Essentials for Successful Job Costing in QuickBooks Common Mistakes Essentials for Successful Job Costing Version won’t support what you want to do in QuickBooks Setup Incorrectly using QuickBooks Monica Muir, Muir & Associates Mis-using or not using items Results in missing out on useful data Essentials for Successful Job Costing 1. Essentials in Setup 1. Essential Setup QuickBooks Version Setup in data file 2. Essentials for Job Costs Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 1
Essentials for Successful Job Costing in QuickBooks Version of QuickBooks Version of QuickBooks Job 3 Levels Costing Which version are you currently using? Remote ES Plans Access 2015 Sunset May 31 Comparison Chart Videos QBO v QBDT New in 2018 http://muirassoc.com/lmnleaders2018/ Key Components in Setup Key Components in Setup Preferences (QBDT) - Jobs Helping businesses make dollars & Preferences/Settings sense with QuickBooks Classes 301-696-1303 Chart of Accounts www.muirassoc.com Items Jobs Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 2
Essentials for Successful Job Costing in QuickBooks Key Components in Setup Key Components in Setup Preferences (QBDT) – T & M Preferences (QBDT) - Payroll Helping businesses make dollars & Helping businesses sense with make dollars & QuickBooks sense with QuickBooks 301-696-1303 301-696-1303 www.muirassoc.com www.muirassoc.com Key Components in Setup Key Components in Setup Turn on Class Tracking (QBDT) Turn on Class Tracking (QBO) ES Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 3
Essentials for Successful Job Costing in QuickBooks Classes QuickBooks Classes Profit Centers Survey Division How many use them? State County What are yours? Foreman … Setup Recommendations Key Components in Setup Classes Simplify and easily compare with Classes Often: profit center, department, state, customer type… Classes simplify Provide side-by-side comparison Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 4
Essentials for Successful Job Costing in QuickBooks Key Components in Setup Key Components in Setup Chart of Accounts Chart of Accounts Helping businesses Helping businesses Job expenses are COGS (including labor costs) make dollars & make dollars & sense with sense wit QuickBooks QuickBooks Job expenses are COGS 301-696-1303 301-696-133 (including labor costs) www.muirassoc.com www.muirassoc.com Key Components in Setup Key Components in Setup Items are KEY! Chart of Accounts Helping businesses make dollars & sense with • Items describe products, services & more QuickBooks Job Cost with Items and • Items are used to invoice Classes instead of so many 301-696-1303 • Items are used in time tracking income and COGS accounts www.muirassoc.com • Items should be used for job costs • Types of Items • LMN syncs with Service Items Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 5
Essentials for Successful Job Costing in QuickBooks Key Components in Setup Key Components in Setup What Items Should You Have What Items Should You Have LMN Considerations LMN Considerations 1 LMN Cost Code per QB Service Item QuickBooks Classes sync with LMN Cost Codes Used on Estimate Used on Invoices Used for time tracking Key Components in Setup Key Components in Setup Items are KEY ! Items are KEY ! One Side or Two? What Items Should You Have? What needs to show on an estimate? What needs to show on an invoice? What QuickBooks Items do you need to sync with LMN for Class tracking? What detail do you want to see when you review your job costs? Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 6
Essentials for Successful Job Costing in QuickBooks Key Components in Setup Key Components in Setup Items are KEY! Items are KEY ! One Side or Two? Key Components in Setup Key Components in Setup Create Jobs in Customer List Helping businesses make dollars & (Customer:Job) sense with QuickBooks QBO 301-696-1303 Products/Services www.muirassoc.com Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 7
Essentials for Successful Job Costing in QuickBooks Estimate Uses Items/Products & Services Essentials for Job Costs Estimated Costs Estimated Costs Markup for Customer Price Actual Job Costs Job Costing Labor Entering Job Costs Helping businesses make dollars & sense with Time Tracking QuickBooks Labor Payroll 301-696-103 Materials 301-696-1303 www.muirassoc.com www.muirassoc.com Subs Work-around outside of QBO Equipment Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 8
Essentials for Successful Job Costing in QuickBooks Job Costing Labor (QBDT) Job Costing Labor Timesheets Paycheck Reports (QBDT) 301-696-1303 www.muirassoc.com Job Costing Labor Materials and Subcontractors Helping businesses make dollars & sense with QuickBooks 301-696-1303 301-696-1303 www.muirassoc.com www.muirassoc.com QuickBooks defaults to expenses, not COGS Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 9
Essentials for Successful Job Costing in QuickBooks Materials and Subs Materials and Subs Use Items for Job expenses QBO Helping businesses Helping businesses make dollars & make dollars & sense with sense with QuickBooks QuickBooks 301-696-1303 301-696-1303 www.muirassoc.com www.muirassoc.com Equipment Equipment Tracking Total Costs Cost of Equipment Cost used on job 301-696-1303 www.muirassoc.com Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 10
Essentials for Successful Job Costing in QuickBooks Resources Equipment http:// muirassoc.com/lmnleaders2018/ Cost of equipment used on job PowerPoint Can track time using flat figure or calculated cost Articles Or Videos Use an estimated time/cost Info on QB Products & Add-ons Q &A and More… FREE Intuit Product Review Free QB Package of Your Choice Drawings QB Premier 2018 4 Keys To Growing Your Landscape Profits 30 minute QuickBooks Strategy Session Monica Mitchell Muir 301-696-1303 http://muirassoc.com/lmnleaders2018/ Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 11
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