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Contractor's Guide to QuickBooks Pro

Contractor's Guide to QuickBooks Pro

by Karen Mitchell, Craig Savage, Jim Erwin

ISBN-10: 1572181869

ISBN-13: 9781572181861

Pub. Date: 03/28/2007

Publisher: Craftsman Book Company

According to a recent national survey, more construction contractors use QuickBooks Pro and QuickBooks than all other accounting programs combined. And for good reason. QuickBooks Pro excels at all the routine paperwork in a construction office: writing checks, keeping track of your bank balance, sending out invoices and statements, creating up-to-the-minute profit


According to a recent national survey, more construction contractors use QuickBooks Pro and QuickBooks than all other accounting programs combined. And for good reason. QuickBooks Pro excels at all the routine paperwork in a construction office: writing checks, keeping track of your bank balance, sending out invoices and statements, creating up-to-the-minute profit and loss statements for the month, year or by job, writing payroll checks, paying suppliers and subcontractors, tracking job costs, comparing estimated and actual costs for each job, and much more.

But there's a lot to learn in QuickBooks Pro. And converting to a new accounting system can be a complex and confusing task, even if you have a strong background in accounting and plenty of time to install the new system. That's why this book was written-because most construction pros aren't accounting experts and have more important work to do at the job site.

Contractor's Guide to QuickBooks Pro 2005 will walk you step-by-step through QuickBooks Pro's detailed setup procedure and then explain item-by-item how you should be using QuickBooks Pro every day. In days, rather than weeks, you'll create a first-rate accounting system that's an asset to your company.

Here you'll find simple, well-illustrated instructions for customizing the setup for QuickBooks Pro 2005, including what each screen on your monitor should look like. This manual explains every choice you need to make and every button you need to click on. And it tells you how to get a trial version of QuickBooks Pro if you want to try it before buying, and includes two other programs you'll want to use when estimating costs with QuickBooks Pro. Here's what's on the CD in the back of this manual: A QuickBooks Pro 2005 file preconfigured for a construction company. The file has a chart of accounts already entered, plus a complete set of memorized reports. Just plug in your own company data-vendors, subs, customers, etc. And at the click of a mouse, you have all the information needed to run your jobs. National Estimator-an easy-to-use estimating program with more than 100 pages of construction cost estimating data for general contractors. Dozens of other databases are available. (QuickBooks Pro doesn't come with any estimating data.) Job Cost Wizard-converts your National Estimator estimates into QuickBooks Pro estimates so you can create and send invoices, track job costs (charge every check to a cost category in your estimate) and compare actual and estimated costs. You'll know exactly where you made and lost money on every job. Blank construction forms you can open on your computer (with nearly any of the popular word processing programs), customize, fill out, print and send to customers and subcontractors.

With this book, the CD in the back with the software and data files just described, and QuickBooks Pro 2005, you have at your fingertips all the financial tools needed to keep your books straight, and your company running strong and in the black.

Product Details

Craftsman Book Company
Publication date:
Product dimensions:
8.40(w) x 10.80(h) x 0.90(d)

Table of Contents

Why You Need This Book5
What You Can Expect from This Book6
QuickBooks, QuickBooks Pro, or Premier: Contractor Edition?7
Why Should You Believe Us?9
What's on the CD?12
How Do I Use This CD?13
1Setting Up Your QuickBooks Pro Company17
QuickBooks Pro Company Files18
Begin with Our Sample and Company Data Files19
Upgrade to QuickBooks Pro Version 200523
Convert from Quicken to QuickBooks Pro25
Convert an Existing Data File to Our Setup30
2How to Set QuickBooks Pro Preferences33
General Preferences33
Accounting Preferences34
Checking Preferences36
Finance Charge Preferences38
Jobs and Estimates Preferences41
Payroll and Employees Preferences42
Purchases and Vendors Preferences43
Reminders Preferences45
Reports and Graphs Preferences46
Sales and Customers Preferences46
Sales Tax and Send Forms Preferences48
Service Connection Preferences50
Spelling Preferences51
Tax: 1099 Preferences52
Time Tracking Preferences54
3Chart of Accounts55
How to Use the Sample Chart of Accounts57
Change, Add to, and Print Your Chart of Accounts63
QuickBooks Premier: Contractor Edition Features65
Loan Manager66
Entering Items for a Non-Inventory Based Business76
Entering Items for an Inventory Based Business78
Creating a Group of Items80
Entering Non-Job Related Items81
5Payroll Items85
Using Payroll Items to Track Workers' Comp Costs85
Using Payroll Items if You Don't Track Workers' Comp93
Including Sole Proprietor and Partners' Time Costs in Job Costs96
Using Classes to Track Cost Categories103
How to Create a Class104
7Customers and Jobs107
How to Set Up a Customer107
Adding a Job for a Customer111
Exporting or Printing Your Customer List114
8Vendors and Subcontractors115
Setting Up 1099 Vendors115
Setting Up a Non-1099 Vendor119
Setting Up Your Employee List121
10Opening Balances129
Entering Opening Balances in QuickBooks Pro129
Entering Invoices for Accounts Receivable130
Entering Bills for Accounts Payable132
11Organizing Work Flow135
Setting Up Your Office Files136
Organizing Your Payroll139
Keeping Office Paperwork Current139
Using a Summary Estimate You Make Outside of QuickBooks Pro144
Customizing an Estimate Form146
Memorizing an Estimate147
Estimates and Progress Billing149
Getting Detailed Estimates149
Four Ways to Invoice a Customer152
Tracking Change Orders On Estimates162
How to Handle Retainage164
Recording a Payment You Receive169
Recording a Deposit170
Recording a Job Deposit171
Creating and Using Purchase Orders176
Using Purchase Orders to Track Multiple Draws and Committed Costs177
Entering Bills Without Purchase Orders181
Selecting Bills for Payment183
Printing Checks184
Vendor Workers' Comp Reports186
Entering a Timesheet191
Processing Employee Payroll195
Allocating Sole Proprietor or Partner's Time to a Job201
16Using QuickBooks Pro on a Cash Basis205
How to Record a Check206
How to Record a Deposit209
Checking Your Transactions with the QuickBooks Pro Register211
How to Modify Reports213
Using Our Memorized Reports217
Using Jobs, Time & Mileage Reports234
18End of Month and End of Year Procedures247
Reading and Understanding Your Financial Reports255
End of Year Procedures259
19Real Estate Development261
New Accounts261
Setting Up a Development Job262
Using Items to Track Construction Costs as WIP263
Land Purchase Transactions265
Personal Loans269
Development Loans275
Construction Loans279
Recording the Sale of a Property282
Appendix AEstimating with QuickBooks Pro287
Three Good Reasons to Try QuickBooks Pro Estimating287
A Road Map to Your Destination288
Setting Preferences for Estimating289
Building Your Item List291
Creating an Estimate in QuickBooks Pro293
Turning an Estimate into an Invoice296
Tidying Up Your Company File299
Appendix BJob Cost Tracking and Importing Estimates301
Estimates into Invoices304
Handling Tax304
Using Items for Job Cost Tracking306
Help Learning National Estimator308
Estimating with National Estimator309
Converting Estimates with Job Cost Wizard323

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