Hello to all my contractor friends using QuickBooks online! This QuickBooks Online training tutorial will explain everything you need to know about job estimates and how to create them from the main signed contract that you and your client have agreed to. Making an estimate is as easy as any other QuickBooks online document and it will help you track your job progress percent complete when compared to the job invoices that you have made ans sent to your client. I thank you all and hope that you will click “like” and “subscribe.
I loved the video thank you for your time. I have a question about how to add a project title to this version of quickbooks? I'm a contractor and I want to be able to add a project title with the space # for the commercial spaces i'm working on. Do you have any ideas on how to do this. Thank you.
Thank you for the compliment that I'm happy to help you My biggest challenge when helping students is understanding what they're asking Please clarify what you're trying to do and I'm happy to help you
@@worldwidequickbooks When I make an estimate I can add everything I need except the job name. For instance I would be working in multiple spaces in a commercial mall. Each space has a store name and a ID # I would like to add that information to the estimate. ( is there a way to add a title to the estimate so that I can see the store name and ID# on the top of the page. )
Thank you! I just learned the Custom Reports in Projects is a useful shortcut, and I like the idea of attaching the contract for reference. Also, I thought that the expiration date on the estimate was for when the pricing of my vendors would change. In other words, our Framer keeps his estimates to us at a 30 day limit because lumber pricing is going up so fast. So, I thought the estimate expiration was a way of telling the customer that, "hey, this will change after this date." But, you're saying that it will not allow any new invoices to draw from it after the expiration date. Good to know! Question: Is there a way to close or inactivate an estimate, but still keep all of the typed information and pricing listed??? I have a large and intricate estimate open right now and I use if for reference for a job that we still have open. When we started, I didn't attach it to "project" mode and so, I don't want to start doing that at this late date in the game because not all transactions would be attached to it. I am using T by List and T by Customer to keep track of the job cost. (I now know and use Project feature, but was new to it when the job started.)
Thank you so much for the kind words I think you don't need to do that. If you are looking for a "template" type of think that you can just make a copy of that one. No need to close it if it is billed 100%. Try opening it up and at the bottom of the screen, go to "more" and see if you can copy the estimate and then change the customer name and date on the new copy. Please let me know. -Mark
The projects tab is simply a repeat of the same menu choices that are in the plus sign and reports menu. Thye open the exact same windows. It is superfluos and not nessisary. -Mark
Thank you and you will see the full example carry through if you click in the top right corner of this video to get the link to the full playlist and watch each Mini video in proper order and then you will see how this example goes through to the next piece and everything comes together perfectly Please confirm you found the link to the full playlist and if you watch it in proper order you will have everything you need, I promise! Mark
This is very helpful but I have questions. We are contractors. We have a new 6.7 milion dollar contract. I don't enter our bid proposals in QB. I just start using QB when we are awarded a contract (it can be a year or more between bid and award). In the past, I entered new contracts in QB Online as an invoice: i.e., 6.7 million dollar invoice. Then, when monthly requisition payments come in I 'put' them to that invoice. However, this does not allow for change orders, etc. My QUESTION: When we get a new contract should I enter the contract price as an estimate? Will this help?
I can definitely help you If you click on the top right corner of this video you will get the link to the full contractors playlist. If you watch the full playlist in proper order you will understand the items listed in an estimate that match the original contract and it even gives examples about contracts and billing that relate to the American architect Association Each video in the playlist is only a few minutes so it's worth investing the time to understand everything properly and I'm here if you need any follow up Mark
Thank you!!! I hope you are doing well I Just have a question I do auto body jobs I have the same client with two different cars how I can create two estimate with the same client name. I see on this video you difference by the address but in my case I have the same address I hope you understand my question thank you in advance sorry one more question how you change the status on the estimate
It's very simple Each car is a separate job under the main customer So just like a contractor would put in the customer name and then put the different jobs under the customer you will put in the customer name and put in the different car in the same way that a contractor would put in a different address for a different job under the same customer. And regarding the status of an estimate. You do not change the status you simply Bill the first invoice against the estimate and it changes the status automatically. The status is automatically changed when it's build for 100% I hope that helps and I hope you will click like And subscribe
@thequickbooksdude Hello! Currently we are doing all of our estimates on spreadsheets and not utilizing QB -- I would love to be able to streamline this. How can I do an estimate using my cost costs that have already been set up in the Chart of Account -- most of ours are set up as COGS and that doesn't come up on products and services.
