QuickBooks Tip:  How to Calculate Over/Under Billings

QuickBooks Tip: How to Calculate Over/Under Billings

Job Costing Tips, Reports
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…
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How To Create a Payroll Deduction Authorization Form Using the QuickBooks Letters function

How To Create a Payroll Deduction Authorization Form Using the QuickBooks Letters function

Payroll Tips, QuickBooks Tips & Tricks
Payroll deduction authorization forms should be completed, signed and kept on file for each employee who has money taken out of his/her paycheck for anything other than permissible withholding taxes.  Yes, it's more paperwork and yet another task that an already busy payroll clerk needs to perform - BUT - QuickBooks can help you automate this task by using the tools that are built right into the program! On Tuesday, we posted an article about Recording & Tracking Employee Personal Tool Purchases made on company credit cards or lines of credit with company vendors. In that blog post, the person who asked the question indicated that sometimes the workers purchased tools on the company American Express card and would write TOC for “Take Out of Check” on the receipt -…
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