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QuickBooks Strategies for the Professional Services Industry

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QuickBooks Strategies for the Professional Services Industry

  1. 1. QuickBooks Strategies for the Professional Services Industry
  2. 2. Contents <ul><li>Items vs Expenses </li></ul><ul><li>Profitability by Job </li></ul><ul><li>Profitability by Dept/Location </li></ul><ul><li>Payroll </li></ul><ul><li>Estimates vs. Actual </li></ul>
  3. 3. Items vs. Expenses
  4. 4. 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.
  5. 5. A) Use the “Expense” tab for admin costs .
  6. 6. Both Methods ultimately affect the same Profit & Loss Accounts, but “Items” enhance the “Profit & Loss by Job” Report
  7. 7. Job-Costing Reports Are you a Supervisor – Checking on your Projects?
  8. 8. Tracking Divisions/Locations
  9. 9. When creating or editing an account, be sure to mark the “Subaccount of” box Job Labor Costs Professional Services Example 2 Example 1 Use “SubAccounts” for Departments
  10. 10. Truck 1 / Truck 2 NE Office / SW Office Example 2 Example 1 Use “Class” for Locations
  11. 11. Job-Costing Reports Are you a Manager Reviewing Performance by Divisions?
  12. 12. Tracking Workman’s Comp Codes
  13. 13. Payroll Service Enhanced & Assisted - ONLY
  14. 14. Tracking SubContractors When creating a new vendor: 1. Select the “Additional Info” tab 2. Select the “Vendor Type” 3. Create two custom fields: a. Liability Insurance b. Workers Comp
  15. 15. Reports Center - Job-Costing (QuickBooks Premier & Enterprise – ONLY)
  16. 16. Reports from the Contractors Edition
  17. 17. Estimate vs Actual
  18. 19. 5121 Palo Verde Pl West Palm Beach, FL 33415 Dawn Scranton, CQA [email_address] (561) 683-3497 THANK YOU

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