Did someone setup QuickBooks by trying to follow the built in template inside QuickBooks and you figured out you cannot get any of the financial and job costing reports you need to operate and grow your construction company?
Let us handle your QuickBooks setup for your contracting company because accurate QuickBooks contractor reports are what profitable contractors use to help them steer their construction company through the ups and downs of the business cycle.
QuickBooks Pro 2000 And Up
QuickBooks Premier 2000 And Up
QuickBooks Premier Contractor 2000 And Up
QuickBooks Premier Accountant 2000 And Up
QuickBooks Contractors 2000 And Up
QuickBooks For Contractors 2000 And Up
QuickBooks Enterprise Contractors 2000 And Up
QuickBooks Enterprise For Contractors 2000 And Up
Contractors, home builders, residential and commercial remodeling company owners let us take care of QuickBooks setup for your contracting company because owning and operating your construction company means you need clear and concise Financial Reports, Job Costing and Job Profitability Reports to survive and thrive.
The size of your construction company is not as important as how much money you earn from it. Our internal research shows a properly run construction company with annual sales between $500,000 and $5,000,000 can generate as much or more cash, profit and equity than most construction companies with annual sales between $5,000,000 and $10,000,000.
It has to everything to do with strategic planning, understanding and using the right QuickBooks reports the right way. There are thousands of QuickBooks reports and hundreds of add-on software that can generate thousands more; however there are only five Key Performance Reports and a few Job Costing and Job Profitability Reports that will provide what you really need to achieve your goals.
The same QuickBooks contractor reports the profitable contractors use are available to every all four types of contractors from the one-person “Dog and Pickup Truck” to the "Enterprise" level contractor. For more on this click here.
The reports that stand the test of time are:
The Five Key Performance Reports, (KPI) Reports. Cash Report, Receivables, Parables, Profit and Loss and Balance Sheet. For more on this click here
Job Cost Reports, Job Profitability Reports. For more on this click here
Understanding and using the information they provide to make strategic and tactical decisions to increase sales and profits in your construction company. What if I told you there is buried treasure in your backyard and all you need is a treasure map to find it and dig it up, would you be interested? Of course you are!
If your QuickBooks setup was done by a QuickBooks Expert in construction accounting and maintained correctly you are riding high and living well! If not, we can fix just about any QuickBooks setup by performing a QuickBooks cleanup and importing all of the transactions. The Chart of Accounts is the foundation and if your Chart of Accounts is not setup right you will not have anywhere to put the transactions.
User Permissions
Company Information Window
Chart of Accounts Direct Construction Costs
Chart of Accounts Indirect Construction Costs
Chart of Accounts Work-In-Progress For Land Developers
Chart of Accounts Work-In-Progress For Land Development Into Lots
Chart of Accounts Work-In-Progress For Spec Builders
Chart of Accounts Work-In-Progress For Spec Home Into Rentals
Chart of Accounts Over Billings For Earned Value Reports
Chart of Accounts Under Billings For Earned Value Reports
Chart of Accounts Retention From Your Customers
Chart of Accounts Retention For Your Subcontractors
Chart of Accounts Job Deposits From Your Customers
Chart of Accounts Indirect Construction Costs
Chart of Accounts Prepaid Expenses
Chart of Accounts Job Deposits
Chart of Accounts Fixed Assets
Chart of Accounts Depreciation
Chart of Accounts Intercompany Transfers
Chart of Accounts Payroll
Chart of Accounts Payroll Taxes
Chart of Accounts Payroll Tax Liabilities
Chart of Accounts Customer Discounts
Chart of Accounts Bad Debts
Chart of Accounts Customer Checks Returned From Bank
Chart of Accounts Employee Loans And Repayments
Chart of Accounts Jobsite Costs
Chart of Accounts Warranty Work
Chart of Accounts Sales Tax Errors
Chart of Accounts Mobilization
Chart of Accounts De-Mobilization
Chart of Accounts Leases
Chart of Accounts Purchases
Chart of Accounts Marketing
Chart of Accounts Advertising
Chart of Accounts Owner Loans And Repayments
Chart of Accounts Special Accounts For Sole Proprietors
Chart of Accounts Special Accounts For LLC Corporations
Chart of Accounts Special Accounts For Sub-S Corporations
Chart of Accounts Special Accounts For Partnerships
Chart of Accounts Special Accounts For LLP Limited Partnerships
Chart of Accounts Special Accounts Flipper Houses
Chart of Accounts Credit Cards
Chart of Accounts Lines Of Credit
Chart of Accounts Short Term Loans
Chart of Accounts Long Term Loans
Chart of Accounts Spec House Construction Loans
Chart of Accounts Land Development Construction Loans
Chart of Accounts General And Administrative
Chart of Accounts Occupancy Costs
Chart of Accounts Triple Net Leasing Costs
Chart of Accounts Technology
Chart of Accounts Professional Fees
Chart of Accounts Taxes
Chart of Accounts Licenses
Chart of Accounts Insurance Builders Risk.
