I am halfway through this video and it is SUPER informative! I literally signed up for QBO yesterday and needed this guided walkthrough to get started, more specifically with construction projects. The progress invoicing section and item vs category (sales) sections were especially helpful. Thanks so much, Hector. New sub 🙂
Hector you are amazing Ty. I have been using QBD since it came out and have mastered a daily routine system. I just migrated to QBO and much the same just finding it and how to. Your video is exactly how I operate and so helpful for me to navigate QBO. I wish you had a PDF flow chart...lol. Thank you again, I'll keep watching!
This has been such a valuable video and can't thank you enough for sharing this! We have upgraded to the advanced plan and this is coming together after using the techniques you have shared here. How would you handle change orders? Would you add a separate project estimate or would you edit the existing one?
Hi Hector! Thank you so much for this video. It is so helpful! In the video you mention quickbooks advanced has the option to add in your own rate which is separate from the line item costs. I am curious how you would recommend adding in that rate if you don't have advanced? Should I add my percentage to each line item? Or would I create a separate line item for my cost with a account & everything? Any help is much appreciated!!
Thank you for this video! We've been using QBOA for several years already. I utilize the Projects feature, but not the reports for costs, etc. but would like to! Is it a problem to edit the chart of accounts and products/services item lists after using QB for over 5 years? I assume I'd have to re-categorize some accounts, etc.
Great info - except, how would you show the expenses about to hit - in particular any purchase orders issued to suppliers that have not billed/supplied to us yet. Without knowing this, how is the reported margin correct? Any ideas? Without showing the value of Open PO.s - the numbers report more favorably.
Thank you so much for such great videos. I do a lot of construction and do AIA billing I would love to see a video on tracking retainage for invoices and we hold retaininge for some of our subcontractors.
Hello! I'm wondering what happens to the Unbilled Expenses that were added to the projects. Can you maybe direct me to one of your videos that explains Billable Time and Expenses? My mind isn't connecting how that works when you have a specific amount you quoted in the Estimate; but you're always putting the actual expenses as Billable. Am I making sense about what I'm confused about?
@@HectorGarciaCPA .... Are you saying that you aren't clear on what I'm confused about? Let me try again. A contractor gives an Estimate for $12,000 for a project and the Customer accepts price of $12,000 .... so the Invoice (or the sum of the progress Invoices) will be $12,000. When entering expenses (subcontractors, materials, etc.), those expenses were being marked as Billable Expenses. Doesn't being marked as Billable Expenses mean that those expenses should eventually get billed to the Customer on an Invoice? If not pulled over into an Invoice, wouldn't those expenses stay in some sort of Unbilled Expenses category? Did I explain my confusion better?
Do you recommend a small general contractor use the cash or accrual accounting in quickbooks online. I was veering towards the cash accounting instead of accrual as it's easier to use. What do you think?
Hector - At 1:06 you show the Project Est vs. Actuals report; however, you didn't demonstrate how to drill into the total cost detail of the cost code (service item). Even though QBO makes it look like you can click on the total of the cost code to drill into the transaction detail, you cannot. This should be highlighted in BOLD for all accountant considering moving their QBD construction clients to QBO. I was excited to have the Project Bud vs. Act report only to find out I couldn't get back to the original budget or the actual transaction cost code detail from any of these project reports. The Intuit rep kept telling me to go back to the P&L to drill through the G/L detail. Clearly, she's not understanding the need for accountants to drill into the cost by cost code and not by G/L. What good is a report that shows over or under budget when I cannot access the details to find out why? Can you shed any light on this glaring issue? Thanks for your content as always!!!
Hector I need your help please. In Quickbooks Desktop when creating estimates there was a feature similar to what you explain in the "project cost estimates" section of your tutorial where you could populate "your rate" (which is hidden) and the customer rate on the estimate. In Desktop you could then create a PO based off of this estimate. Is this possisable within QBO Adavanced, can you create a PO based off of the "project cost estimate". Thank you in advance for any help.
Thanks for such a great and detailed video. I am getting this error when I click "Products & Services", "We're sorry! You don't have access rights to view this data, please refresh the page to see the new experience or please do logout and login again." I know I shouldn't post this here, however, I thought someone has the same issue and might have a solution.
