Step-By-Step Instructions
Set up the Job Deposit process, track unassigned Job Deposits, and apply part or all of a Job Deposit to one or more invoices.
Offer Payment Options
Once the contract is signed, ask for a deposit and record it. Stop financing somebody else's dream and use the money for working capital.
Request And Receive
Learn how to ask and receive money using QuickBooks so that you're always using "Other People's Money" (O.P.M.) to pay for your project.
Contractors Are Not Bankers
You are not a banker; we recommend never financing your client's project by providing substantial amounts of labor, material, subcontractors, and rental equipment, hoping to get paid later on down the road.
Cash flow is crucial to the success or failure of any business, especially in the construction industry. Some contractors are gung-ho about doing the work and are embarrassed about asking for money. This class will teach you how quickly and easily setting up Job Deposits in QuickBooks is. Once your client signs the contract, you'll be empowered and confident to request upfront payment.
Construction Accounting Vs. Regular Accounting
Learn the necessary principles particular to your industry and the importance of understanding the difference between other types of accounting.
Job Deposits For Contractors
Master setting up, requesting, receiving, reporting, and applying Job Deposits in QuickBooks and take the stress out of generating a report to see who has deposits and balances.
Avoid Payment Problems
Get work orders, signed contracts, and check deposits before starting your construction project by offering financing solutions to your clients - whether through a bank/lender or accepting credit cards.
Key Takeaways
Discover insightful lessons with each module, gain actionable tips for your bookkeeping processes, and pick up strategies to overcome the challenges of keeping your accounts up to date.
After taking two college weekend classes to learn QuickBooks for our company's accounting needs and NOT getting my specific questions answered, I attended a QuickBooks seminar run by Randal and quickly learned that he had the help and answers I needed.
As a wife doing the books part-time, I am very thankful for his help and insight into our company's precise needs.
Painter's Wife
Everett, WA
What You'll Learn
Access to the best available tools and information is vital to almost any operation, but it is especially crucial in the competitive construction and home service industry. Upon completing this course, you will be able to:
Understand
The difference between Construction Accounting and Regular Accounting.
Discuss
The value of setting up Job Deposits and a properly built Chart of Accounts.
Determine
The difference between Activity-Based and High-Level Accounting.
Recognize
Labor, Materials, Other Costs, Subcontractors, and overhead allocation for a specific job.
Apply
Job Deposits to an invoice and keep track of your clients and receivables.
Establish
A Job Deposit System that can help you when you're working on multiple projects.
I found your Change Order How-To video on YouTube and really like how you have it set up and appreciate the pointers you have to offer.
Because I am tired of these customers constantly changing stuff on us and creating delays or extra work. I need to start being compensated for my time, but I want to make sure I am doing it the right way. Thank you for your assistance.
Home Improvement Contractor
Hanover, VA
Who is this course for?
This course is for contractors, accountants, bookkeepers, administrators, and business professionals in the construction and home service industry using QuickBooks Desktop as their primary accounting software. And whose business is within $0 and $5,00,000 in annual sales. No prerequisites or advanced lessons are required.
We developed a comprehensive bookkeeping system and added valuable content to QuickBooks to make it work for owners and employees in the construction industry.
Who is this course NOT for?
This course is NOT for construction industry professionals using accounting software other than QuickBooks Desktop or whose business earns more than $5,000,000 annually. There is much more detail and depth to consider for larger contractors.
This course focuses on the unique aspects of construction accounting not dealt with in other industries. If you are not a contractor, accountant, administrator, or business professional in the construction and home service industry, then this course is not for you.
YOUR INSTRUCTOR
Randal DeHart
Randal is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert, and Xero Accounting Specialist.
This combination of experience and skill sets provides a unique perspective that allows him to see the world through the eyes of a contractor, Project Manager, Accountant, and construction accountant.
This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves.
He 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 is based and continues to evolve and improve.
