Accounts Payable

Every vendor record in QuickBooks provides you with a place to indicate if a Vendor is eligible for a 1099 and a spot for you to enter the Vendors tax ID number and I highly recommend that you utilize this functionality along with the ability to attach a completed W-9 to the Vendor record. You can enter this information by going to the Vendor Center, selecting and editing a Vendor record. Exactly where you enter this information will depend on what "year" version of QuickBooks you are using, I've included a couple of examples below to help point you in the right direction. [caption id="attachment_4362" align="aligncenter" width="300"] In QuickBooks 2012 - you'll enter 1099 information in the Additional Info tab.[/caption] [caption id="attachment_4363" align="aligncenter" width="300"] In QuickBooks 2014 you'll enter Vendor…

28Aug 2012 by Nancy Smyth

Tracking Timesheet Hours vs Hours Invoiced

Job Costing Tips, Payroll Tips, Questions from our readers, Reports

Tracking timesheet hours vs hours invoiced is crucial for a companies cash flow. See this question submitted by a reader. Hello Experts, I'm looking for a report so I can compare hours reported via the timesheet or really hours that have been paid out Vs. the hours that have been paid for or Invoiced. I've also noticed it is possible to add time to timesheets that have already been billed. Is there a way to prevent this? Thanks for your time and energy. Brian Hello Brian Thanks for stopping by and submitting a question. QuickBooks has some good time tracking reports, here are my recommendations for some reports for you to look at. The Time by Job Detail Report is available in all versions/flavors (Pro, Premier, Enterprise); access it from…

16Aug 2012 by Nancy Smyth

Billing Employee Time to Customers

Be A Better Bookkeeper, Customers & Accounts Receivable, Questions from our readers, Reports

Billing employee time on customer invoices is something that many business need to do - not just contractors who perform Time & Materials Billing. Making sure that you bill all of the time your employee(s) have spent working on specific jobs or tasks for customers is crucial and depends data that you've entered in QuickBooks. Here's a question from a reader. Hi Nancy- Thanks for the tips. I'm used to using the "Unbilled costs by job" report, however I am stumped when it comes to billable hours I've entered using the timesheet function. How do I tell if I need to create an invoice for a client to bill them for hours entered? Those hours do not show up on the "Unbilled costs by job report" !! Any help would…

01Aug 2012 by Nancy Smyth

Breaking Down Payroll by Job, Phase and Cost Code

Job Costing Tips, Payroll Tips, Reports

Breaking down payroll by job, phase, and cost code is something that I'm often asked about by the construction clients/customers that I work with. Construction payroll is probably one of the more complex payrolls that anyone can encounter, see this question submitted by a reader. I need payroll broken down by Job, then Phase (service item), then cost code. Is there a way to enter time in QuickBooks by three categories? Thanks, Susan Hi Susan Thanks for stopping by and submitting this awesome question! Actually, I'm asked this question a lot and have been working on an entire training series (eBook and several videos) about different ways that contractors can set up QuickBooks to handle even the most complex payrolls like this - unfortunately it won't be finished until…

24Aug 2011 by Nancy Smyth

Payroll Tip – Report for hours worked before creating paychecks

Payroll Tips, Reports

This QuickBooks payroll tip discusses how to create various reports for hours worked before creating paychecks - to ensure that your employees are being paid correctly and that your job costing will be accurate. An important part of running any business involves keeping track of how many hours your employees work on a specific job and/or task and then accurately paying your employees for those hours. This is especially true for accurate job costing - no matter what type of business you run. The amount of time spent on record keeping for payroll can be overwhelming for anyone and usually involves multiple people. This is especially true if you are still using mostly manual methods; for example back when I used to do the payroll for a contractor who had…

20Jun 2011 by Nancy Smyth

Create a QuickBooks Job Cost Report With Hours & Payroll Costs

Job Costing Tips, Payroll Tips, Reports

A QuickBooks tip for creating a job cost report that displays hours worked and payroll/labor burden costs. Creating a job cost report displaying the hours worked by employee, on a specific job or on all jobs, for a specific week or at the end of a job which includes payroll/labor burden costs can provide a contractor with vital job costing information so you can see if you correctly bid the number of man hours and payroll costs required on a job. NOTE: It is highly recommended that you start with a single pay period AND a single paycheck to ensure that your report is correct. Once the report is correct, memorize it and you can then either finish your payroll or change the dates to better suite your needs. From…

