Open both the Excel file that has your estimated amounts, and link to the new spreadsheet. Rename the file with thedefault name QuickBooks Online assigns when it is downloaded (ie: KildalServicesEst2112Actuals.xlsx). Once you start accruing income and expenses, you can run reports in QuickBooks Online-either starting with the P&L or the Income by Customer Summary-and save in Excel. Add appropriate columns for actuals and differences, entering the formulas for the difference rows, but leave actuals blank. Format your tab in the manner in which you’ll want to view the data and enter your estimated amounts. The first is to use a simple Excel spreadsheet. At this point in time,QuickBooks Online still does not have a default report to show this information. Let’s say you want to compare what you estimated your costs and revenue to be for a specific job to the actual amounts. To view job detail, just click on the sub customer to drill down for a more detailed P&L: We’re not going to show that here, but we’ve done it in our QuickBooks Online account so that we’ll be able to see reports that show a completed project. You’ll do the same with future progress invoices. We’ll add a description to the invoice that this is the initial 50% down to begin the project: We’ll add the first half of the job to an invoice-from the Transactions/Sales page you can simply click the “Start Invoice” tab in the Action column, as seen in the above screen shot. You can see below how these two duplicate estimates will look on the Transactions/Sales page: (Keep in mind, you’ll need to adjust the next new Estimate to the next actual number in the sequence-in this case, it would be 1003, but QBO will default to 1002.03). Should you need more than two invoices, keep repeating the process and numbering accordingly. Now, duplicate the estimate by clicking the “Copy” button at the bottom of the screen.Įdit the line items of the new Estimate to show the remainder of the project, with the details in the description area of a line that has no item in it, just as you did in the original one. In the above example, you would change the Estimate #1002 to #1002.01 to indicate that it was the first of the estimates used for the project (alternatively, you could just add another Estimate #1002, duplicating the reference numbers, and use the internal memo field to indicate 1, 2, 3, etc).Īdd the description of the total project in the description of the Estimate so the customer can see the details. We do have a QuickBooks Online tip to work around for this, and it’s the reason we turned on “Custom transaction numbers” in Company Settings. It’s an all or nothing option built into the product when creating the invoice. With QuickBooks, we run into a slight issue in that we cannot progress invoices by default from an Estimate. One thing we recommend doing is getting the signed estimate approval and any engagement agreement signed, scanned and attached to the estimate via the “attach documents” feature. Once the customer approves the Estimate, you’ll be able to convert to an invoice. The following is an example for contracted labor: To access this list, you’ll want to click the “Company Name”/Gear Icon, then choose “Products and Services” from the List menu: Not everything on this list needs to be set up this way-just those that you pay a contractor to do or any products that you purchase to sell. To use Products and Services (what is called the Item List in QuickBooks Desktop editions) for job costing, you’ll need to tell QBO that you purchase each one from a vendor. Step 3: Adjust Settings on Products & Services Your customer list, once it’s set up, will look something like this: We’ll be using sub-customers (these are called Jobs in the desktop editions of QuickBooks), and choosing the “Bill with Parent” option in the customer preferences: The next step is to adjust the settings on your customer list. Step 2: Update Setting On Your Customer List Click the “Save” button, then “Done” in the bottom of the settings screen. Here, you want to make sure you check the box next to “Copy estimates to invoices” (and you can choose whether to allow pending and accepted estimates, or just accepted). Click on the “Advanced” tab in the Settings screen, then click “Automation” from the menu. The last bit of setup we need to do is regarding estimates.
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