How they are doing retainage hurts the company up front on their financials. You should record the income and put it on the balance sheet as a receivable. It is easy to do on an invoice. You don't have to do a journal entry. Journal Entries in QB shouldn't be done unless it is absolutely necessary or at the end of the year to record entries for your CPA. FYI my customers want to see the entire amount on the invoice which include the entire amount being billed and then subtracting the retainage. I work for several companies and this is the norm on PayApps.
Do you have any training for the copying existing company from advance subscription to new subscription, like migration of one subscription to new account in QB?
Its integrated with BOTH. But there is a specific element (Syncing back to Projects) that is only in Advanced. It wont effect most people, Plus is fine
How they are doing retainage hurts the company up front on their financials. You should record the income and put it on the balance sheet as a receivable. It is easy to do on an invoice. You don't have to do a journal entry. Journal Entries in QB shouldn't be done unless it is absolutely necessary or at the end of the year to record entries for your CPA. FYI my customers want to see the entire amount on the invoice which include the entire amount being billed and then subtracting the retainage. I work for several companies and this is the norm on PayApps.
Hello Hector. Thank you for great videos. Would you let me know whether we can store customers' document in QBO? Thank you
Yes you can add attachments
can you forecast your revenue & expenses over time for cash flow projection?
@@gmw8786 you mean in Knowify? Or in QuickBooks?
Do you have any training for the copying existing company from advance subscription to new subscription, like migration of one subscription to new account in QB?
I dont, but there is a way to do it
@@HectorGarciaCPA Can you guide or give me a link? please?
@@HectorGarciaCPA I did it this week, just renewed the advance subscription and created manual backups of Company A then copied to Company B.
Hey, Garcia, do you just review only Quickbooks or you are open to reviewing other accounting software?
What i know well, is QuickBooks. Everything else feels like a waste of time
@@HectorGarciaCPA i meant, to compare other softwares to quickbooks
@@jameswestbrook5709 no need, everything else is 10x worse.
Can we expect more videos for qbo construction accounting course
There will be an update in a few months. For now the 3 videos I posted last month in UA-cam will be the update
Hector, does this only integrate if using QBO Advanced or can it be used with QBO Plus?
Its integrated with BOTH. But there is a specific element (Syncing back to Projects) that is only in Advanced. It wont effect most people, Plus is fine
Hi, can you please explain about QBO's LOC😊
I wish i could.. i dont have a sample file to use
Thanks for your reply hector😊..If u get a chance , please post a video about this topic. It will be useful.
@@muthuselvi95 I wont ever have a chance until Intuit creates a sample file with the data