We are new to QBO and use progress invoicing. We do cost plus projects and i am needing to link billable expenses to estimates. When progess invoicing a customer lets say for multiple "framing material" bills, I select manual entry for my invoice but when I add the billable expenses it is adding an additional line rather than taking it out of the line item in the estimate. Can you provide any clarity on this?
Hector I cannot get my sub-customers or projects to appear on invoices. I see the project name on the invoice in this video. How is this possible? Intuit says the feature doesn’t exist and I have to use custom fields and manually type in a project name.
@@HectorGarciaCPA your video shows Backyard Remodel in the Project field and not in the address field. And it appears as Backyard Remodel on the PDF view. Do Projects print on the invoice?
@@HectorGarciaCPA You're quick man! Thanks so much for the reply. Seems like a major oversight to not allow the sub-customer or project on an invoice. Using custom fields is a hack of a work-around. I put in a feature request. But in the meantime my client is regretting the move from QBD to QBO. Thanks again for your help.
Hi Hector, Thank you for sharing the Video, I am looking forward for E commerce Bookkeeping Video from you. It is a request to upload that one too. Please acknowledge.
TLDR: QuickBooks Online for construction provides comprehensive tools for setting up accounts, tracking project costs, and assessing profitability for construction projects. 00:00 🏗 QuickBooks Online for construction provides a comprehensive overview of setting up chart of accounts, creating income accounts and subcategories, and customizing cost of goods sold and income accounts, with suggestions for third-party apps for additional functionality. 07:04 🏗 Set up labor, equipment, and materials items with correct accounts, organize product and services list, create customers and projects for tracking billing and project statuses in QuickBooks Online for construction. 16:23 🏗 Use QuickBooks Online for Construction to enter project line items, set up estimates, create bundles for internal breakdowns, and convert estimates into invoices with potential confusion for customers. 26:14 🏗 Clearly communicate project costs, use items for advanced analysis, pay subcontractors and track expenses in QuickBooks Online for construction projects. 35:30 🏗 Enter employee time in QuickBooks Online for construction projects, calculate cost of employees, and track project profitability and costs, but be aware that only actual payroll will affect profit and loss. 43:35 🏗 QuickBooks Online for Construction allows for hourly payroll calculations, progress invoice reports, customizable and filterable income and expense reports, and detailed cost analysis through product-based reports and advanced features. 51:40 🏗 Use QuickBooks Online to create project estimates, track costs and profit margins, and easily convert estimates to invoices for construction jobs. 58:04 🏗 Track income, costs, and profit margins for construction projects in QuickBooks Online, emphasizing the importance of using the projects report and new reporting module for accurate profitability assessment.
I am halfway through this video and it is SUPER informative! I literally signed up for QBO yesterday and needed this guided walkthrough to get started, more specifically with construction projects. The progress invoicing section and item vs category (sales) sections were especially helpful. Thanks so much, Hector. New sub 🙂
Great!
Hector you are amazing Ty. I have been using QBD since it came out and have mastered a daily routine system. I just migrated to QBO and much the same just finding it and how to. Your video is exactly how I operate and so helpful for me to navigate QBO. I wish you had a PDF flow chart...lol.
Thank you again, I'll keep watching!
You are welcome.. no PDF flowchart, wouldn’t even know how to make one
This has been such a valuable video and can't thank you enough for sharing this! We have upgraded to the advanced plan and this is coming together after using the techniques you have shared here. How would you handle change orders? Would you add a separate project estimate or would you edit the existing one?
Change order would be an additional estimate
Hector, thank you for the awesome training. What report do you recommend to determine if all entries have been assigned to a project?
Unfortunately. Such report doesn’t exisit by default. You have to do some tricky custom reporting
Ok. Thank you.
Hector you are the best. You have a gift for explain think in a easy way. Great help
@@IMBCBUSINESSADVISORY :)
This might be one of the most informative videos and specific to my need I have seen! Thank you Hector!
Great!
Hector, your content is gold! Thanks for your generosity
Glad you find it useful
How can I learn more about this industry? Saw you had an older knowify course from 2021, is it still relevant?
@@emilio-vernaza yeah. I am redoing a Knowify video for RUclips, next month
@@HectorGarciaCPA cool let me know when it out pls
Awesome insight Hector!
Hi Hector! Thank you so much for this video. It is so helpful! In the video you mention quickbooks advanced has the option to add in your own rate which is separate from the line item costs. I am curious how you would recommend adding in that rate if you don't have advanced? Should I add my percentage to each line item? Or would I create a separate line item for my cost with a account & everything? Any help is much appreciated!!
