We have one vendor that we buy the majority of our materials from, so we have a lot of different Purchase Orders for that vendor. My problem is, a lot of times our Subcontractors or Vendors don’t reference our Purchase Order number on their invoices, only the job – so I have a hard time figuring out which of the Purchase Orders the bill belongs to. I’ve created Excel spreadsheets for each job which lists all of the Vendors we’ve created Purchase Orders for, the Purchase Order Number, cost/Item code, the amount of the PO, when we received the bill from the Vendor, and whether or not the PO was received in full or not. This worked fairly well, for awhile, but now it’s driving me insane! Is there anyway that I can get rid of my spreadsheets and track the job and cost codes for my Purchase Orders in QuickBooks? Continue reading
Ask any business owner how efficient he thinks his payroll and certified payroll processes are and I'm betting he'll either say "oh they are very efficient" or "they could be better". I attended a really great webinar called "A Tale of Two Payroll Processes" a couple of weeks ago, hosted by CPA Practice Advisor and presented by TSheets. During this webinar I learned some alarming facts that immediately took me back about 15 years to a time when I was doing a ton of payroll and certified payroll processes manually and literally wanted to tear my hair out. Continue reading
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
The June 2010 edition of the QuickBooks for Contractors Newsletter, published on a quarterly basis by Sunburst Software Solutions, Inc. is now available.
- Determining Equipment Costs per Hour –… Continue reading
Contractors will purchase QuickBooks because they hear it's drop dead simple to use or another contractor suggests they purchase it to help them keep track of their accounting needs - so off they go to the local office supply store and come home with their QuickBooks software, they get the program installed and crack open the manual.........only to discover that while they can read a set of blueprints the QuickBooks manual is like reading Greek! Continue reading