QuickBooks Synergy. Life Cycle of a Job in QuickBooks Overview Page 2. Getting Ready Page 3 Inventory or Non-Inventory

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1 QuickBooks Synergy Note: This Course is being demonstrated with QuickBooks Premier 2010 Contractors Edition and Minutes Matter QuickBooks & Quoting. In older versions of QuickBooks & Quoting the terminology Upfront Deposit may be used instead of Down Payment Life Cycle of a Job in QuickBooks Overview Page 2 Getting Ready Page 3 Inventory or Non-Inventory Step 1 The Estimate Page 4 Groups G- or GP- Down payments Letters for Itemized Proposals Step 2 Ordering & Receiving Merchandise Page 5 PO s Method 1 (Premier Contractors Edition) PO s Method 2 (Pro Version) Receiving Items Paying Bills Step 3 The Invoice Page 9 One click Invoices Final Payments Hot Keys & Shortcuts Page 10 QuickBooks & Quoting Numerical Item List Page 11 Page 1 of 11

2 Life Cycle of a Job Overview Step 1 Step 2 Step 3 Create Your Estimate (Pick up your down payment from the Customer) Add the Upfront Deposit Item to the Estimate Create a Sales Receipt for the down payment check Use the Deposit screen to deposit the money into your checking account Create Purchase Orders Receive Items and Enter bills Pay Bills (Fabricate or Assemble the Job) Create Invoice from the Estimate (Deliver and Install the job, picking up the final check) Receive the payment, using the Payment screen, applying it to the open invoice Use the Deposit screen to deposit the money into your checking account Page 2 of 11

3 Getting Ready Personalize & Clean Up QuickBooks Lists Chart Of Accounts Item List o Edit Pricing o Edit Group Items Vendor List Customer List Other Name List Inventory or Non-Inventory Items Definitions Inventory parts are items that you buy 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. Inventory Items will show up on your job Profitability report with cost and revenue amounts. Non- Inventory Items cost and revenue will not show up unless the invoice you purchased them with has the Customer:Job designation on it. Think this through carefully is it important enough to track on an individual basis or not. It is usually best to start with just one or two inventory items, get used to the process and then add Inventory Items as you see the need. Page 3 of 11

4 Step 1 - The Estimate Create Your Estimate Start with a Group Item o G- (Summary Style) or a GP- (Detail Style) o Keep, Delete, or Change Items that come in by default o Add any Items that did not come in by default (Pick up your down payment from the Customer) Add the Upfront Deposit Item to the Estimate o Use a negative number to reduce the Total on the Estimate o This step is for your convenience and not for accounting Create a Sales Receipt for the down payment check o This is the first notification we have given QuickBooks that we have accepted money o Use the same item, Down payment, that you used on the Estimate o We use a Sales Receipt because we don t have an Invoice yet. o The Estimate is our working document until we are ready to deliver the job. o The money will sit in our Undeposited Funds account until we are ready to go to the bank Use the Deposit screen to deposit the money into your checking account o The Undeposited Funds account will open and we need to checkmark it to move it from Undeposited Funds to your checking account. 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 estimate Highlight text and delete to remove text not needed for this estimate on any item On the Fly Edits are temporary, for this Proposal only (Quantity, Pricing, Description) Printing Summarized & Itemized Versions Use Letters for itemized Proposals as a backup document for your pretty Non-Itemized Proposal (Recent versions of QuickBooks & Quoting have a letter template QBQ Estimate Letter with Details already edited for you) If you need to edit your Letter Template, follow the steps below. Letters, Prepare a Letter, Create or Edit a Letter Template, View or Edit Existing Letter Templates, ESTIMATE LETTER WITH DETAILS, Microsoft Word will open the template so you can make the edits I have listed below. SAVE AS Do this first so you don t forget, give it a name you will recognize like POA Proposal with Details EDITS: Landscape, Margins (.5), Delete unnecessary text, Save Using Table Tools: Delete or Insert a row or column Highlight a column, right-click AutoFit to Contents Page 4 of 11

5 Step 2 Ordering, Receiving and paying for Merchandise PO s Method 1 - Creating Purchase Orders from an Estimate (available in Premier Contractor s version) Open your estimate, click on the drop down menu arrow for Create Invoice>Create PO. The screen that opens is very important; choose Create PO for selected items The next screen that opens lets you choose which items to create a PO for. Choose only the items for one Vendor at a time. For example our Main Fabric and Contrast Fabric are both from Kasmir. The PO opens and we must choose 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 would auto-fill for you. Here is our Purchase Order all filled out for us. Print, Save and Fax to the Vendor Page 5 of 11