Chart of Accounts Insurance Vehicles
Chart of Accounts Insurance Liability
Chart of Accounts Insurance Health And Dental
Chart of Accounts Financing Costs
Chart of Accounts Interest Earned
Chart of Accounts Gain And Loss On Fixed Assets
Chart of Accounts Estimates
Chart of Accounts Sales Orders
Chart of Accounts Purchase Orders
Item List Direct Construction Costs
Item List Indirect Construction Costs
Item List Construction Job Deposit
Item List Construction Labor Costs
Item List Construction Material Costs
Item List Construction Other Costs
Item List Construction Subcontractors Costs
Item List CSI Codes For Commercial Construction
Item List Bid Bond Deposits
Item List Sales Tax For Cities (Updated When It Changes)
Item List Sales Tax For Counties (Updated When It Changes)
Item List Sales Tax For State (Updated When It Changes)
Item List Land Developers Direct Costs
Item List Land Developers Indirect Costs
Item List Spec Home Builders Direct Costs
Item List Spec Home Builders Indirect Costs
Item List Retention Held By Customers
Item List Retention Holding For Subcontractors
Item List Work-In-Progress Costs For Land Developers
Item List Work-In-Progress Transfer Costs For Land Developers
Item List HUD-1 Statement Transfer Costs For Land Developers
Item List Work-In-Progress Costs For Spec Home Builders
Item List Work-In-Progress Transfer Costs For Spec Home Builders
Item List HUD-1 Statement Transfer Costs For Spec Home Builders
Item List Work-In-Process Transfer Costs For Spec Home Builders
Retention Tracking For Your Customers And Trade / Subcontractors
Payroll For Your Employees
Payroll Sick Days
Payroll Vacation Days
Payroll Loans Setup And Tracking
Payroll Loan Repayment Setup And Tracking
Payroll Reimbursement Setup And Tracking
Payroll Garnishment Setup And Tracking
Payroll Child Support Setup And Tracking
Payroll Tax Table
Owners Time To Job For Job Costing Without Affecting Financial Report
Preferences In 23 Categories Each One With Multiple Decision Points
Price Level List
Billing Rate List
Sales Tax Code List
Other Names List
Customer Profile List
Vendor Profile List
Templates List
Memorized Transaction List
Memorized Reports List
We offer the most comprehensive contractors bookkeeping services system in the world. Your Letter of Engagement includes some or all of the options listed below. If there are options, you would be interested in knowing more about please contact Sharie at 206-361-3950 or email sharie@fasteasyaccounting.com and she will be happy to review them with you.
