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Recorded on 09/21/2016: Covering how to account for Completed Contract and Percent of Completions Methods with QuickBooks Enterprise
(ENTERPRISE.expert September 2016)

Topics contained in this video:

00:00:00 – Intro, webinar series
00:04:26 – Construction accounting concepts
00:08:40 – Percentage of completion method
00:11:49 – Demonstration in QuickBooks Enterprise for construction and contractors (demo)
00:13:05 – Chart of accounts (construction income) (project billings) (cost of goods sold categories)
00:14:35 – Item list (wip subcontractor, wip materials, wip equipment, wip labor) (project billing) (contract PCM; contract CCM) (edit item)
00:17:25 – Create estimate (step by step) (additional customization) (example)
00:22:34 – Reports (jobs, time and mileage) (job wip summary) (job estimates vs. actuals detail for ABC contractor) (example)
00:23:10 – Create a bill (vendors, enter bills) (items) (step by step)
00:27:20 – Create estimate (insert line) (wip materials) (create sub-item) (item list) (edit item)
00:30:52 – Create purchase order (step by step)
00:32:37 – Custom fields (define fields)
00:36:12 – Vendors, enter bill (create bill) (get the bill from purchase order) (open purchase orders)
00:37:38 – Job estimates vs. actuals detail for ABC contractor
00:38:18 – Customize report (modify report)
00:39:33 – Enter bill
00:40:49 – Profit and loss
00:41:09 – Reports (balance sheet standard)
00:42:42 – Estimate (example)
00:43:02 – Create invoice
00:44:26 – Reports (jobs, time and mileage; job estimates vs. actual details) (filter report)
00:45:30 – Make journal entries (step by step)
00:48:03 – Banking (reconcile) begin reconciliation
00:49:10 – Modify report (filters)
00:49:33 – Memorize report
00:50:21 – Percentage of completion method and how it works (step by step)
00:58:52 – Payroll (employees) (pay employees)
01:03:03 – Create invoice (project billing)
01:07:06 – Customers (estimate) (invoice) (create an invoice)
01:08:05 – Profit and loss report (by customer job)
01:09:01 – Edit account
01:09:15 – Profit and loss
01:15:06 - Item profitability or item estimates vs. actuals
01:16:44 – Resources (IRS’S guide)

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