generally accepted accounting principles
QuickBooks Tip: How to Calculate Over/Under Billings
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
Construction – Tools & Tax Tips
How do you know when you can expense a tool and when you should capitalize a tool and depreciate (expense) it over time? Guest blogger Joyce M. Washington provides you with some tips. Continue reading
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
QuickBooks for Contractors Tip – Receiving & Applying Joint Checks
A contractor will receive a joint check from a General Contractor to pay their subcontractors or material suppliers. Learn how to receive & apply joint checks. 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 Tip – How To Customize Invoices
A QuickBooks tip about how to customize invoices without purchasing pre-printed forms from guest blogger Jo Ellen Peters of Top Notch Bookkeeping. Continue reading
QuickBooks Tip-Creating a Functional Payroll Liabilities Section
A QuickBooks Payroll Tip for creating a more functional Payroll Liabilities section on your Chart of Accounts in 3 Steps 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
QuickBooks Payroll Tip-Setting Up General Liability Insurance Tracking
QuickBooks Payroll, when properly set up, is capable of tracking and including the cost of your General Liability Insurance in job costing reports. Continue reading
QuickBooks Tip-Tracking Retainage Payable to Subcontractors
There are two possible ways to track retainage that you owe to your subcontractors; one method utilizes a Sub-Account of Accounts Payable, called Retainage Payable, and the other method utilizes an Other Liability Account, called Retainage Due to Subcontractors. Please review the setup and use of both methods, and choose whichever one seems more appropriate for your use. Continue reading
Freebie Friday-Bookkeeping & Accounting Tasks Schedule
We've compiled a list of daily, weekly, monthly, quarterly, and annual bookkeeping and accounting tasks to help you stay on track. Continue reading
QuickBooks Tips – Year End Tasks for Filing Taxes
In this article, we’ll cover each topic listed in the Year-End Guide, and offer some additional tips on each of the three sections: Tasks to prepare for filing taxes, Tasks to do if you use subcontractors, Tasks to do if you have employees and some Tips for the upcoming year. Continue reading