IWCE Class Proposals by Joshreed



                     Educational Summit
                        May 13–16, 2009
                                   Atlanta, Ga.
                 Georgia World Congress Center

          V. Ayres/D. Green
     QuickBooks RoadMap: Your
      Guide from Start to Finish
              Room C106

                       Sponsored by
"QuickBooks Roadmap"
Your guide from start to finish of a job in QuickBooks
(Super Session - 3 Hours)
~ (Debbie Green & Vickie Ayres Co-Teaching)

Do you have a plan to get where you want to go? Just like any road trip you have to get
ready and have a route planned to reach your destination. This class will lay out the
route you should take in QuickBooks to take a job from the Estimate to the final Payment.
We will create an Estimate, Apply Upfront Deposits, Generate Purchase Orders, and with
the click of button create a Final Invoice. At the end of our journey we will accept the
final payment all the while showing you how these procedures help you accumulate
information that will create accurate Job Profitability Reports.

Sometimes you need Summary Estimates and sometimes you need more detail, we will
show you how to make this available either way in an Estimate or an Invoice.


   Organize your lists

   Chart of Accounts

   Item List

   Vendor List/ Other Name List

   The Matching Rule:

   Match accounts when creating items
Inventory or Non-Inventory Items


        Inventory parts are items that you purchase in bulk and then stock for a
        while before selling. QuickBooks tracks the quantity on hand, the current
        inventory value, and the average cost of your inventory items. It also
        tracks some accounting information like “cost of goods sold“for inventory
        items that you have sold.

        Non-inventory parts are items that you purchase (usually on behalf of a
        specific customer) and then immediately sell or install, or items that you
        sell without ever buying. For non-inventory parts, QuickBooks will only track
        how much you have spent or taken in. Some people use non-inventory
        parts even for items that they stock because they prefer a simpler
        approach—even though it gives them less information.

The Estimate
    •   Start with a Group – “G-“ & “GP-“(Baskets of items)
    •   “CTRL Delete” deletes one line (1 item) at a time or (right-click “delete line”)
    •   “CTRL Insert” inserts one line so you can add an item to your group on this
    •   Highlight text and “delete” to remove text not needed for this estimate on any
    •   “On the Fly” Edits are temporary, for this Proposal only (Quantity, Pricing,

Vertical Quoting

    •   Area 1 The Header
    •   Area 2 Item Column
    •   Area 3 Descriptions
    •   Area 4 Quantities
    •   Area 5 Pricing (last 5 columns)
Apply a Down Payment Correctly
When accepting a Down payments you have two objectives: You don’t want to create
income or sales tax liability until the job is finished and created an invoice.
Create an item in your item list called "Down payments", make "Other Charge"for
the type, non-taxable and its associated account is "Customer Down payments".
If you need to create this account it needs to be an "Other Liability account". Also
make sure your preferences are set up correctly: "Edit", "Preferences", "Sales &
Customers", "Company Preferences", click "Use Undeposited Funds as a default
deposit to account", this must have a checkmark in it.

First: Create an estimate. Collect a down payment on the job. Come back to your
office and open up the estimate. Below the Group item description, choose the item,
"Down payments", in the description line, type a note about the check number, the
total of the check and type the amount being applied as a NEGATIVE number.

Second: Create a sales receipt to record the down payment money. Remember, an
estimate is non-posting, therefore, the Down payment item code on the estimate will
not affect any banking accounts. Open the "Deposit" screen, for making deposits to
the bank. When you open it up will ask you if you want to deposit the payments you
have collected (the cash receipt down payment will be listed) of course you do! Save
and close the deposit and now your money is in the bank account in QuickBooks.

Third: You are ready to deliver the job to the customer and collect the balance due.
Open your estimate, click on create the invoice and let it create the invoice just like
the estimate. You can now make any edits to your invoice here, add items, delete
items, etc. Your note about the deposit pops right onto the invoice without you
having to remember how much was applied. Collect money from your client.

Note: this is the point at which income and sales tax liability was created, but only
for the portion of the invoice that you collected money. So depending on your sales
tax rate, a portion of the down payment will show up as income and a portion will be
sales tax collected.

