Getting the most from QuickBooks®
Premier Contractor Edition

1. Assign ALL your expenses to a Customer:Job. To get more accurate job costing information, assign all your expenses to a Customer:Job. Simply choose the appropriate job in the Customer:Job field on Bill, Timesheet, or Check form; QuickBooks will build job cost reports automatically.
   
   
2. Enter all your estimates and expenses into QuickBooks. Comparing estimated costs to actual costs is one of the most important benefits of job costing. To compare costs, you need to enter at least a summary of each of your estimates into QuickBooks. Many contractors create estimates outside of QuickBooks and then enter invoice in QuickBooks. If you choose to create invoices outside of QuickBooks, you can save time by entering this information in QuickBooks as an estimate instead of an invoice. Then, you can automatically create an invoice (even a progress invoice) from the estimate by clicking the Create Invoice button on the Estimate form. Using this method, QuickBooks will have estimated cost and revenue amounts to compare your actual costs and revenues on job costing reports. 
   
   When entering expenses, use the item tab with service items to categorize all your costs.
   Many contractors use parts of  the Construction Institute Specification List  (for a condensed version click here) as their service items.  In addition to items, using class tracking to categorize your Labor, Materials, Equipment Rental, Supplies, Subcontractors for tax purposes will give you reports for presenting to your tax preparer.   Assigning labor costs to a job works best when you are using QuickBooks to prepare your payroll. There are 4 levels of payroll services:
    
   • Tax tables only (no W2 forms or PR forms available)
   • Do it yourself payroll  includes tax tables, federal forms and W2
   • Enhanced payroll  includes tax tables, federal and state forms and W2
   • Assisted payroll with QuickBooks (Intuit) - you print the paychecks, Intuit takes care of all the tax payments and forms. Call 800-365-9618 ext 87741 Ask for Karen Konewko Mention code QBalance & Discount Code AAEP to receive discounts on set-up)

   Need training? We have it!  For one on one training, call us 800-216-0763 or come to one of our seminars. We offer training for  the new user or for people who have worked with QuickBooks for over 3 months.
    

3. Using the Job Costing Reports. If you have set up your QuickBooks job cost data as described above, you can use the new job costing and profitability reports in the Contractor Edition. Choose Reports and then Contractor from the menu bar to view these reports. You can view additional job costing reports by choosing Reports and then Jobs & Time from the menu bar.
   
   
4. Explore the Contractor Navigator and Contractor Menu. Contractor Edition includes a Contractor Navigator and Contractor Menu that provide access to the activities that contractors use most so you can find them quickly and easily.
   
   
5. Track change orders. To get paid promptly and maintain a good relationship with your customers, you must clearly document all of your existing change orders. To create a change order, simply edit an existing estimate; Contractor Edition automatically tracks the changes, lets you enter comments, and then prints the change order for your customer.
   
    
6. Check out the other new Contractor reports. Contractor Edition provides a set of new reports designed specifically for contractors. For example, the Job Status report gives you a simple snapshot of where you stand on all your jobs. Choose Reports and then Contractor from the menu bar to browse the reports.
   
    
7. Read the New Help and Info for Contractors. Contractor Edition includes many new help topics written specifically for contractors by a contracting industry expert. Choose Help & Info for Contractors from the Related Activities section of the Contractor Navigator to read this valuable documentation.
   
    
8. Get an analysis of your company's performance, tailored for your trade. The Expert Analysis tool gives you an easy-to-understand written assessment of your company's financial performance and offers helpful suggestions for improvements. The tool shows how you are performing compared to other contractors in your specific trade, based on a vast database of up-to-date contracting industry data. From the Company menu, choose Planning & Budgeting and then Use Expert Analysis Tool.

Requests for Information (RFI)
Includes attachments and text; used to notify architects, engineers, and general contractors of information requirements and clarifications.

Requests for Proposal (RFP)
Formal requests for pricing from vendors based upon project specifications and scope of work.

Subcontracts
Specifies scope of work, timing, standards of performance, and terms of compensation.

Transmittals
The cover sheet listing all the documents being sent (mailed, faxed, sent via e-mail, etc.) and the individual to whom the documents were sent, with a signature required as proof that all items were received.
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