The best way for you to understand what to do is to watch the entire playlist that this video is a part of and watch it in proper order. If you click in the top right of the video you will get the link to the full contractors QuickBooks Online playlist and then you will be able to watch all the videos and proper order and you will see how everything unfolds and that would be the best way to answer your question. Please confirm that you found the link. I'm here if you have any other questions. You will see they will give you what you need as a contractor. Mark
Hi there! I"m trying to make a custom P&L report that will be based on the estimate, not just what has been invoiced. I need to show the client the profitability of each job against the estimate so that the contractor knows how to proceed. I have researched this on the QBO site and I cannot find an answer for this. Do you have any recommendations?
Not possible. Income is only recorded, (and displayed in the P&L) when an invoice is made. Income is not earned when you make an estimate. Therefore, it is not possible to have a P&L based on the estimate becaus it's not income, it's just expected income that may not happen if the work does not get done. If your looking for a "forcast", you can use the budjet feature. The example video I have for that is for home finance and not contractor job, but you can leanr enough to decide if you want to us ethe feature. Here.............................. ua-cam.com/video/y4AE7G26lL4/v-deo.html Please let me know if it helps. -Mark
Uninvoiced revenue cannot be shown in the Profit and Loss (P&L) report because it is not actual revenue earned. However, you can create a custom report that includes both invoiced and uninvoiced revenue, which can give you a more accurate picture of your business's financial performance. To create a custom report that shows both invoiced and uninvoiced revenue, you can follow these steps: Go to the "Reports" menu in QuickBooks Online. Select "Custom Reports" and then click "Transaction Detail" from the list of available reports. In the report customization window, select the desired date range for the report. Click on the "Filter" section, and then under "Distribution," select "Unbilled Activity" and set it to "All." Click on "Run Report." The resulting report will show both invoiced and uninvoiced revenue, as well as any associated expenses, for the selected time period. You can export the report to Excel or PDF for further analysis and use it to track your business's financial performance.
Unfortunately, for now, there are several features in the desktop version that are not yet in the QuickBooks online version Usually you compensate for this by doing a workaround or including an Excel spreadsheet along with the estimate Most people consult their QuickBooks professional before choosing which version to use to make sure that they know which features are in which version Mark
Thank you for asking. Here is the first type of discount ua-cam.com/video/azJV9mYv3G8/v-deo.html Now here is if you need early pay discount. 1 ua-cam.com/video/mGBb0YJVkrM/v-deo.html 2 ua-cam.com/video/a0JmdXAoBOA/v-deo.html Please confirm you have what you need;I hope you will click "like" after each and please subscribe. -Mark
If you have a customer who is also avenger you need to put their name on both of the customer and vendor list and deal with each transaction completely separately. It only affects your financial reports and your accountant will know how to make an adjustment for the tax forms and any other financial statements. Mark
Subscribed to this channel. Like the videos alot. Mark, Would you please make a video about purchasing raw material. And also about transaction when we use subcontractors ? Should raw materials for example steel, sanitary, set as non inventory and link to cost of goods?
If you are a contractor, you would not link your job supplies to cost fo goods. These should be only non-inventor parts becuase they are not PRIMARILY what you are selling. You can just record them as an expnse when you purchase them and bill your clients for them or add them to the bill. I suggets you watch the whole playlist in order, then everything will be clear............. ua-cam.com/video/sLU-u5-QjNg/v-deo.html
Thank you s much!! Is that who made this song? I actually got it from a list of uneversally available, non-copywrite protected songs that UA-cam makes available for ceators. It was 6 years ago and I did not remember the name. I actually speeded it up about 25-50 percent because I thought it sounded nicer. Thank you and I am here if you have any questions. -Mark
Hello to all my contractor friends using QuickBooks online! This QuickBooks Online training tutorial will explain everything you need to know about job estimates and how to create them from the main signed contract that you and your client have agreed to. Making an estimate is as easy as any other QuickBooks online document and it will help you track your job progress percent complete when compared to the job invoices that you have made ans sent to your client.
I thank you all and hope that you will click “like” and “subscribe.
I loved the video thank you for your time. I have a question about how to add a project title to this version of quickbooks?