Fourth: Open your "payments" screen, fill in the particulars about the payment you
collected from the client, let it go to "Undeposited Funds", very important, and
apply it to the proper invoice.

When you open your "Deposits" screen, QB will ask you again if you want to deposit
your payments from "Undeposited Funds", of course you do, Save the deposit form
and your money is in the bank! Once you apply the payment to the invoice the entire
entire invoice is now taxable.

Purchase Orders

Remember the Matching Rule?

Match accounts when creating items

You also want to match items on sales forms (estimates & invoices) to items used on
purchase forms (Purchase Orders and Bills) we will see how this works as we create a PO
for our job.

Creating Purchase Orders

Method 1- Creating Purchase Orders from an Estimate (available in Premier
Contractor’s version)

Open your estimate, click on the drop down menu arrow Create Invoice, choose
“create PO”.
The screen that opens is very important; choose “Create PO for selected items”

The next screen that opens lets you select items for the PO. Choose only items for one
Vendor at a time. For example our Main Fabric and Contrast Fabric are both from
The PO opens and we must select the Vendor “Kasmir” as we don‘t have a “Preferred
Vendor” chosen for these items. We use several fabric vendors so we don’t want one to
automatically fill in for us. Some items you will want to have a “Preferred Vendor and this
will auto-fill for you.

Here is our Purchase Order all filled out for us. Print, Save and Fax to the Vendor

Notice how by allowing QB to create the PO from the Proposal/Estimate it used the
EXACT SAME ITEM as we used on our Proposal? That’s the matching rule. This is very
important if you want your cost and revenue from each item to show up on your Job
Profitability report beside each other.

Method 2

You will need to open the Purchase Order screen “Vendors Create Purchase Orders”
and enter all of your information manually. It’s not hard you just have to make sure you
remember to apply the matching rule and use the same items on your Purchase Orders
that you used on the Estimate.

Receiving Items

When you create PO’s you need to “Receive the Items”. We are going to use the one-
step method, “Receive Items and Enter Bill”; you will find this under the Vendors menu.

The Bill Posting Screen will come up and after you type “Kasmir”, QB will tell you that you
have open PO’s with that vendor would you like to choose one?
Like Magic, QB creates the bill and employing “the matching rule” uses the EXACT same
items again……its so easy! Now you will want to edit the bill at this point for any price
changes and add an item for shipping charges for the client. Make sure the billable
column is unchecked, you have already charged the customer on the estimate for all of
these items. Save & Close….

Paying Bills - Let QuickBooks Do the Work

   You do not have to post bills in order to write a check and pay bills, but we do
   recommend it. Do the things the same way, every time and you don’t have to think
   so hard, things become routine and easy. So let’s assume when you get bills you post
   them and then you pay them. You are doing it with PO’s so let’s use the same
   process for all bills.
Under Vendors, Choose “Enter Bills”
We are going to enter a bill for our cell phone, when we start typing the vendor
name, QB auto-fills the name and the amounts from our last bill posting. Very Handy!
We are using the Expenses tab because these are business expenses and not items
we have ordered for a customer. The second screen shows the bill that we entered
for our customer previously.

Now we have all of our bills entered and we want to pay some bills. Choose “Pay
Bills” under your Vendor menu.

Place a check mark beside any bills
you want to pay.

You can choose to pay them by
check or by Credit Card.

You can print your checks or you
can assign check numbers to them
based on checks you have hand
The Invoice

Generate the Invoice & Apply the Final Payment

Open your Estimate and click on the Create Invoice button.

At this point you can make any changes that came up in the course of the job, fabric or trim that
changed. Remember that items inside the “Group” won’t print, if you want an item to print to show the
change you must add that item outside of the “Group”, below the description line.

Notice how QB “remembered” the down payment we collected for this job? Clients really like seeing this
information on the final invoice, including the check number and date. Best of all, I didn’t have to
remember any of the details regarding the down payment everything was already there! Now all that is
left is to deliver the job and collect your money.

Back in the office, post the final payment by using the Payment screen and apply the money to an
invoice, and fill out the deposit screen.

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