QuickBooks Automatic Backup On Remote Server
All Expenses And Costs Recorded In Chart of Accounts, Not Items
All Work In Process Recorded in Chart of Accounts, Not Items
Retention Hold By Your Customers
Retention Hold For Subcontractors
Job Deposits From Customers
Employee Type Tracking - Field
Employee Type Tracking - Admin
Employee Type Tracking - Sales
Employee Type Tracking - Operations
Employee Type Tracking - Officers
Employee Loans - Field
Employee Loans - Admin
Employee Loans - Sales
Employee Loans - Operations
Employee Reimbursements - Field
Employee Reimbursements - Admin
Employee Reimbursements - Operations
Employee Reimbursements - Sales
Employee Reimbursements - Officers
Payroll Preparation - Field
Payroll Preparation - Admin
Payroll Preparation - Sales
Payroll Preparation - Operations
Payroll Preparation - Officers
Payroll Tax Reporting – 941
Payroll Tax Reporting - 940
Payroll Tax Reporting - 940
Payroll Tax Reporting - W-2
Payroll Tax Reporting - W-3
Insurance Audit Reporting
Insurance Audit Support (Business Consulting And Accounting Office)
Bank Reconciliations
Credit Card Reconciliations
Business And Occupation Tax Reporting - Monthly
Business And Occupation Tax Reporting - Quarterly
Business And Occupation Tax Reporting - Annually
Sales Tax Reporting - Monthly
Sales Tax Reporting - Quarterly
Sales Tax Reporting - Annually
Petty Cash Register
Fixed Asset Tracking
Monthly Depreciation Transactions
Intercompany Transfers
Security Deposits Tracking
Loan To Shareholders / LLC Members / Partners
Cost of Goods Sold - Direct Costs
Cost of Goods Sold - Indirect Costs
Your company Schedule of Values
Prevailing Wage Reports
Work-In-Process Reporting
Tool Lease Tracking
Vehicle Lease Tracking
Equipment Lease Tracking
Schedule of Values For Job Costing
QuickBooks Default Schedule of Values
Fixed List Of Your company Schedule of Values
Your company Schedule of Values For Each Project
Construction Specification Institute 16 Basic Cost Codes
Heavy Equipment Allocation
Occupancy Expense - Office
Occupancy Expense - Shop
Marketing Cost Tracking By Chart of Accounts
Vehicle Costs – Admin / Sales / Operations / Officer
Other Income Tracking
Other Expense Tracking
Investment Property Tracking
Upload Documents To Inbox
Read, Print And E-Mail Documents
24/7 Access To Web Based Online Financial Reports
Paperless Server Vault Options
Web Based Reports
Excel Based Payment Applications
Our process for QuickBooks setup of a new client is a whole lot longer than what I am showing here and for some of you this was TMI (Too Much Information).
Our construction company clients offer a lot of feedback regarding what they would like their QuickBooks contractor to do and we listen to each and every request and look for ways to add those enhancements and more.
On average the QuickBooks setup template will have 50 enhancements a year. We test them on our server and when they are proven to work we manually update each and every client that has their QuickBooks contractor file on our server. And then we test each update on every client QuickBooks contractor file to make certain it will work.
Most of the time our clients do not even know when a template update happened, they just know it works a little bit better and something that was a problem no longer is a problem.
The one BIG PROBLEM we caution you about is be careful when you tell another contractor about all the reports and how Fast And Easy your QuickBooks contractor works because in most cases they will not believe you. It is the difference between QuickBooks setup the easy way and QuickBooks setup the hard way!
QuickBooks Setup - By a QuickBooks expert in construction accounting to work specifically for contractors on whatever year and version of QuickBooks you own because we have worked with QuickBooks since it first arrived in the early 1990's in DOS.
Which QuickBooks Edition - Is right for you? It depends on your annual sales volume and what QuickBooks Reports you want to have.
QuickBooks Pro - Works well for all contractors with less than $250,000 annual volume because your QuickBooks Reporting needs are not great.
QuickBooks Premier Contractor - Is what we recommend for contractors with more than $250,000 annual volume currently or projected in the next 12 months. The difference in cost is very small compared to the potential value.
The Most Important - Part of QuickBooks Setup for contractors is having a QuickBooks expert with a deep background in construction accounting who understands what your particular construction company needs. Among other things you need a fast and easy way to monitor the financial health of your construction company. QuickBooks Premier Contractors Edition provides a running scorecard of Key Performance Reports and when used with Business Process Management Tools like what 10 minutes of waste costs their company.
New Construction Speculative - Land developers, home builders and light commercial builders. These are the contractors who build something in hopes a buyer will emerge during or shortly after the building is built and they need QuickBooks setup so that it will:
Your QuickBooks setup is put together so you can track all your construction and overhead costs and generate Bank Draws and Work-In-Progress (WIP) reports against budgeted estimates to monitor progress.
