qb strategy for prof. svcs
DESCRIPTION
QuickBooks Strategies for the Professional Services IndustryTRANSCRIPT
![Page 1: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/1.jpg)
QuickBooks Strategies
for the Professional Services Industry
![Page 2: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/2.jpg)
Contents
Items vs Expenses Profitability by Job Profitability by Dept/Location Payroll Estimates vs. Actual
![Page 3: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/3.jpg)
Items vs. Expenses
![Page 4: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/4.jpg)
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.
![Page 5: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/5.jpg)
A) Use the “Expense” tab for admin costs .
![Page 6: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/6.jpg)
Both Methods ultimately affect the same Profit & Loss Accounts, but “Items” enhance the “Profit & Loss by Job” Report
![Page 7: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/7.jpg)
Job-Costing ReportsAre you a Supervisor – Checking on your Projects?
![Page 8: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/8.jpg)
Tracking Divisions/Locations
![Page 9: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/9.jpg)
Use “SubAccounts” for DepartmentsExample 1 Example 2
Professional Services Job Labor Costs
When creating or editing an account, be sure to mark the “Subaccount of” box
![Page 10: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/10.jpg)
Use “Class” for LocationsExample 1 Example 2
NE Office / SW Office Truck 1 / Truck 2
![Page 11: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/11.jpg)
Job-Costing ReportsAre you a Manager Reviewing Performance by Divisions?
![Page 12: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/12.jpg)
Tracking Workman’s Comp Codes
![Page 13: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/13.jpg)
Payroll ServiceEnhanced & Assisted - ONLY
![Page 14: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/14.jpg)
Tracking SubContractorsWhen creating a new vendor:1. Select the “Additional Info” tab2. Select the “Vendor Type”3. Create two custom fields: a. Liability Insurance b. Workers Comp
![Page 15: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/15.jpg)
Reports Center - Job-Costing(QuickBooks Premier & Enterprise – ONLY)
![Page 16: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/16.jpg)
Reports from the Contractors Edition
![Page 17: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/17.jpg)
Estimate vs Actual
![Page 18: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/18.jpg)
![Page 19: Qb Strategy For Prof. Svcs](https://reader035.vdocuments.net/reader035/viewer/2022062709/558cf720d8b42ac24f8b45d9/html5/thumbnails/19.jpg)
5121 Palo Verde Pl
West Palm Beach, FL 33415Dawn Scranton, CQA
[email protected](561) 683-3497
THANK YOU