accounts receivable
Retainage Payable and Receivable – What’s the Difference?
To put it as simply as possible:
- Retainage Receivable is money that is owed to you, while
- Retainage Payable is money that you owe to someone else
QuickBooks Tip: Prior Amount Totals for Invoicing from Estimates
There are several ways of accounting for prior amounts invoiced when creating a new QuickBooks file and no two contractors will want the same level of detail. Continue reading
Planning Your Accounts Receivable Collections
If you are in a business like construction where the terms are frequently more than 30 days to begin with, then you definitely want to take a deeper look at what is in your accounts receivable balance and when you expect to collect it. Continue reading
QuickBooks Tip – An Audit Trail for Accounts Receivable
An "audit trail" for Accounts Receivable in QuickBooks is only one of the many complexities faced by government construction contractors. Learn various ways to get this type of information. Continue reading
Entering Job-to-Date Costs & Billing Data at the Item Level
A Guest blog post by Lorien Prince, CPA for a QuickBooks tip for entering Job-to-data costs and billing data at the item level when converting or archiving Continue reading
QuickBooks Payroll Tip-Tracking Employee Advance/Loan Repayments
Employee advance or loan repayments can be tracked as a QuickBooks payroll deduction automatically reducing the balance each time a paycheck is created. Continue reading
QuickBooks for Contractors Tip-Entering Job to Date Costs & Billing Data
Contractors switching to QuickBooks from another accounting program are often concerned about how to enter Job to Date Costs and Billing Data when converting, so they don't loose this vital information. Continue reading
Starting a New QuickBooks File? Benefits of the EasyStep Interview
When starting a new QuickBooks company data fle, some Chart of Accounts items are automatically created. Continue reading
QuickBooks 2011 – New Average Days to Pay Report
First introduced in QuickBooks 2011, however, also available in QuickBooks 2012, 2013, and 2014 The Average Days to Pay report lists paid invoices and statement charges; grouped by customer and job, and the number of days that it took the customer to pay. I can see that the Average Days to Pay Report would be a useful tool in helping all businesses, not just contractors, determine their projected cash flow. Continue reading
QuickBooks Tip – Modifying & Working with your QuickBooks Chart of Accounts
Setting up or modifying an existing Chart of Accounts is not an overwhelming task in QuickBooks. You can add, edit, or merge accounts with a a few mouse clicks. Continue reading
QuickBooks for Contractors Tip – Basics of Progress Invoicing
Progress Invoicing is a standard feature of QuickBooks® Pro, Premier, and Enterprise editions; each of these versions also offer several options for invoicing as well. In order to implement the Progress Invoicing function you must also utilize the QuickBooks Estimate function – this will eliminate repetitive data entry and help you achieve good job costing reports, such as Estimate vs. Actual reports. Continue reading
QuickBooks Tip – Handling Retainage
Retention or retainage is usually a specific percentage, for example 10%, of the total contract that is held back by the project owner in reserve to protect the owners interest. QuickBooks users must initiate work-arounds and make QuickBooks track retainage that is held on each progress invoice. Continue reading
QuickBooks Tips – Posting Transactions – Date Sensitivity
QuickBooks automatically prefills the date field in every transaction you create (Enter Bill, Write Checks, Create Estimate, etc.) and report that you generate. In many cases, the date that QuickBooks provides you with is not the correct date that you need. Continue reading
Contractors Using QuickBooks Have Special Bookkeeping Needs
The construction industry has some very specific bookkeeping and accounting requirements. In addition to Payroll, Accounts Receivable, and Accounts Payable functions, they need to be able to have systems to handle Estimating, Job Costing, Overhead, Billing and/or Invoicing, Project Management, Scheduling, and Customer Management - just to name a few. Continue reading
About Your Host:
Nancy Smyth, Sunburst Software Solutions, Inc.QuickBooks Construction & Payroll Expert
I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.
QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.
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