1. QuickBooks Strategies for the Professional Services Industry

3. Items vs. Expenses

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. A) Use the “Expense” tab for admin costs .

6. Both Methods ultimately affect the same Profit & Loss Accounts, but “Items” enhance the “Profit & Loss by Job” Report

7. Job-Costing Reports Are you a Supervisor – Checking on your Projects?

8. Tracking Divisions/Locations

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. Truck 1 / Truck 2 NE Office / SW Office Example 2 Example 1 Use “Class” for Locations

11. Job-Costing Reports Are you a Manager Reviewing Performance by Divisions?

12. Tracking Workman’s Comp Codes

13. Payroll Service Enhanced & Assisted - ONLY

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. Reports Center - Job-Costing (QuickBooks Premier & Enterprise – ONLY)

16. Reports from the Contractors Edition

17. Estimate vs Actual

19. 5121 Palo Verde Pl West Palm Beach, FL 33415 Dawn Scranton, CQA [email_address] (561) 683-3497 THANK YOU