Tag: Using QuickBooks in Construction Accounting
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QuickBooks Online – An Accountant’s Review: ‘D+’
The first time I used QuickBooks, it was the DOS version. That was over 20 years ago. Today, there are a multitude of versions for QuickBooks. QuickBooks Online doesn’t measure up to Intuit’s Enterprise versions. It isn’t even close.
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Phase Codes and Cost Codes with QuickBooks and Construction Accounting
Phase codes are functional groups of costs with the residential construction industry.
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Progress Billings in Construction
Just like a tip of an iceberg, a progress billing for a construction project is an invoice for a small part of the overall contract value. It needs to be recorded correctly and presented to management in a way that is understandable and beneficial for making decisions. This article will introduce the concept and cover how progress…
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Construction Accounting – Balance Sheet Construction in Process Accounts
Construction accounting consists of three major groups of accounts. The first and most understood set are the cost of construction accounts found on the profit and loss statement.
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QuickBooks – Best Accounting Software for Small Business
For small business, there is no software to match the value QuickBooks brings to the business operation. I used Sage software and its predecessor Quantum (Peachtree) for 20 years and still do to this day. But QuickBooks is by far superior in all regards in comparison to Sage products.
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Trial Balance – Purpose and Interpretation
The trial balance is an accountant’s report used to identify issues with the respective ledger accounts.
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QuickBooks in Construction Accounting – Transfer Work in Process to Cost of Goods Sold
QuickBooks does not have a seamless subroutine to transfer costs from construction in process control account to the profit in loss statement’s cost of construction section. Therefore, the accountant has to export data to a spreadsheet and then sum the respective functional costs of materials, subcontractors, labor, land etc. and then make a general journal…
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Using QuickBooks in Construction Accounting
The key to the software is to properly set up QuickBooks to meet your needs. You lay out a chart of accounting accounts, buckets to dump data into, then identify your classes of work, create the nine phases of costs (QuickBooks uses item numbers) and finally identify the projects.
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Choose The Right Accounting Software
One of the more complicated aspects of running a business operation is the function of accounting. The selection of the correct software to use can make all the difference in the success of the business operation.