I'm a contractor and I want to be able to add a project title with the space # for the commercial spaces i'm working on. Do you have any ideas on how to do this. Thank you.
Thank you for the compliment that I'm happy to help you
My biggest challenge when helping students is understanding what they're asking
Please clarify what you're trying to do and I'm happy to help you
@@worldwidequickbooks When I make an estimate I can add everything I need except the job name. For instance I would be working in multiple spaces in a commercial mall.
Each space has a store name and a ID #
I would like to add that information to the estimate. ( is there a way to add a title to the estimate so that I can see the store name and ID# on the top of the page. )
Thank you! I just learned the Custom Reports in Projects is a useful shortcut, and I like the idea of attaching the contract for reference. Also, I thought that the expiration date on the estimate was for when the pricing of my vendors would change. In other words, our Framer keeps his estimates to us at a 30 day limit because lumber pricing is going up so fast. So, I thought the estimate expiration was a way of telling the customer that, "hey, this will change after this date." But, you're saying that it will not allow any new invoices to draw from it after the expiration date. Good to know!
Question:
Is there a way to close or inactivate an estimate, but still keep all of the typed information and pricing listed??? I have a large and intricate estimate open right now and I use if for reference for a job that we still have open. When we started, I didn't attach it to "project" mode and so, I don't want to start doing that at this late date in the game because not all transactions would be attached to it. I am using T by List and T by Customer to keep track of the job cost. (I now know and use Project feature, but was new to it when the job started.)
Thank you so much for the kind words
I think you don't need to do that. If you are looking for a "template" type of think that you can just make a copy of that one. No need to close it if it is billed 100%. Try opening it up and at the bottom of the screen, go to "more" and see if you can copy the estimate and then change the customer name and date on the new copy.
Please let me know.
-Mark
Thank you for very clear explanation. When do we use project instead of sub customer?
The projects tab is simply a repeat of the same menu choices that are in the plus sign and reports menu. Thye open the exact same windows. It is superfluos and not nessisary.
-Mark
How do you mark up materials or make profit with this example
Thank you and you will see the full example carry through if you click in the top right corner of this video to get the link to the full playlist and watch each Mini video in proper order and then you will see how this example goes through to the next piece and everything comes together perfectly
Please confirm you found the link to the full playlist and if you watch it in proper order you will have everything you need, I promise!
Mark
This is very helpful but I have questions. We are contractors. We have a new 6.7 milion dollar contract. I don't enter our bid proposals in QB. I just start using QB when we are awarded a contract (it can be a year or more between bid and award). In the past, I entered new contracts in QB Online as an invoice: i.e., 6.7 million dollar invoice. Then, when monthly requisition payments come in I 'put' them to that invoice. However, this does not allow for change orders, etc. My QUESTION: When we get a new contract should I enter the contract price as an estimate? Will this help?
I can definitely help you
If you click on the top right corner of this video you will get the link to the full contractors playlist. If you watch the full playlist in proper order you will understand the items listed in an estimate that match the original contract and it even gives examples about contracts and billing that relate to the American architect Association
Each video in the playlist is only a few minutes so it's worth investing the time to understand everything properly and I'm here if you need any follow up
Mark
Thank you!!! I hope you are doing well I Just have a question I do auto body jobs I have the same client with two different cars how I can create two estimate with the same client name. I see on this video you difference by the address but in my case I have the same address I hope you understand my question thank you in advance sorry one more question how you change the status on the estimate
It's very simple
Each car is a separate job under the main customer
So just like a contractor would put in the customer name and then put the different jobs under the customer you will put in the customer name and put in the different car in the same way that a contractor would put in a different address for a different job under the same customer.
And regarding the status of an estimate.
You do not change the status you simply Bill the first invoice against the estimate and it changes the status automatically.
The status is automatically changed when it's build for 100%
I hope that helps and I hope you will click like And subscribe
@thequickbooksdude Hello! Currently we are doing all of our estimates on spreadsheets and not utilizing QB -- I would love to be able to streamline this. How can I do an estimate using my cost costs that have already been set up in the Chart of Account -- most of ours are set up as COGS and that doesn't come up on products and services.
The best way for you to understand what to do is to watch the entire playlist that this video is a part of and watch it in proper order.
If you click in the top right of the video you will get the link to the full contractors QuickBooks Online playlist and then you will be able to watch all the videos and proper order and you will see how everything unfolds and that would be the best way to answer your question.