15Jun 2011 by Nancy Smyth

Creating a Job Cost Report With Hours Worked – QuickBooks Tip

Job Costing Tips, Payroll Tips, Reports

A QuickBooks tip for creating a job cost report that displays hours worked. Creating a job cost report displaying the hours worked by employee, on a specific job or on all jobs, for a specific week or at the end of a job can provide a contractor with vital job costing information so you can see if you correctly bid the number of man hours required on a job. Luckily, QuickBooks will provide you with this information through the Time by Job Summary or Time by Job Detail Reports, this article will teach you how to modify the reports for your business needs, however, in order for these reports to be useful you must enter employee hours using the QuickBooks Enter Time function. The Time by Job Summary Report From…

05Oct 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 11

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. These requirements remain unchanged from the original introduction in QuickBooks 2011.. In this last installment of our 11-part series on the Balance Sheet by Class Report, we'll discuss how you cannot use the Funds Transfer window to transfer funds between classes - instead you will have to make a journal entry to transfer funds between classes. As we discussed in Part 2, accounting professionals and end users will need to change their procedures when creating journal entries so that they were balanced, by making sure that when creating a journal entry that Debits MUST equal Credits…

04Oct 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 10

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report has specific requirements for entering Vendor Bills which are assigned to different/multiple classes, then entering a Bill Credit with a different proportion of the same classes created unbalanced classes on a Cash Basis Report and creates Account Payable misclassifications on accrual basis reports. The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. As of 9/29/2010 there is a "bug" that effects the Profit & Loss by Class report when it displays the final vendor payments, which then also adversely affects the Balance Sheet by Class Report. I have submitted this "bug" to Intuit and will come back and complete…

01Oct 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 9

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report was new in QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. and it gives users the option of selecting “Classes” (fund, location, profit center, or other category) as their column/class grouping. Over the last several days, I’ve been discussing and sharing some information about how we all will need to change our data entry procedures in order to utilize the Balance Sheet by Class Report available in QuickBooks 2011; little did I realize when I started delving into the specifics of this report, that making it work would be so complex. Previous QuickBooks 2011 – New Balance Sheet by Class Report Parts 1 - 8 include: Part 1,…

30Sep 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 8

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions; and it gives users the option of selecting “Classes” (fund, location, profit center, or other category) as their column/class grouping. Over the last several days, I’ve been discussing and sharing some information about how we all will need to change our data entry procedures in order to utilize the Balance Sheet by Class Report available in QuickBooks 2011; little did I realize when I started delving into the specifics of this report, that making it work would be so complex. Previous QuickBooks 2011 - New Balance Sheet by Class Report articles include: Part 1, we touched…

29Sep 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 7

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions; it gives users the option of selecting “Classes” (fund, location, profit center, or other category) as their column/class grouping. Over the last several days, I’ve been discussing and sharing some information about how we all will need to change our data entry procedures in order to utilize the Balance Sheet by Class Report available in QuickBooks 2011. In previous articles: QuickBooks 2011 – New Balance Sheet by Class Report – Part 1, we touched briefly on the fact that transactions will have to be entered in a very specific manner and there are many data entry…

28Sep 2010 by Nancy Smyth

QuickBooks 2011 – New Balance Sheet by Class Report – Part 6

QuickBooks 2011 - What's New?, Reports

The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions; it gives users the option of selecting “Classes” (fund, location, profit center, or other category) as their column/class grouping. Over the last several days, I’ve been discussing and sharing some information about how we all will need to change our data entry procedures in order to utilize the Balance Sheet by Class Report available in QuickBooks 2011. In previous articles: QuickBooks 2011 – New Balance Sheet by Class Report – Part 1, we touched briefly on the fact that transactions will have to be entered in a very specific manner and there are many data entry…