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When you work in the trades, QuickBooks® may seem daunting. However, QuickBooks Online’s new Projects Center has the tools you need for construction and other project management bookkeeping.
Royalwise has designed this class to be specific to construction and project-based jobs. QBO helps with cost accounting, including time & materials contracts, percentage of completion, and at-a-glance profitability reports. We’ll cover Estimates, Progress Invoicing, Change orders, taking Deposits, receiving partial Payments, billing for time and materials, and Job Costing.
We’ll also touch on construction-specific billing issues including Retainage and Work-in-Progress (WIP reporting).
Sign up now so you can learn to confidently use the amazing new Projects Center to quickly and easily manage all of your finances and transactions, making it easy to stay organized, run reports, and track your progress.
In this Projects, Progress Invoicing, & Job Costing class, you’ll learn about:
- Projects
- Creating estimates
- Closing estimates
- Converting estimates to invoices
- How to track change orders
- Doing progress invoicing
- Taking deposits
- Taking partial payments
- Issuing customer statements
- Making bank deposits
- Making time and materials expenses billable to customers
- Creating Journal Entries for payroll and expense job costing (and class costing)
- Creating $0 Paychecks for Owner's time
- Running job costing reports
- Subtracting Retainage
- Calculating Work-in-Progress (WIP)
After completing this course, you will be able to:
- Identify the features in the Projects Center to manage construction and other job-based activity
- Describe the process to send estimates and milestone invoices to clients
- Recognize a variety of job costing reports.
- Identify the steps to assign expenses to clients for job costing and invoicing
- Review a variety of methods to calculate labor costs
- Describe the process for managing client deposits, retainage, and WIP
Questions & answers about this class:
Q: What is the focus of the "Projects, Progress Invoicing, & Job Costing in QuickBooks Online" class?
A: The class focuses on construction and project-based jobs, utilizing QuickBooks Online's Projects Center for cost accounting, progress invoicing, and job costing.
Q: How can QuickBooks Online's Projects Center benefit professionals in the trades?
A: QuickBooks Online's Projects Center provides the necessary tools for construction and project management bookkeeping, making it easier for professionals in the trades to manage their finances and transactions, stay organized, run reports, and track progress.
Q: What is the purpose of progress invoicing?
A: Progress invoicing allows for invoicing clients based on project milestones or completed stages rather than billing for the entire project upfront or at the end. It helps maintain cash flow during longer projects.
Q: What is job costing, and why is it important?
A: Job costing is the process of tracking and allocating costs to specific jobs or projects. It helps determine the profitability of each job and provides insights into cost control and resource allocation.
Q: What is retainage, and why is it relevant in construction billing?
A: Retainage refers to a portion of a contractor's payment that is withheld until the project is complete, typically as a form of security. In construction billing, it is important to understand retainage as it affects cash flow and financial reporting.
Q: What are $0 paychecks, and why are they used for owner's time in job costing?
A: $0 paychecks are used in job costing to account for the value of the owner's time contributed to a project without incurring an actual expense. By creating $0 paychecks, you can include the owner's time in job cost reports for accurate analysis.
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Instructional Level Intermediate Course Length 2.75 hours Course Credits 2.75 CPE, Certificate of Completion Field of Study Computer Software & Applications Delivery Method QAS/Self Study Who should take this class?
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