percentage-of-completion method
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
An Introduction to Progress Invoicing
If you are a subcontractor, sometimes the General Contractor will have a form that they insist you use (instead of your own invoice form), other times they may insist that you submit your progress billing on an industry standard billing form – such as the AIA G-702 & G-703 forms developed by the American Institute of Architects – or similar plain paper forms containing the same information. Continue reading
QuickBooks Tip 10 Plus Methods of Accounting for Construction Contracts
A contractor will need to select a specific long-term contract accounting methods - possibly with different methods for it's exempt and non-exempt contracts - and also selects sub-treatments for the classification of contracts and the allocation of indirect costs. Continue reading