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Is quick books 2010 capable of doing project level accounting…

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Is quick books 2010 capable...
Is quick books 2010 capable of doing " project level" accounting ?? In other words, lets say we are awarded a construction job, and we need to track the profit made on that particular job over say a 9 month period. can we code applicable payables, and payroll expenses to an assigned Job # XXXXX or project #, and track revenue and expenses in this manner ??

I know about the " classes" , but this would be as many as 300-400 projects per year
Submitted: 7 years ago.Category: Financial Software
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Answered in 3 minutes by:
2/3/2011
Tech Support Rep: Doug Millington, Certified Public Accountant (CPA) replied 7 years ago
Doug Millington
Doug Millington, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 268
Experience: Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
Verified

Doug Millington :

If you have a question about accounting, bookkeeping, Quickbooks or Peachtree I have the answer.

Doug Millington :

Yes - QuickBooks 2010 has full job costing capabilities - Go to Edit > Preferences

JACUSTOMER-p22cj8v7- :

Doug

Doug Millington :

click on Jobs & Estimates

Doug Millington :

I'm here

JACUSTOMER-p22cj8v7- :

hold on a minute while I gather a few thoughts

Doug Millington :

and then select yes for Do You Create Estimates and Do You Progress Invoicing

JACUSTOMER-p22cj8v7- :

is the job costing linked with the financial accounting side ?? in other words, let say I get a materials invoice for a certain job. when I enter as a bill to that project, does it automatically record it as an expense on the overall company income statement , as well as on the project level ??

Doug Millington :

Yes - it does

Doug Millington :

When you enter a transaction you will choose what job to apply it to and if it billable

Doug Millington :

You will be able to produce P&L by job and overall company P&L

JACUSTOMER-p22cj8v7- :

does it also allow you to do progress billings on those jobs, linked to the company accounts receivable ?? and when you do the progress billing invoice, can QB pull labor dollars, expenses assigned to that job, and print those on the invoice. in other words, I would need QB to tell me which employees have worked on this job, how many hours, and a billing rate. can we do this ??

Doug Millington :

Yes - it will do progress invoicing

Doug Millington :

As long as you enter time and assign it by job

JACUSTOMER-p22cj8v7- :

is there a particular version of QB i need to purchase in order to have all these capabilities ??

Doug Millington :

It sounds as if you might need a primer on job costing for QuickBooks

Doug Millington :

What version do you have now?

JACUSTOMER-p22cj8v7- :

yes, a primer would be nice. how do I get a " primer" ??

JACUSTOMER-p22cj8v7- :

I think we have QB 2008

Doug Millington :

You can do job costing in 2008

JACUSTOMER-p22cj8v7- :

Is there any advantage to upgrading to a newer version, as it relates to job costing

Doug Millington :

That's a good question - off the top of my head I can't remember what, if any, improvements to job costing have occurred from 2008 to 2011

Doug Millington :

However - I always recommend to client to consider upgrading once their version is 3 years old

JACUSTOMER-p22cj8v7- :

is there any type of training class or seminar or book that I can get to be an expert at this part of QB. I will need to know all about it b/c will have to train several people

Doug Millington :

Yes - the best place for contractor specific training is at Real World Training - they have excellent training CDs tht are specific to contractors - plus regular QuickBooks training

JACUSTOMER-p22cj8v7- :

ok thanks Doug

Doug Millington :

The version you should consider to QuickBooks Contractor Edition 2011

Doug Millington :

It costs a little more than QuickBooks Pro 2011 but there is some added reporting capabilities

JACUSTOMER-p22cj8v7- :

I assume it would have all the other QB capabilites, like financial reporting, payroll, W-2's , etc

JACUSTOMER-p22cj8v7- :

can i print this question and answer stream ??

Doug Millington :

Yes - it is a Premier Edition - has all the functionality of quickBooks Pro + more

Doug Millington :

I know you can copy and paste - but I'm not sure if there are other print capabilities

Doug Millington :

Search Google for "QuickBooks Contractor Edition 2011 and one for "Real World Training"

JACUSTOMER-p22cj8v7- :

ball park price ??

Doug Millington :

You will get a good idea of what the contractor edition will do

Doug Millington :

Right now full retail is 399

JACUSTOMER-p22cj8v7- :

ok thanks for your help Doug

Doug Millington :

I just check Amazon and they have it for 250

Doug Millington
Doug Millington, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 268
Experience: Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
Verified
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