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QuickBooks For Contractors

Mark Smolen

Would you like to go quickly from beginner to expert for everything that contractors could need when using QuickBooks Desktop? This ground-breaking new course will give self-employed contractors and construction companies everything they need in QuickBooks Desktop. With this course, you can easily keep financial records of a company that has contracts for physical and intellectual work done over a period of time, for clients who pay as the work is done.

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Would you like to go quickly from beginner to expert for everything that contractors could need when using QuickBooks Desktop? This ground-breaking new course will give self-employed contractors and construction companies everything they need in QuickBooks Desktop. With this course, you can easily keep financial records of a company that has contracts for physical and intellectual work done over a period of time, for clients who pay as the work is done.

Self-employed contractors and their bookkeepers have unique challenges that relate to the bookkeeping and record keeping requirements. This type of company has more data to keep track of and report on than most other types of companies.

These features in QuickBooks Desktop can be used for any other type of company that needs to: Track time by job, allocate cost by job and use the percentage of completion method of progress invoicing, bill clients for job expenses and time of subcontractors.

This special and revolutionary QuickBooks Desktop video course shows each action that any contractor would need to take while servicing clients as well as tracking costs, progress and profits. You don’t need any prior knowledge of QuickBooks Desktop, Computers or Bookkeeping in order to start this course. Everything you learn is shown with a clear, step-by-step explanation that makes learning easy and fun.

This course starts with the most basics of the set up and builds slowly until you are an expert in QuickBooks Desktop regarding everything contractors could need when keeping financial records.

I have helped thousands of contractors with these helpful and easy to follow bookkeeping techniques. They are easy to understand and simple to execute. They will definitely work for you. This QuickBooks Desktop course is guaranteed to show every possible type of transaction and situation that a construction/renovation type of company, or any tech company that bills over time-based contracts, could need to enter into QuickBooks Desktop. It has basic, step by step directions that are fool proof.

These special but smooth ways of using QuickBooks Desktop are methods that contractors should and must use QuickBooks Desktop for their law firm. It will work with ANY version of the QuickBooks Desktop software; regardless of what year or version you have.

There are "follow-along" files for you to download for each separate video. You could just use the same file for all videos if you want to follow the course and repeat what you see for better learning. The tpoics include:

Creating A Contractor Company File In QuickBooks Desktop

Input The Specific Chart of Accounts That A Contractor Would Need In QuickBooks

Navigate The QuickBooks Destop File

Set Up And Manage The QuickBooks Online Items List For Contractor Use

Set The QuickBooks Preferences, Settings And Options That Contractors Need

Create Estimates From Contracts, Create Invoices From Estimates

Use "Progress Invoicing", To Track The Progress Of Jobs

Create And Manage Change Orders

Record Receiving Deposits From Customers / Clients

Find Everything Input In To The QuickBooks Contractor File

Determine Profit Or Loss By Job

Bill Customers For Reimbursable Expenses

Track Workers Time

Bill Clients For Workers Timesheets And Time Slips

Record Retention Withholdings and Bill For Retention Payments

Bill Clients For Remaining Retainage Paymnet

Make A Budget By Job And See Budget V.S. Actual Transactions

Find Job Invoices By The Bills They Were Placed On

Use Expense Items And 2-Sided Items When Billing Clients

Use Billing Items From The American Institute Of Architechs

Have Options To Enter A.I.A. Billing In To QuickBooks

The most helpful part, is that you should contact me immediately to address any question, issue or concern you have about the course.

I'm right here for you if you have any questions or need support. I hope you learn well and enjoy the course.

-Mark

Enroll now

What's inside

Learning objectives

  • Perform every related quickbooks task that a contractor company would need
  • Manage estimates, change orders and progress invoicing
  • Input job costing information in to checks and bills from vendors
  • Reimbursable expenses
  • Mark checks and bills as billable
  • Input and manage time sheets, time slips and mileage documnets
  • Calculate salary per job (or by job)
  • Cost per item unit for materials used
  • How to bill for retention and record retention payments
  • Anyone who needs to make a budget by job and see budget v.s. actual transactions
  • How to find vendors bills by job invoice and find job invoice by vendor's bills
  • Use complex items and description fields for progress invoicing precision
  • Use american institute of architecht's items list for multi-million-dollar contracts
  • Use a.i.a. billing in conjunction with quickbooks
  • Show more
  • Show less

Syllabus

How to record any income related event for a contractor like: estimates, change orders and progress invoicing

This QuickBooks training course will show you every possible thing that QuickBooks can do for a contractor company. You will learn in QuickBooks how to:

Set up a QuickBooks Contractor file

Input The Specific Chart of Accounts That A Contractor Would Need In QuickBooks

Manage And Customize The Icon Bar

Set Up And Manage The QuickBooks Items List For Contractor Use

Set The QuickBooks Preferences For The Options And Settings That Contractors Need

Create Estimates From Contracts, Create Invoices From Estimates

Use "Progress Invoicing", To Track The Progress Of Jobs

Create And Manage Change Orders

Record Receiving Deposits From Customers / Clients

Find Everything Put In To The File

Determine Profit Or Loss By Job

Bill Customers For Reimbursable Expenses

Track Workers Time And Mileage By Job

Calculate Salary Expenses Per Job

Record Retention Withholdings and Bill For Retention Payments

Cost Per Item Unit For Materials Used


These features in QuickBooks can be used for any other type of company that needs to: Track time and mileage by job, allocate cost by job and use the percentage of completion method of progress invoicing.

