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Please note: This class requires a solid foundation in QuickBooks. If you’re not an experienced QuickBooks user, we recommend you attend the “Mastering QuickBooks Level 1” class first.

What You’ll Learn

  1. Getting Started with QuickBooks
    • Creating a new data file
    • Setting up customers and jobs
    • Completing setup: opening balances, completing lists, special accounts, opening balance equity, and payroll setup
    • 2 methods for entering transaction history
    • Checking the setup…is it right?
  2. Job Costing
    • Understanding items…the core of your job cost tracking
    • Guidelines for getting job cost information from QuickBooks
    • Setting up items for accurate job costing
    • Tracking committed costs
    • Job costing payroll wages, benefits, and taxes
    • Allocating owner and partner time to a job
    • Running job profitability reports
    • Tracking your company’s gross margin on jobs
    • Using the Job Costing Center
    • Running job status reports
    • 2 methods for tracking Work-in-Progress
  3. Estimating and Invoicing
    • Estimating jobs in QuickBooks
    • Estimating fixed priced job
    • Memorizing estimates (how and why)
    • Progress invoicing against estimates
    • 3 methods to enter and automate change orders
    • Batch invoicing
    • Invoicing construction draws
    • Using billing rate levels
  4. Sales Transactions, Tricks, and Workarounds
    • Entering statement charges
    • Working with multiple accounts receivable accounts
    • Finding and fixing typical errors in accounts receivable
    • 2 methods for handling customer deposits
    • Retainage
    • Managing collections
    • Writing off bad debts
    • Customer under- and over-payments
    • Transferring customer credits
    • Tracking cost and sales of spec homes
  5. Purchase Transactions, Tricks, and Workarounds
    • Vendor deposits
    • Preparing 1099’s at year-end
    • Tracking liability certificates
    • Entering employee and owner purchases
    • Prepaid expenses
    • Vendor refunds
    • Barter transactions
    • Voiding prior period checks
    • Automating purchase orders for jobs
  6. Payroll Transactions, Tricks, and Workarounds
    • Allocating benefits/taxes to jobs
    • Job costing salaried employees
    • Using payroll effectively for job costing
    • Handling special payroll deductions and payments
    • Tracking employee loans
    • Setting up and tracking workers compensation insurance
    • Allocating owner’s cost to jobs when they don’t receive a paycheck
  1. Mastering QuickBooks Reporting
    • Advanced report customization
    • Report types in QuickBooks…what you really need to know!
    • Importing and exporting reports
    • Using special fields to improve reports
    • Troubleshooting reports filters
    • Memorizing reports and creating report groups
    • Adding reports to the iconbar
    • Powerful techniques for modifying reports in Excel
    • Generating custom summary and transaction reports
    • Graphing QuickBooks data in Excel
    • Budgets and forecasts
    • Combining financial statements
    • Extending the QuickBooks database
    • Using advanced fields for reports (customer type, vendor type, job type, custom fields, and more)
  2. Reports for Job Cost
    • Gross margin reports on open and closed jobs
    • Estimate vs. actual reports
    • Running unpaid/paid bills reports for jobs
    • Job cost by Vendor reports
    • Time tracking reports
    • More job cost reports!
  3. Customizing QuickBooks (make QuickBooks REALLY work for you!)
    • Modifying important preferences
    • Customizing your home page
    • Modifying the iconbar
    • Creating and using custom fields
    • Using account numbers
    • Using classes (for departments, locations, etc.)
  4. Unlocking the Power of QuickBooks
    • Deleting and archiving old transactions in your file
    • Remote access (to access your company file through the internet)
    • Automating backups
    • Tricks to make QuickBooks run faster and more efficiently
    • Corrupt data files…how, why, and what to do.
    • Verify and rebuild company files
  5. Importing and Exporting
    • Exchanging data between QuickBooks files
    • Importing and exporting lists
    • Importing and exporting customized forms
    • Using reports with multiple company files
    • Exchanging data between QuickBooks and other programs
    • Working with integrated applications
    • Using special Excel import feature
  6. Secrets Your Accountant Should Know
    • Common mistakes and their fixes
    • Closing the books
    • Getting information to and from your accountant
    • Finding changes made to closed periods
    • Understanding and using retained earnings
    • Discovering quirks of QuickBooks journal entries
    • Using reversing journal entries
    • Understanding year-end procedures
    • Using the Audit Trail and other reports to find errors
    • Cash basis financial statements (what is QuickBooks doing?)
    • Special reports for your accountant
    • What you REALLY need to know to become an advanced user!
    • Little known power features in all areas of QuickBooks
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Mastering Quickbooks for Contractors-On Demand Training Online course
  • Course ID:
  • Duration:
    1 day
  • Price: