![]() However, when is someone suppose to use the expenses tab when entering checks and card charges? There's an expenses tab & items tab. Basically if I have a construction job, I need to create the job in QB so it has a name, and run any items to that designated job. ![]() I am not using online, I tried that first and quickly realized I wanted the Desktop version which is where some of my frustration comes from. For now, a spec home that is going to take 6 to 8 calendar months split between 20. And time and time again gotten looped back to specialists that want to charge $1,000 to $1,500 for an e-book on construction accounting. ![]() I've probably watched twenty hours of QB Video and read many many Q&A forums about this process. I've never needed to run QB Reports but I assume that is what I need to worry about making right.Īny tips would be great here. I feel like I am really close but do not know if this is correct, essentially using Items only when recording expenses, and relying on the Customer Job drop down as the way to track these per Job. I was told this was essentially using Cost Basis and also like holding Inventory but that doesn't resonate with me inside of QuickBooks. For a quick job for a known customer this seems like a safe idea? But for a job such as a spec home or house flip that would be something I do over a multi-year period of time, I now need to track these expenses per project and carry them with the business until I actually sell the house and have profit to pay taxes on. I would enter what Item(s) the materials were considered, the amounts on that charge, and lastly I would make sure Customer Job : That Job was selected so that the Job report would show the amount of money spent on each designated item. Each time I had an expense I would open up Write a Check or Enter Credit Card Charge, I would never use the Expense tab but only the Item tab. These Items are detailed so that I can easily estimate, and keep track of these line item amounts for the project. I have then added 35 to 45 Items and Sub-Items that I checked the box of their properties so that it will provide the option to use the Expense Account called Construction in Progress and the Income Account of Construction Income. ![]() Then I have Construction Income that is an Income account. So far from my 'research' I have came to what I thought was a good solution but want to run it by you guys and make sure it's not going to bite me in the ass.īasically I have a Construction in Progress which is an Other Current Asset account. I always did my own taxes before this LLC. This is my first time trying to do this as an LLC instead of just a side gig. My CPA is hammering me into using quick books but I can't fault them because it will make my CPA bill cheaper come quarterly or year end. In quick books it's like adding a fifth dimension. Say one month I am doing a remodel, so I need to record every cost for that project so when I get paid I can apply the paid amount against those expenses and show what profit I need to pay tax on. I need to have each Job/Project accrue its own list of expenses. candy store with candy inventory selling to random daily customers vs myself, construction guy building various projects) I have watched several YouTube videos on recording expenses in quickbooks but they all have a variance either because of dated video, or from a different type of business (i.e. ![]()
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