This unique QuickBooks learning tutorial even includes videos for Contractor's 'retention" and shows how to account for and bill for retention at the end of a contract.

There are 'follow along files” for each lecture so you can follow step by step. This makes learning QuickBooks Easy and fun.

The course is made with QuickBooks desktop for windows. However, the ideas apply to QuickBooks online as well as QuickBooks for Macintosh and Enterprise Solutions.

I'm right here for you if you have any questions or need support. I hope you learn well and enjoy the course!

-Mark

Read more
Create Contractor File

You will see what defaults, settings and options you must have in the preferences window when setting up QuickBooks for Contractor use

You will put shortcuts in the Icon Bar for the windows that contractors usually use. Some of the shortcuts are Customized Reports that contractors need

There are specific Accounts in the chart of accoutns that contractors need. You will learn what the chart of accounts is and how contractors use it

You will see what items a contractor needs and how to use the items list for a contractor business

We will explore the contractor file that is set up for you. We will finish the set up for things that are specific for contractors

We will learn what "jobs" are and how to set them up and manage them

We will learn how to customize QuickBooks transaction documents to fit the needs of a contractor.

We will learn how to create estimates for clients and how this effects the financial reports

We will see "progress invoicing" in action and see how to match the estimates with the invoices 

We will see how invoices from estimates effects the reports that show the percent completion of a job

We will learn how to record receiving payments from clients

We will learn how to record "advanced" payments from clients such as "deposits" or "down payments"

We will learn how to record and manage change orders

This video will show you how to find anything you put in to the file

Enter bills and checks with"job costing", Bill clients for reimbursable expenses , enter workers time and milage

You will learn how to find the profit and loss for each job. You will leanr how to track expenses by job

You will learn how to bill clients for reimbursable expenses

You will learn how to change the default behavior (settings) of billable options in the prefernces window so that quickbooks will bill the way you want.

You will learn how to charge a client more than what you paid for reimbursable expenses.

You will learn how to bill clients for items that are from the items list

You will learn how to record and manage workers time by using time slips

You will learn how to record and manage workers time by using time sheets

You will learn how to record and manage workers vehicle mileage driven for a particular job

You will learn how to allocate your workers salary checks so you will know how much it cost you for each worker on each job

This is a special video that shows the "Mark Smolen" method of handling Retention. Retention is a small amount withheld from each invoice until the end of the job. This video will show you how to adjust your invoices for retention and even show you how to bill for retention to your clients.

There is no follow allong file for this video

Receving The Final Retention Payment
You can send an invoice for the final retainage payment. You can make a budget by Job and you can find bills by invoices and learn about things that go in multi-million-dollar contrracts
Billing For The Final Retainage Paymnet
Creating A Budget For Each Job
1-SIDED EXPENSE ITEMS
2-SIDED EXPENSE ITEMS
Finding Job Invoices By Job Bills And Checks
Using Billable Items In QuickBooks With Trade Services From A.I.A
Billing In Quickbooks According to A.I.A. Invoicing Format

This was something that I made for one of my contractor clients. I realized that all contractors could benefit from this.

It is an excel sheet that can tell you the cost per unit of materials that you will use on a job. This will help you estimate the cost of materials needed for an upcoming job

Check Your Skills And Knowledge Here
Final Project Practical Test
Final Multiple Choice Knowledge Check
What Next To take In QuickBooks ?
Bonus

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Intended for self-employed contractors and bookkeepers who work in construction or similar specialty trades that require unique financial record-keeping practices
Beginners can start with little to no prior knowledge and proceed through incrementally more complex topics until they reach the level of expertise required
Tailored to businesses that require job costing, percentage of completion method, and progress invoicing, which are essential features for tracking progress and profitability
Covers advanced topics like AIA billing, retention payments, and budget creation by job, which are highly relevant to the construction and renovation industries
Offers a comprehensive approach to QuickBooks Desktop for contractors, addressing all aspects of financial management, from initial setup to advanced techniques
Taught by an experienced instructor with a proven track record in helping contractors streamline their bookkeeping and improve profitability

