Recorded on 09/21/2016: Covering how to account for Completed Contract and Percent of Completions Methods with QuickBooks Enterprise (ENTERPRISE.expert September 2016)
Topics contained in this video:
00:00:00 – Intro, webinar series 00:04:26 – Construction accounting concepts 00:08:40 – Percentage of completion method 00:11:49 – Demonstration in QuickBooks Enterprise for construction and contractors (demo) 00:13:05 – Chart of accounts (construction income) (project billings) (cost of goods sold categories) 00:14:35 – Item list (wip subcontractor, wip materials, wip equipment, wip labor) (project billing) (contract PCM; contract CCM) (edit item) 00:17:25 – Create estimate (step by step) (additional customization) (example) 00:22:34 – Reports (jobs, time and mileage) (job wip summary) (job estimates vs. actuals detail for ABC contractor) (example) 00:23:10 – Create a bill (vendors, enter bills) (items) (step by step) 00:27:20 – Create estimate (insert line) (wip materials) (create sub-item) (item list) (edit item) 00:30:52 – Create purchase order (step by step) 00:32:37 – Custom fields (define fields) 00:36:12 – Vendors, enter bill (create bill) (get the bill from purchase order) (open purchase orders) 00:37:38 – Job estimates vs. actuals detail for ABC contractor 00:38:18 – Customize report (modify report) 00:39:33 – Enter bill 00:40:49 – Profit and loss 00:41:09 – Reports (balance sheet standard) 00:42:42 – Estimate (example) 00:43:02 – Create invoice 00:44:26 – Reports (jobs, time and mileage; job estimates vs. actual details) (filter report) 00:45:30 – Make journal entries (step by step) 00:48:03 – Banking (reconcile) begin reconciliation 00:49:10 – Modify report (filters) 00:49:33 – Memorize report 00:50:21 – Percentage of completion method and how it works (step by step) 00:58:52 – Payroll (employees) (pay employees) 01:03:03 – Create invoice (project billing) 01:07:06 – Customers (estimate) (invoice) (create an invoice) 01:08:05 – Profit and loss report (by customer job) 01:09:01 – Edit account 01:09:15 – Profit and loss 01:15:06 - Item profitability or item estimates vs. actuals 01:16:44 – Resources (IRS’S guide)