Your QuickBooks setup for your Chart of Accounts needs to be focused WIP Assets with a few Cost of Goods Sold Accounts (COGS) to allocate the sale of the building
Your QuickBooks expert can setup the Five Key Performance Indicators (KPI) to monitor the financial health of the business
You need between 200 and 6,000 Items setup to track all the costs of the construction process from the ground up through the roof and final cleanup
This is the most difficult QuickBooks Premier Contractor Edition to setup because there is a mix of Direct, Indirect, WIP and COGS accounts
The day to day input is also the most difficult and needs to be handled by accounting staff with specialized training in construction accounting
You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
Your income can be sporadic and extremely sensitive to the ups and downs of the new construction market which is why you need a strategy with an external focus on the global housing market.
In order for your Spec Builder Company to reach its full potential you will need an overall strategy including a Business Plan for Contractors
We believe a lot of speculative builders go bankrupt because they do not have accurate reports to base decisions on and that is as direct result of trying to save money with Cheap Bookkeeping
New Construction Custom - Builders of residential and light commercial buildings have special QuickBooks setup needs:
You use QuickBooks to track all the costs and generate Complex Payment Applications, Item Estimates vs. Actuals, Job Profitability Summary and Job Profitability Detail Reports to monitor progress
Your QuickBooks setup for the Chart of Accounts has a lot of Goods Sold Accounts (COGS) to allocate project costs
Your QuickBooks expert can setup the Five Key Performance Indicators (KPI) to monitor the financial health of the business
You will have between 500 to 2,500 Items setup to track all the costs of the construction process from the ground up through the roof and final cleanup
This is the second most difficult QuickBooks setup is Premier Contractor Edition because there is a mix of Direct, Indirect, COGS and only a few WIP accounts
The day to day accounting and bookkeeping input is the second most difficult and to be done properly requires accounting staff with specialized training in construction accounting
You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
Our experience has been your group generates a relatively unstable income and is somewhat sensitive to the ups and downs of the new construction custom built market
In order for your Custom Home Building Company to reach its full potential you need a Construction Business Strategy including a Business Plan for Contractors
We believe a lot of custom builders go bankrupt because they do not have accurate reports to base decisions on and that is as direct result of trying to save money with Cheap Bookkeeping
Remodel - Residential And Light Commercial Tenant Improvement Contractors QuickBooks Setup:
You use QuickBooks to track all the costs and generate Complex Payment Applications Item Estimates vs. Actuals, Job Profitability Summary and Job Profitability Detail Reports to monitor progress
Your Chart of Accounts is focused Goods Sold Accounts (COGS) to allocate project costs
You need the Five Key Performance Indicators (KPI) to monitor the financial health of the business
Your QuickBooks setup will need 1,000 to 5,000 Items setup to track all the costs of the construction process from beginning to end in order to get the reports you need
This is the third most difficult QuickBooks setup in Premier Contractor Edition because there is a mix of Direct, Indirect, COGS and only a few WIP accounts
The day to day input is also the second most difficult and to be done properly requires accounting staff with specialized training in construction accounting
You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
Our experience has been your group generates a stable income and is not as sensitive to the ups and downs of the new construction market
In order for you to reach their full potential of your business you will need an overall strategy including a Business Plan for Contractors
And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
Trade contractors - QuickBooks Setup For Plumbers, Electricians, HVAC, Flooring, Sheetrock, Painters, Landscapers and others:
You use QuickBooks to track all the costs and generate Simple Invoices which can then be input into QuickBooks Premier Contractor Edition
Your QuickBooks setup for the Chart of Accounts is usually focused Goods Sold Accounts (COGS) to allocate project costs
You will need to pay close attention to the Five Key Performance Indicators (KPI) to monitor the financial health of the business because your sales cycle is so short
You will need 500 to 2,500 Items in your QuickBooks setup to track all the costs of the construction process from beginning to end
This is the fourth most difficult QuickBooks setup is the Premier Contractor Edition because there is a mix of Direct, Indirect, COGS accounts
You day to day input is also the third most difficult and to be done properly requires accounting staff with specialized training in construction accounting
You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