Not possible without advanced.
Thank you for this video! We've been using QBOA for several years already. I utilize the Projects feature, but not the reports for costs, etc. but would like to! Is it a problem to edit the chart of accounts and products/services item lists after using QB for over 5 years? I assume I'd have to re-categorize some accounts, etc.
@@michellebackus6424 not an problem but will change all your retroactive statements
Hey Hector thank you so much, this video is really useful for me and i am want to learn more and more.
Happy to hear that!
very good video, do you do government accounting? Its kinda like this construction example but more complicated
I dont :(
THANK YOU!!!!!!❤
Great info - except, how would you show the expenses about to hit - in particular any purchase orders issued to suppliers that have not billed/supplied to us yet. Without knowing this, how is the reported margin correct? Any ideas? Without showing the value of Open PO.s - the numbers report more favorably.
@@andymacmovie there is no reports that include POs . Only Bills and checks/expenses
Thank you so much for such great videos. I do a lot of construction and do AIA billing I would love to see a video on tracking retainage for invoices and we hold retaininge for some of our subcontractors.
That video has been posted. I recommend looking an an app called Knowify
Would it be possible to link the video in here? Or give me the name of the video to look up. I will also look into knowify
Love your videos Hector. My QB online doesn’t have the PROJECT option. How do I get that?
Upgrade to Plus or Advanced.
Turn on the Setting
Hello! I'm wondering what happens to the Unbilled Expenses that were added to the projects. Can you maybe direct me to one of your videos that explains Billable Time and Expenses? My mind isn't connecting how that works when you have a specific amount you quoted in the Estimate; but you're always putting the actual expenses as Billable. Am I making sense about what I'm confused about?
@@PattySchild i might need to make a video on that.. too of head, not clear on all the details
@@HectorGarciaCPA .... Are you saying that you aren't clear on what I'm confused about? Let me try again. A contractor gives an Estimate for $12,000 for a project and the Customer accepts price of $12,000 .... so the Invoice (or the sum of the progress Invoices) will be $12,000. When entering expenses (subcontractors, materials, etc.), those expenses were being marked as Billable Expenses. Doesn't being marked as Billable Expenses mean that those expenses should eventually get billed to the Customer on an Invoice? If not pulled over into an Invoice, wouldn't those expenses stay in some sort of Unbilled Expenses category? Did I explain my confusion better?
Do you recommend a small general contractor use the cash or accrual accounting in quickbooks online. I was veering towards the cash accounting instead of accrual as it's easier to use. What do you think?
Accrual always
Whooooaa! I was just talking about how the road construction companies in my county are super active!
Great niche to serve
Hector - At 1:06 you show the Project Est vs. Actuals report; however, you didn't demonstrate how to drill into the total cost detail of the cost code (service item). Even though QBO makes it look like you can click on the total of the cost code to drill into the transaction detail, you cannot. This should be highlighted in BOLD for all accountant considering moving their QBD construction clients to QBO. I was excited to have the Project Bud vs. Act report only to find out I couldn't get back to the original budget or the actual transaction cost code detail from any of these project reports. The Intuit rep kept telling me to go back to the P&L to drill through the G/L detail. Clearly, she's not understanding the need for accountants to drill into the cost by cost code and not by G/L. What good is a report that shows over or under budget when I cannot access the details to find out why? Can you shed any light on this glaring issue? Thanks for your content as always!!!
Its a glaring issue for sure! This is something that Intuit/QB has not addressed
@@HectorGarciaCPA Thank you so much...I thought I was crazy.
Hector, would you happen to have a sample chart of accounts for Glazing Contractor or something similar?
I dont
Hola, Hector, Please, Puedes hacer un modelo para groomers salon. Gracias y bendiciones
@@pupcountry hola.. no va a pasar. No es mi area de expertise
Hector I need your help please. In Quickbooks Desktop when creating estimates there was a feature similar to what you explain in the "project cost estimates" section of your tutorial where you could populate "your rate" (which is hidden) and the customer rate on the estimate. In Desktop you could then create a PO based off of this estimate. Is this possisable within QBO Adavanced, can you create a PO based off of the "project cost estimate". Thank you in advance for any help.
Not yet…. They have not done this part yet :(
@@HectorGarciaCPA Thank you sir.
