Set Up And Track Retention In QuickBooks For Contractors
Having trouble managing your outstanding receivables? Save time and calculations by keeping track of who owes you for retention and how much they owe.
Enroll in courseNote:This is a drip course. The modules are delivered according to a time-based schedule, and spacing varies within the lessons.
Automated System
Step-by-step instructions on how to set up Retention and create Chart Of Accounts in QuickBooks.
Ensure Project Completion
Guarantee the performance of your subcontractor and safeguard your client's project against undesirable outcome.
Retention Report
Eliminate errors and generate invoices by carefully running a report to show how much a client owes you.
Retention Set Up For Job Costing
Are you frustrated with QuickBooks For Contractors and the lack of Retention tracking?
A correctly set up Retention in QuickBooks Desktop is the key to generating useful and timely reports. Use it to track who owes you money and how much they owe. Start by learning the basics and discover how easy it is to add more money to your construction company with Retention.
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.
Works For Clients And Subcontractors
Motivate your subcontractors to complete the project on time and within budget and give your clients peace of mind by preparing a retention plan for them.
Enable Collections Center
Quickly and easily manage your outstanding receivables by taking advantage of the Collections Center features in QuickBooks Desktop, make changes as needed, and send email for balance dues.
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 for our company's precise needs.
Everett, WA
What You'll Learn
Having access to the best available tools and information is a vital aspect of almost any operation, but 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 Customer Retention and a properly set up Chart of Accounts.
Recognize
how Retention is an Asset until the client pays the balance owed.
Apply
Retention in QuickBooks Chart of Accounts and add a line for Retainage.
Create
a report template using memorized report list and add Retention Receivable.
Establish
an automated system that can help you track who owes you money and how much.
Fast Easy Accounting helped us better organized and make sense of our QuickBooks file.Sharie was always available to answer any questions that I had about payroll or business taxes, and shared her knowledge and experiences willingly. They helped keep us up-to-date with our bookkeeping and offered our company an efficient way to stay on track. Thank you!
BONUSES
We got you covered! As part of recognizing your time and effort in finishing the class, you will have access to some of our best sought-after services:
Installation of The Five Key Performance Indicators on your QuickBooks Desktop icon bar (QBD Software 2014 or later).
A comprehensive PDF report on the financial health of your company plus
Forms, Templates, and QuickBooks Desktop Keyboard Shortcuts to streamline your tasks and improve your productivity.
I found your Change Order How-To video on YouTube and really like how you have it set up and appreciate the pointers you had 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 want to make sure I am doing it the right way. Thank you for your assistance.
Who will benefit from this course
This class addresses accounting fundamentals for a construction business.
Who is this course for?
This course is for contractors, accountants, bookkeepers, administrators, and business professionals in the construction and home service industry, who are 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 required.
We developed a comprehensive bookkeeping system and added useful 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 who are using accounting software other than QuickBooks Desktop or whose business earns more than $5,000,000 annually. There is a lot more detail and depth to be considered for larger contractors.
This course pays specific attention to the unique aspects of construction accounting that are 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.
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 which 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. Visit our website for more information.
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 System is based and continues to evolve and improve. Check out our Contractor Success Map Podcast on iTunes