Last Updated on by
Quickbooks for Contractors: When you used QuickBooks For Contractors, you can easily track your job costs automatically in QuickBooks and as an enterprise, you pay bills, employees, vendors, and subcontractors. Mainly, QuickBooks Job Costs for Contractors. QuickBooks is one of the best accounting systems for small companies, and also for contractors if you want to get started, This is a great place to start towards an organized accounting system.
This helps you to get bids, estimates, customers, vendors, and employees so that your construction accounting stops completely. If Contractors used this so they can get a lot of benefits. QuickBooks work for a contractor company that means QuickBooks for contractors.
QuickBooks for contractors: Features:
- Set up QuickBooks contractor file
- Input the specify chart of accounts in which a contractor needs in QuickBooks
- Used Manage and customize the icon bar
- To Set up and manage QuickBooks item list for contractor use
- Set QuickBooks preferences for the options and settings that the needs of the contractor
- To create contractors, and also make invoices from estimates
- Use a progress invoice to track your progress of jobs
- To Create and manage change orders
- Manage records received from customers/clients
- Used to find some data into your company file
- To Determine profit or loss by job
- Used to Bill customers for reimbursable expenses
- For used to Track workers time and mileage by jobs
- Used to calculate salary expenses per job, and, etc.
These features are more useful you can easily track time and mileage for the job, allocate costs from the job, and use the full percentage of progress invoices with the help of this QuickBooks for contractors tool.
Reasons to use QuickBooks For Contractors Tool:
- Start and run the QuickBooks software through this tool
- Handle your accounting software easily.
- Support quality of this tool is very good.
- Cloud accounts feature
- Can get try to free accounting software
Procedure to Set Up the QuickBooks For Contractors:-
If you want to set up QuickBooks for contractors so you can learn here how to set it up, And follow the given below steps:
- Step 1:- Firstly, Open QuickBooks software. Then click on the Create a new company option.
- Step 2:- Then click on the Start interview, and fill the details of your company. such as- company name, tax ID, company address, phone number, fax number, email address and company website.
- Step 3:- In the next step Select your company type and also choose Construction Contractor.
- Step 4:- In the next step enter the details of the structure of your company. Just like- your company is a sole proprietor, partnership, and etc.
- Step 5:- In the next step enter the first month of your company financial year. Generally, companies are using the January month.
- Step 6:- Then set your password and confirm it to use them.
- Step 7:- In this step save your company file, for saving company file enter your company file name and the location on your system where you want to place this company file.
- Step 8:- Then click on the Next button to enter the details of your company’s data.
- Step 9:- Then Answer the given following questions about what you sell, such as- Will you sell only services or only products or will you sell both If you currently sell both types, then click on the Both button.
- Step 10:- After that If you want to set it later.
- Step 11:- In the next step enter the details of charge/collect sales tax at your convenience. Do this only when you recommend it. And do not overuse it.
- Step 12:- In this step need to select types at your convenience what you want, then enter the details And also In this tab, QuickBooks recommends select the Yes option.
- Step 13:- In the next step select the types of sales receipts such as-If you want to use sales receipts in QuickBooks When the customer pays the goods at the time of receipt then indicates.
- Step 14:- In the next step select the billing statement just like-If you want to use the billing statement in QuickBooks, then choose in the given options. QuickBooks software recommends this for the construction business.
- Step 15:- Then Press the next button to go to the next step.
- Step 16:- Then manage your payables methods and enter it.
- Step 17:- In this step select the payment types method just like how you will pay your bills, then enter your payment type method.
- Step 18:- In this step choose the given options just like you to accept credit cards or not then enter at your convenience.
- Step 19:- In the Next step track your time or the time of others who are completing work for your company so enter what you want to track.
- Step 20:- In this step gives some questions answer related to the setup of your bank account.
- Step 21:- In this step enter the bank name of your bank account such as- IDBI Bank, Axis Bank, etc. After that enter your bank account number and routing number. It will show on your check and on your bank statement.
- Step 22:- Then enter the date that time your account was opened, so that you can start tracking your financial data.
- Step 23:- After that enter the last date of statements And also enter the closing balance from this statement.
- Step 24:- In this step set the information of any other account such as- If you want to set up another account so select Yes option, Then again repeat the steps to enter bank account information. Otherwise, If you don’t want to set another account then click on the No options.
- Step 25:- In this step, This is the last step of setting up this tool. If you are sure that you have completed all the sections of QuickBooks for Contractors Settings, then click on the Finish button.
I hope through this article you will set up the QuickBooks software tool in an easy way. This QuickBooks for contractors tool is most important for you. It used easily start to build QuickBooks software.