QuickBooks has no built-in ability to handle stored materials, like many of the more costly construction specific software programs. This causes problems for contractors who need to generate AIA Pay Apps and need to make sure that their books (or accounting data) syncs with their AIA Applications for Payments.
Because the General Contractor allows billing of stored materials on the AIA Payment Application you also need to include the amount of stored materials on your QuickBooks Progress Invoice in order for your accounting records to match your AIA billing records.
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Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. Retainage or retention can be: a fixed percentage of the contract - such as 10% of the value of the contract, a variable rate - such as 10% of the contract until the contract is 50% complete; at which time it is then reduced to 5%, OR a variable rate - such as retainage is held at 10% on labor and 0% on materials.
The amount of retention that is held quite often signifies a portion of the contractors overall profit on the construction project. Continue reading
QuickBooks can handle both taxable and non-taxable customers and sales using the same item list. Find out how by watching this YouTube video. Continue reading
This week's Freebie is an AIA (G-702/G-703) Billing Training exercise. Continue reading
We've been testing, debugging, and documenting numerous certified payroll and AIA billing updates for the last few weeks - I've posted some of the information behind the changes here in our blog. Continue reading
Sam Subcontractor already uses QuickBooks, he has more complex job costing needs due to certified payroll reporting requirements, payments of prevailing wage fringe benefits and AIA billing. High overhead costs, specialized equipment, materials, labor charges are other things… Continue reading
An infusion of federal infrastructure funding through the American Recovery and Reinvestment Act requires contractors using QuickBooks to submit of certified payroll reports Continue reading