Trades
QuickBooks setup for general contractors
An estimate, a supplier bill and a customer payment need to point to the same job before a project report can explain anything. Tidwell brings QuickBooks ProAdvisor expertise to contractor file setup and repairs.
Last reviewed:
General information, not legal advice.
Build the job list before importing costs
Start with active contracts and agree on one project name for each. QuickBooks Online Projects is available in Plus and Advanced. Use the chart of accounts for cost types such as materials and subcontract work; use project references to identify which contract incurred them. Avoid creating an expense account for every address.
Sources: Intuit - Set up and create projects in QuickBooks Online
Test the estimate through partial billing
Progress invoicing lets QuickBooks create several partial invoices from an estimate. Test a representative accepted estimate, an interim invoice and the remaining balance before rolling out the workflow. Keep retained amounts and disputed changes on supporting schedules approved by your CPA; a software setting does not establish their accounting treatment.
Sources: Intuit - Set up and send progress invoices in QuickBooks Online
Repair the reports from supporting documents
For cleanup, compare posted purchases with supplier invoices and review costs that lack a project. Reconcile the operating bank and card accounts to statements, then examine job results. Missing transactions and duplicates can create reconciliation differences; investigate them before accepting an adjustment.
Sources: Intuit - Reconcile an account in QuickBooks Online; Intuit - Fix issues at the end of a reconciliation in QuickBooks Online
Sources for project and billing settings
Continue with contractor records
Bring one active job for a file review
Tell us which records need attention and who approves the next steps.
Monthly bookkeeping starts at $500 a month. See pricing