Thanks for such a great and detailed video.
I am getting this error when I click "Products & Services",
"We're sorry!
You don't have access rights to view this data, please refresh the page to see the new experience or please do logout and login again."
I know I shouldn't post this here, however, I thought someone has the same issue and might have a solution.
No clue.. gotta call support
@@HectorGarciaCPA Thanks for the quick reply, I already called them and they said they are working to fix this issue.
@@FancyBuilders cool
Help!
What if the Invoicing is paid out by lot progress /completion?
You can just use Progress Invoicing
Hello Hector, What's if the GC is paying the supplier Invoices as a part of the contract, How will I record that ?
What version of quickbooks online is this? I am not seeing the make project command
Plus or Advanced. You must have Simple or Essentials
@@HectorGarciaCPA Plus and Advance is a bit out of range for my volume of work. Is there a way to setup Simple to work in a similar manner?
@@jeffreyromero9169 no. Projects is only on Plus or Advanced
We are new to QBO and use progress invoicing. We do cost plus projects and i am needing to link billable expenses to estimates. When progess invoicing a customer lets say for multiple "framing material" bills, I select manual entry for my invoice but when I add the billable expenses it is adding an additional line rather than taking it out of the line item in the estimate. Can you provide any clarity on this?
Not possible…. Invoicing from
estimate vs. Invoicing from a billable expense are completely independent, there is no way you “link” them
@@HectorGarciaCPA Thank you for your response!
How do your track income for projects in the past? I can't unlink the estimates/invoices without it messing up the books. Please advise.
You would need to recreate those transactions.
@@HectorGarciaCPA Thank you. How would I go about this? Unlink the estimates/invoices and then reaccount for it?
Thank you!
:)
Hector I cannot get my sub-customers or projects to appear on invoices. I see the project name on the invoice in this video. How is this possible? Intuit says the feature doesn’t exist and I have to use custom fields and manually type in a project name.
You have to include it in the Address section if you want it to print
@@HectorGarciaCPA your video shows Backyard Remodel in the Project field and not in the address field. And it appears as Backyard Remodel on the PDF view. Do Projects print on the invoice?
@@JordanCummings-m5f they only print if they are in the Address section.
@@HectorGarciaCPA You're quick man! Thanks so much for the reply. Seems like a major oversight to not allow the sub-customer or project on an invoice. Using custom fields is a hack of a work-around. I put in a feature request. But in the meantime my client is regretting the move from QBD to QBO. Thanks again for your help.
@@JordanCummings-m5f been asking for that forever :(
Hi Hector, Thank you for sharing the Video, I am looking forward for E commerce Bookkeeping Video from you. It is a request to upload that one too. Please acknowledge.
Ecommerce video will not be coming anytime soon time soon
You are so great. I wish you could make a video for interior designers, too 😂
Not my specialty
TLDR: QuickBooks Online for construction provides comprehensive tools for setting up accounts, tracking project costs, and assessing profitability for construction projects.
00:00 🏗 QuickBooks Online for construction provides a comprehensive overview of setting up chart of accounts, creating income accounts and subcategories, and customizing cost of goods sold and income accounts, with suggestions for third-party apps for additional functionality.
07:04 🏗 Set up labor, equipment, and materials items with correct accounts, organize product and services list, create customers and projects for tracking billing and project statuses in QuickBooks Online for construction.
16:23 🏗 Use QuickBooks Online for Construction to enter project line items, set up estimates, create bundles for internal breakdowns, and convert estimates into invoices with potential confusion for customers.
26:14 🏗 Clearly communicate project costs, use items for advanced analysis, pay subcontractors and track expenses in QuickBooks Online for construction projects.
35:30 🏗 Enter employee time in QuickBooks Online for construction projects, calculate cost of employees, and track project profitability and costs, but be aware that only actual payroll will affect profit and loss.
43:35 🏗 QuickBooks Online for Construction allows for hourly payroll calculations, progress invoice reports, customizable and filterable income and expense reports, and detailed cost analysis through product-based reports and advanced features.
51:40 🏗 Use QuickBooks Online to create project estimates, track costs and profit margins, and easily convert estimates to invoices for construction jobs.
58:04 🏗 Track income, costs, and profit margins for construction projects in QuickBooks Online, emphasizing the importance of using the projects report and new reporting module for accurate profitability assessment.
:)