Projects, Progress Invoicing, & Job Costing in QBO

QuickBooks Online’s Projects Center has new tools for construction and project management bookkeeping, including Estimates, Progress Invoicing, and Job Costing.

You’ll learn about:

• Projects

• Creating estimates

• Closing estimates

• Converting estimates to invoices

• How to track change orders

• Doing progress invoicing

• Taking deposits

• Taking partial payments

• Issuing customer statements

• Making bank deposits

• Making time and materials expenses billable to customers

• Creating Journal Entries for payroll and expense job costing (and class costing)

• Creating $0 Paychecks for Owner's time

• Running job costing reports

• Subtracting Retainage

• Calculating Work-in-Progress (WIP)

After completing this course, you will be able to:

• Identify the features in the Projects Center to manage construction and other job-based activity

• Describe the process to send estimates and milestone invoices to clients

• Recognize a variety of job costing reports.

• Identify the steps to assign expenses to clients for job costing and invoicing

• Review a variety of methods to calculate labor costs

• Describe the process for managing client deposits, retainage, and WIP

Instructional Level

Intermediate

Course Length

3 hours

Field of Study

Computer Software & Applications

Delivery Method

QAS Self Study

Who should take this class?

• Businesses who work in the field

• Businesses that write estimates or bid on jobs, take deposits for work to be performed, take partial payments as work is completed, and want to determine which services and customers make the most profit

• Bookkeepers and Accountants who wish to brush up on their skills

Advance Preparation

None

QuickBooks Online’s Projects Center Course Description

When you work in the trades, QuickBooks® may seem daunting. However, QuickBooks Online’s new Projects Center has the tools you need for construction and other project management bookkeeping.

Royalwise has designed this class to be specific to construction and project-based jobs. QBO helps with cost accounting, including time & materials contracts, percentage of completion, and at-a-glance profitability reports. We’ll cover Estimates, Progress Invoicing, Change orders, taking Deposits, receiving partial Payments, billing for time and materials, and Job Costing.

We’ll also touch on construction-specific billing issues including Retainage and Work-in-Progress (WIP reporting).

Sign up now so you can learn to confidently use the amazing new Projects Center to quickly and easily manage all of your finances and transactions, making it easy to stay organized, run reports, and track your progress.