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in QuickBooks For Contractors with these activities:
Set up a QuickBooks Desktop Practice File
Starting with a practice file will enable you to practice safely without altering your actual financial data.
Show steps
  • Find And Download The QuickBooks Practice File
  • Open QuickBooks And Create A New Company File
  • Open The Practice File In QuickBooks
Review general accounting principles
This will improve your understanding of financial reporting concepts covered in the course.
Browse courses on Accounting Principles
Show steps
  • Review fundamental accounting concepts like assets, liabilities, and equity.
  • Learn how to record business transactions using accounting equations.
  • Prepare basic financial statements like income statements, balance sheets, and cash flow statements.
Watch tutorials on QuickBooks features
Get familiar with QuickBooks features essential for contractors, such as job costing and progress invoicing.
Show steps
  • Search for QuickBooks tutorials on YouTube or other online platforms.
  • Choose tutorials that cover specific QuickBooks features relevant to contractors.
  • Watch the tutorials attentively and take notes on key points.
  • Practice using the QuickBooks features demonstrated in the tutorials.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Record Transactions In QuickBooks Desktop
Create invoices, estimates, and record expenses to gain familiarity with the QuickBooks interface.
Show steps
  • Create An Invoice
  • Create An Estimate
  • Enter A Bill
  • Enter A Check
Solve accounting equations
Practice solving accounting equations to enhance your understanding of debits and credits.
Show steps
  • Study the accounting equation and understand its components.
  • Solve simple accounting equations to determine the missing amount.
  • Complete more challenging equations involving multiple transactions.
Design an invoice template for your contracting business
Create a customized invoice template to streamline your billing process and ensure professional presentation.
Show steps
  • Choose an appropriate software or online tool for creating the template.
  • Include essential elements like your business name, contact information, and invoice details.
  • Customize the template with your logo, branding, and preferred layout.
  • Test the template and make necessary adjustments before using it for actual invoices.
Create Financial Reports
Explore the reporting features of QuickBooks to analyze your financial data and make informed business decisions.
Show steps
  • Open The Reports Menu
  • Navigate The Reports Menu
  • Customize A Report

Career center

Learners who complete QuickBooks For Contractors will develop knowledge and skills that may be useful to these careers:
Project Manager
Project managers plan, organize, and execute projects. The QuickBooks For Contractors course may help project managers who work with contractors build a foundation in QuickBooks.
Financial Analyst
Financial analysts evaluate and interpret financial data to make recommendations to businesses on how to manage their finances. The QuickBooks For Contractors course may help financial analysts who work with contractors build a foundation in QuickBooks.
Auditor
Auditors examine financial records to ensure that they are accurate and compliant with regulations. The QuickBooks For Contractors course may help auditors who work with contractors build a foundation in QuickBooks.
Accountant
Accountants prepare financial statements, manage budgets, and provide financial advice to businesses, including contractors. The QuickBooks For Contractors course may help accountants who work with contractors build a foundation in QuickBooks.
Electrician
Electricians install and repair electrical systems. The QuickBooks For Contractors course may help electricians who work with contractors build a foundation in QuickBooks.
Construction Manager
Construction managers oversee the planning, execution, and completion of construction projects. The QuickBooks For Contractors course may help construction managers who work with contractors build a foundation in QuickBooks.
Superintendent
Superintendents oversee the day-to-day operations of construction projects. The QuickBooks For Contractors course may help superintendents who work with contractors build a foundation in QuickBooks.
Bookkeeper
Bookkeepers create, maintain, and update financial records for businesses, including contractors. The QuickBooks For Contractors course provides a foundation in QuickBooks that may be useful for bookkeepers who work with contractors.
Property Manager
Property managers oversee the day-to-day operations of commercial and residential properties. The QuickBooks For Contractors course may help property managers who work with contractors build a foundation in QuickBooks.
Tax Preparer
Tax preparers help individuals and businesses file their taxes. The QuickBooks For Contractors course may help tax preparers who work with contractors build a foundation in QuickBooks.
Estimator
Estimators determine the cost of construction projects. The QuickBooks For Contractors course may help estimators who work with contractors build a foundation in QuickBooks.
Carpenter
Carpenters construct and repair wooden structures and fixtures. The QuickBooks For Contractors course may help carpenters who work with contractors build a foundation in QuickBooks.
Plumber
Plumbers install and repair plumbing systems. The QuickBooks For Contractors course may help plumbers who work with contractors build a foundation in QuickBooks.
Scheduler
Schedulers plan and coordinate the activities of contractors on construction projects. The QuickBooks For Contractors course may help schedulers who work with contractors build a foundation in QuickBooks.
Foreman
Foremen supervise the work of construction crews. The QuickBooks For Contractors course may help foremen who work with contractors build a foundation in QuickBooks.

Reading list

We've selected six books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in QuickBooks For Contractors.
Provides a practical guide to financial management for contractors. It covers everything from budgeting and forecasting to cash flow management and financial reporting.
Provides a comprehensive overview of construction accounting and financial management. It covers everything from basic accounting principles to more advanced topics such as project costing and budgeting.
Provides a comprehensive overview of construction accounting and auditing. It covers everything from basic accounting principles to more advanced topics such as project costing and auditing.
Provides a comprehensive overview of QuickBooks for the construction industry. It covers everything from setting up your company file to tracking your income and expenses.
Provides a comprehensive overview of construction accounting. It covers everything from basic accounting principles to more advanced topics such as project costing and budgeting.

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