Our experience has been your group generates the most stable income and you are not as sensitive to the ups and downs of the new construction market
In order to reach their full potential of your Trade Construction Business you will need an overall strategy including a Business Plan for Contractors
And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
Service and Repair - QuickBooks setup for companies like drain cleaners, emergency service electricians and others:
You use QuickBooks setup needs to be able to track all the costs and generate Simple Invoices which can then be input into QuickBooks Premier Contractor Edition
Your QuickBooks setup for the Chart of Accounts is usually focused Goods Sold Accounts (COGS) to allocate project costs
You will need to closely monitor the daily changes in the Five Key Performance Indicators (KPI) to understand the financial health of your business
Your QuickBooks setup will need between 500 to 2,500 Items setup to track all the costs of the construction process from beginning to end
This is the fourth most difficult QuickBooks setup for Premier Contractor Edition because there is a mix of Direct, Indirect, COGS accounts
The day to day input is also the third most difficult and to be done properly requires accounting staff with specialized training in construction accounting
You will need a simple yet effective way to keep track of retention and your QuickBooks expert in construction accounting can set it up to meet your needs
Our experience has been your generates a very stable income because you are not as sensitive to the ups and downs of the new construction market
In order to reach your full business potential you need an strategy including a Business Plan for Contractors
And of course Cheap Bookkeeping is the one area where short term savings is overwhelmed by making bad decisions based upon inaccurate QuickBooks reports
QuickBooks Setup - By a QuickBooks expert in construction accounting to work specifically for contractors on whatever year and version of QuickBooks you own because we have worked with QuickBooks since it first arrived in the early 1990's in DOS.
Having Used - A number of accounting programs over the years we believe when your QuickBooks setup is done correctly is the best, hands down, no contest! For the construction trades the tiny amount of money difference between QuickBooks Pro and QuickBooks Premier Contractor Edition is worth the investment for the additional a Contractor Reports alone. Upgrading every year is a “no brainer” because of all the new features and if a contractor’s construction accounting staff only saves only 10 minutes a day the savings will more than pay for the program.
Our mission is to “Help Contractors Achieve Their Definition Of Success”. Which means we work with them and support them no matter what version of QuickBooks they use? We have observed contractors who use QuickBooks Premier Contractor Edition simply make more money.
We Contract - With An Intuit Authorized Commercial Host company that allows us to access QuickBooks Desktop Version Online. The good news is they are great at providing 24/7 access to client QuickBooks files and nightly backup. The other news is that we need staff that is skilled in construction bookkeeping and accounting and other staff that is very experienced with Microsoft Windows Explorer File Structure because we have to upload, setup, monitor and maintain the QuickBooks data, paperless documents and internal file folders for each client. The great news is that from our client’s point of view everything just works fast and easy so they love it!
It Is Like - Having a red carpet lease for your car. The manufacturer (Intuit) makes and sells the product and the contractor buys it (QuickBooks) parks it in our garage (Hosting Service) where our mechanics keep it tuned up and running smoothly (Microsoft Windows Explorer Specialists) and the chauffeurs (construction bookkeepers and accountants) drive the transactions and paperwork into it so the contractor can enjoy the ride (passenger) and generate useful KPI Reports anytime day or night and we help them understand and use the KPI Reports
Need A Mentor? - Someone who has been were you want to go and can guide you. We would like to be that person for you. Fill out the form on the right or call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation
For Construction Company Owners who do not need the full power of QuickBooks for contractors and want 24/7 online access we offer Xero Accounting Online and we have custom setup for construction companies. Click Here For More.
This Is One More Example of how Fast Easy Accounting is helping construction company owners all across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you so stop missing out! Call Sharie 206-361-3950 or sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation.
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
We Scan Your Receipts And Invoices link the appropriate transactions to QuickBooks or Xero Accounting Online depending on the construction accounting service you are using and provide ongoing Cloud Based Contractors Bookkeeping Services by accountants who understand construction.
About The Author:
Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes and Follow Randal on Google+Follow Randal on Google+