Please confirm that you found the link.
I'm here if you have any other questions. You will see they will give you what you need as a contractor.
Mark
Hi there! I"m trying to make a custom P&L report that will be based on the estimate, not just what has been invoiced. I need to show the client the profitability of each job against the estimate so that the contractor knows how to proceed. I have researched this on the QBO site and I cannot find an answer for this. Do you have any recommendations?
Not possible.
Income is only recorded, (and displayed in the P&L) when an invoice is made. Income is not earned when you make an estimate. Therefore, it is not possible to have a P&L based on the estimate becaus it's not income, it's just expected income that may not happen if the work does not get done.
If your looking for a "forcast", you can use the budjet feature. The example video I have for that is for home finance and not contractor job, but you can leanr enough to decide if you want to us ethe feature.
Here..............................
ua-cam.com/video/y4AE7G26lL4/v-deo.html
Please let me know if it helps.
-Mark
Uninvoiced revenue cannot be shown in the Profit and Loss (P&L) report because it is not actual revenue earned. However, you can create a custom report that includes both invoiced and uninvoiced revenue, which can give you a more accurate picture of your business's financial performance.
To create a custom report that shows both invoiced and uninvoiced revenue, you can follow these steps:
Go to the "Reports" menu in QuickBooks Online.
Select "Custom Reports" and then click "Transaction Detail" from the list of available reports.
In the report customization window, select the desired date range for the report.
Click on the "Filter" section, and then under "Distribution," select "Unbilled Activity" and set it to "All."
Click on "Run Report."
The resulting report will show both invoiced and uninvoiced revenue, as well as any associated expenses, for the selected time period. You can export the report to Excel or PDF for further analysis and use it to track your business's financial performance.
Why doesn't QBO allow a markup field in estimates?
Unfortunately, for now, there are several features in the desktop version that are not yet in the QuickBooks online version
Usually you compensate for this by doing a workaround or including an Excel spreadsheet along with the estimate
Most people consult their QuickBooks professional before choosing which version to use to make sure that they know which features are in which version
Mark
Has this changed? I had the same question. Need to add material markup as well as profit. Thanks for the videos.
Very nice but a little hiccup - normal Expiration Date would be the expiration of the offer/estimate not the job
It'sIt's. Not a hiccup, it's just an example.You can put whatever you like
Nobody likes a smarty pants when just learning how to use the software
Mark
How do I put in a 10% discount
Thank you for asking.
Here is the first type of discount
ua-cam.com/video/azJV9mYv3G8/v-deo.html
Now here is if you need early pay discount.
1
ua-cam.com/video/mGBb0YJVkrM/v-deo.html
2
ua-cam.com/video/a0JmdXAoBOA/v-deo.html
Please confirm you have what you need;I hope you will click "like" after each and please subscribe.
-Mark
How do you have a customer that is a general contractor an sends me a 1099
If you have a customer who is also avenger you need to put their name on both of the customer and vendor list and deal with each transaction completely separately.
It only affects your financial reports and your accountant will know how to make an adjustment for the tax forms and any other financial statements.
Mark
Very helpful
Glad to hear that
As a subcontractor, would this work ?
Any contractor or subcontrator can use estimates in quickbooks online if they need to
Subscribed to this channel. Like the videos alot.
Mark, Would you please make a video about purchasing raw material. And also about transaction when we use subcontractors ?
Should raw materials for example steel, sanitary, set as non inventory and link to cost of goods?
If you are a contractor, you would not link your job supplies to cost fo goods. These should be only non-inventor parts becuase they are not PRIMARILY what you are selling. You can just record them as an expnse when you purchase them and bill your clients for them or add them to the bill.
I suggets you watch the whole playlist in order, then everything will be clear.............
ua-cam.com/video/sLU-u5-QjNg/v-deo.html
@@worldwidequickbooks yes i have watched the whole playlist in order. thank you for you suggestion to make it as an expense.
@@joietan7983 :)
It's the Steven Universe piano intro for me
Thank you s much!!
Is that who made this song? I actually got it from a list of uneversally available, non-copywrite protected songs that UA-cam makes available for ceators. It was 6 years ago and I did not remember the name. I actually speeded it up about 25-50 percent because I thought it sounded nicer.
Thank you and I am here if you have any questions.
-Mark