qb strategy for prof. svcs

QuickBooks Strategies

for the Professional Services Industry

Contents

Items vs Expenses Profitability by Job Profitability by Dept/Location Payroll Estimates vs. Actual

Items vs. Expenses

B) When you “create” items, you will be required to select Expense/Income accounts for summarizing “purchasing” and “sales” activities. These designations also dictate where the transactions will appear on your Profit & Loss Reports.

A) Use the “Items” tab for job-related/direct costs.

This method will produce more accurate job-costing reports in QuickBooks.

A) Use the “Expense” tab for admin costs .

Both Methods ultimately affect the same Profit & Loss Accounts, but “Items” enhance the “Profit & Loss by Job” Report

Job-Costing ReportsAre you a Supervisor – Checking on your Projects?

Tracking Divisions/Locations

Use “SubAccounts” for DepartmentsExample 1 Example 2

Professional Services Job Labor Costs

When creating or editing an account, be sure to mark the “Subaccount of” box

Use “Class” for LocationsExample 1 Example 2

NE Office / SW Office Truck 1 / Truck 2

Job-Costing ReportsAre you a Manager Reviewing Performance by Divisions?

Tracking Workman’s Comp Codes

Payroll ServiceEnhanced & Assisted - ONLY

Tracking SubContractorsWhen creating a new vendor:1. Select the “Additional Info” tab2. Select the “Vendor Type”3. Create two custom fields: a. Liability Insurance b. Workers Comp

Reports Center - Job-Costing(QuickBooks Premier & Enterprise – ONLY)

Reports from the Contractors Edition

Estimate vs Actual

5121 Palo Verde Pl

West Palm Beach, FL 33415Dawn Scranton, CQA

dawn@accountingdirectors.com(561) 683-3497

THANK YOU