6 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. PO s 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 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. You can do this one of three ways Receive Items using the One Step method o Receive Items by creating a bill to pay later o Receive Items by writing a check to the vendor o Receive Items by entering a credit card charge When you enter the Vendor in a bill (check or credit card posting screen) if you have an open PO for that vendor, QuickBooks will ask you if you want to use that PO to fill in the transaction. The screenshot s below show entering a bill as an example. Page 6 of 11

7 You 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, because you have already charged the customer on the estimate for all of these items. Save & Close. Page 7 of 11

8 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 autofills 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. Click off the 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 written. Page 8 of 11

9 Step 3 - 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. Maybe they added some pillows or accessories. 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? Customers really like seeing that info on the final invoice, including the check number and date. I like I didn t have to go look anything up or remember! Now all that is left is to deliver the job and pick up your money. Come back to QB, use the Payment screen to apply the money to an invoice, and fill out the deposit screen. I have screen shots of both below. Page 9 of 11

10 Hot Keys/Shortcuts Dates Page 10 of 11 Moving in a Window Next Day + (plus key) Next Field Tab Previous Day - (minus key) Previous Field Shift + Tab Today T Beginning of Field/Row Home First Day of the Week W End of Field/Row End Last Day of the Week K Line Below Down Arrow First Day of the Month M Line Above Up Arrow Last Day of the Month H Down one screen Page Down First Day of the Year Y Up One Screen Page Up Last Day of the Year R Next Word in Field Ctrl + right arrow Previous Word in Field Ctrl + left arrow General End of Field/Row Esc or Alt+F4 Delete Edit Lists or Registers Find Quick Reports on Transactions Invoice Display Memorized Trans Print Use List Item Record Always Add line to Invoice Decrease number by 1 Chart of Accounts Write Checks Copy Transaction in Register Customer:Job List History of A/R or A/P Memorize Report or Transaction New Invoice/bill/check Register Display Undo Changes Delete line from invoice Insert Line from Invoice Increase number by 1 Ctrl + D Ctrl + E Ctrl + F Ctrl + Q Ctrl + I Ctrl + T Ctrl + P Ctrl + U Ctrl + Enter Ctrl + Ins - (minus key) Ctrl + A Ctrl + W Ctrl + O Ctrl + J Ctrl + H Ctrl + M Ctrl + N Ctrl + R Ctrl + Z Ctrl + Del Ctrl + Ins + (plus key)

11 QuickBooks & Quoting Item Code Account Numbers 100 BEDDING & PILLOWS BED COVERS DUST SKIRTS HEADBOARDS OTHER BEDDING PILLOWS SHAMS 200 CORNICES ARCHES CORNICES 300 DRAPERIES ARCHES DRAPERIES 400 FABRIC SHADES BALLOONS FABRIC SHADES 500 NON-TAXABLE SERVICES 600 SUB-CONTRACTORS 700 SWAGS ARCHES SWAGS 800 TOP TREATMENTS ARCHES TOP TREATMENTS 900 MISCELLANEOUS LABOR 950 SURCHARGES 1100 LINING (Inventory) 1200 HARD TREATMENTS 1300 HARDWARE KIRSCH CONTINENTAL RODDING KIRSCH LOCKSEAM RODS KIRSCH HARDWARE MISC. KIRSCH SASH RODS KIRSCH TENSION RODS KIRSCH TRAVERSE RODS WOOD HARDWARE WROUGHT IRON HARDWARE 1400 PILLOW & DUVET INSERTS DOWN FEATHER BEDS DUVET INSERTS - DOWN DUVET INSERTS - POLY FOAM PILLOW INSERTS - DOWN 10/90 PILLOW INSERTS - 100% DOWN PILLOW INSERTS - DOWN 25/75 DOWN 50/50 SYNTHETIC 1500 INTERIOR DESIGN ITEMS FLOORING SEATING WALLPAPER 1600 LININGS (Non-Inventory) 1700 MISCELLANEOUS PRODUCTS (Non- Inventory) 1800 MARKUPS 1900 BUSINESS EXPENSES UPFRONT DEPOSITS SUBTOTAL 2000 DISCOUNTS Page 11 of 11