purchasing
Entering Bills or Checks in QuickBooks – Items vs. Expenses
Your business spends money on a wide variety of things - employee payroll, payroll taxes, office supplies (such as paper and envelopes), utility bills, things that you purchase to resell to others, and goods or services from others are just a few examples. In essence every penny that your business spends is an expense to your business - but how you record the purchase in QuickBooks does make a difference. When entering bills, checks, or even credit card purchases in QuickBooks you have the choice to use an Items or Expenses tab - choosing the Items vs. Expenses tab will depend on what the money being spent was for. Continue reading
Estimates vs. Purchase Orders: What’s the difference?
Estimates and Purchase Orders can be created using QuickBooks. Many people want to know what the difference between the two are and when it is appropriate to use them. Continue reading
Estimate to Purchase Order Blues
In QuickBooks it's possible to create an Estimate and then from the Estimate create a Purchase Order, Sales Order, Invoice or even a letter - but there are some drawbacks to these features as noted in the question below, submitted by a reader. Continue reading
QuickBooks Tip – Understanding QuickBooks Inventory Cost
If you are using QuickBooks to manage your inventory, you need to understand how QuickBooks deals with the cost of inventory items. Guest blogger, Charlie Russell explains how QuickBooks handles these costs. 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
QuickBooks 2011 New & Improved Purchase Order Reporting
First introduced in QuickBooks 2011, however, also available in QuickBooks 2012, 2013, and 2014. Intuit has finally fixed the Purchase Order Reporting to ACCURATELY display open balances, without a lot of additional manipulation by the user. My overall opinion is that for any company that issues Purchase Orders, this is a marked improvement in the overall functionality of QuickBooks. Continue reading
QuickBooks 2011 Available Beginning September 27, 2010
The news we have all been waiting for – QuickBooks 2011 announced.
According to a press release from Inuit, QuickBooks 2011 will be available to purchase beginning on September 27th 2011 directly from Intuit and Authorized QuickBooks Affiliates (such… Continue reading
QuickBooks Question – Inventory for Contractors
A reader asked the following question:
We are a small contractor in San Diego and we are wondering how we get around having to always do an inventory adjustment to get our purchases to the correct COGS account? We… Continue reading
QuickBooks Tip – Construction Accounts Payable
If you think that job costing is all it takes to have a good construction accounting system – think again! You need a firm handle on your costs and QuickBooks when properly setup and used does a very good job, however, you also need to be able to control those costs. Continue reading
QuickBooks Tip – Job Costing Starts With A Simple Item
Job costing in QuickBooks starts with the Item List. When you tell this to most contractors they respond with “Items --- I don’t sell ITEMS --- what does Items have to do with construction????? Continue reading
QuickBooks Tip – Determing Cost of Goods Sold
I tell my clients that Cost of Goods Sold (COGS) is any cost incurred that directly relates to getting the sold goods out the door. I have them ask the question "Would you have this expense if you hadn't made the sale?" Continue reading