I converted quicken data to Quickbooks Pro for a client. In 2005 the retained earning needs to be adjusted to what he actually put on his taxes. How can I adjust 2005 net income to have the correct # for 2006 retained earning. Is there anyway to make this adjustment in quickbooks, so I can make his 2006 Balance sheet accurate.
Thanks
Cheryl

• dduplinski (Jan 25, 2007 4:23 pm)

If Retained Earnings is incorrect, then some other account on the balance sheet must also be incorrect. Proof out the entire Balance sheet as of 12/31/05 and then you should know where you need to make your adjustments.

My husband just started his own business as a license concrete contractor in September 2006. QuickBooks Pro has being one of the best tools we have invested in. I just started using the program in December 2006. I’m able to track my Workers Compensations Insurance, payroll, liability reports (state & federal), materials, labor, office supplies, advertisement and other expenses for the company. I do all my estimates for general contractors with QuickBooks and I turn these estimates into invoices. However, how can I see the net profit for each job? In the lost and profit report I’m not able to see our profits because everything (materials, concrete, labor) is divided to each category like business expenses. How can I track my profits with out have to place them in the invoices? I will appreciate all your help.

Thank you

• dduplinski (Jan 25, 2007 4:29 pm)

I'm glad your happy with the QuickBooks product and that you are using so many of the programs features.

To see the Profit and Loss by job, just go to the Reports menu and run the Profit or Loss by Job report.

I'm having trouble following the rest of your post "How can I track my profits with out have to place them in the invoices?" - I'm not sure I follow you...

Hi,
I am new to quickbooks--a real beginner. I made the mistake of entering my mail order customers information on Sales Receipt. I discovered this when I wanted to issue statements. I needed to post the orders on Invoices. Is there a way to revert the Sales receipt to Invoice without re-entering piece by piece each one?
thank you
Lana

• dduplinski (Jan 25, 2007 4:34 pm)

Hello Lana -

Sales Receipts and Invoices are fundamentally different transactions. While there may be some software tool to export the information on the sales receipts and allow you to import them as Invoices, there is no way to just "change" them in QuickBooks. Sorry!

Check out the Intuit MarketPlace to see if there is a software tool to help you

www.marketplace.intuit.com

I am having trouble with the job costing features.
It is printing my markup right on the invoice for the customer.
I also had to change my "type" in the chart of accounts to read expenses instead of cost of goods sold in order for the item to be billable. Is there a reason why I can't bill an item marked as a cost of goods sold?

I appreciate the opportunity to ask questions on this new version, thank you for any help you might give me!

• dduplinski (Jan 26, 2007 6:58 am)

Hello -

It sounds to me like you are using Accounts instead of items for your Job costing. If you use Items, you define the item to an account (check the box on the item setup for "this is used in assemblies or performed by a subcontractor or owner) for when it is purchased and sold. Then you can "cost" the item to Cost of Goods Sold and assign to a customer job for job costing reports.

How are you doing your markup? Are you using price levels? I can't see how the markup % is showing on the invoice in the 2007 version.

For some really good information on using QuickBooks for construction check out this website:

www.sunburstsoftwaresolutions.com

My small business buys houses, fixes then flips them. I want to use QB to track each house as a separate project, be able to do a P&L for the individual houses and also for the co. in total. I have just gotten started using Customer/Job for each house. Will I be able to do a P&L for each this way? Also, when I pay bills, I use the register and have to go to the splits to assign job. Is there an easier way?
Hope you can shed some light and thanks.

• dduplinski (Jan 26, 2007 7:09 am)

Hello -

Yes, you can get a Profit and Loss by Job by using the Job Costing features within QuickBooks.

You want to use the "Items" to do Job Costing properly. See my other post today about this topic and again, visit www.sunburstsoftwaresolutions.com for the most comprehensive information about job costing I have come across. (Their software is awesome too!)

Recently opened a businesss. I invoiced customers and choose, the default, undeposited funds. When I posted their payment, the sales totals were inflated. Can you explain the process I should use to correctly invoice and then capture the payment. I am also importing my banking infomraiton from my bank's website.

• dduplinski (Jan 26, 2007 7:28 am)

Here is how the data should flow when using Invoicing.

Set up your Items that you will be invoicing your customers for.

Set up your Customers.

Make sure that you have an Invoice Template that suits your business and gives you the information that you need to run your business and provide information to your customers

Prepare your Invoice. (Invoices record Income and Accounts Receivable)

When the customer send you a check in payment of the Invoice, go to Receive Payments, choose the Customer and Invoice and apply the payment. This part of the cycle decreases Accounts Receivable and Increases Undeposited Funds.

When you have received all of your payments and are ready to go the bank, go to Make Deposits. A screen is shown that has all of the payments that you have received but not taken to the bank yet. Choose the payments that you are taking to the bank and you are then shown the Deposit Screen. This part of the process reduces Undeposited Funds and increases your bank account.

I'm assuming that you are talking about the On Line banking features in QuickBooks, which helps you compare what is in your bank account on QuickBooks vs. what the bank shows as activity in your account. If the bank has transactions that QuickBooks cannot automatically match to transactions you have recorded in your bank account, you have to "help" QuickBooks decide what to do with this information. If you are recording deposits differently in QuickBooks than you are taking them to the bank, you may end up with double recording of transactions.

Can I assign sales reps by invoice instead of by customer? If so, can QB track & calculate commission for me?

We have irrigation, landscaping, & lawn maintenance sales reps who all sell to the same customers & I need to track their commission separately. Thanks for your time.

Kim

• dduplinski (Jan 26, 2007 7:44 am)

Make sure that your Invoice template has a field for Sales Rep on it, then you can change the Rep on the invoice.

QuickBooks can track the elements that you need to pay commissions to your reps, but there are so many different ways that companies pay out commissions, I'm not sure if the calculations will be easy for you to do within QuickBooks alone.

There are several add on products that help with these calculations if exporting to Excel is not adequate for your needs.

www.marketplace.intuit.com

Our process:
(1) From the home screen, we click create invoices
(2) From the pulldown menu, we find the client/job
(3) A message pops up, "The customer you've selected has outstanding billable time..."
(4) We opt to "select billable time and cost to add to this invoice"
(5) The times/rates appear on invoice...no problem yet.
(6) If we close out of this invoice without recording (say, we don't want to save it). The next time we try to create invoices for this job, the message does not pop up about "The customer you've selected has outstanding billable time..."
(7) How do we get this time back on the invoice? We have not used the time on an invoice yet...because invoice was not recorded.
(8) I assumed the answer was: Click "add time/cost".
But this doesn't bring the time up. Help?!

My bank states that they need the issuing bank number of each check deposited. There is no way to customize the make deposits window to add columns. There is a little line left of each check amount box that could be used for these numbers. Do you know of a way to print these numbers out on the top half of the depost ticket. I now have to manually write each number beside the check amount.

• dduplinski (Jan 26, 2007 4:22 pm)

I have never heard of a bank requiring this information on deposit tickets..I believe they would have this information on the checks that are to be deposited.

Sorry, there is no way to do what you need. Maybe a new bank that is not asking you to do more work for them is the best answer?

I am new to QuickBooks and I'm trying to set up each employee so when I go to do payroll for them, the correct information comes out. When I started with this company, the payroll was done in excel and the calculations for deducting the correct state, ssn, medicare and county taxes were already done for me. Now that I'm trying to move everything into QB, I don't know how to set up each employee taxes and their exemptions so that it will match up to the excel information. I'm at a complete loss. I don't know what to do. Please help?

• dduplinski (Jan 26, 2007 4:27 pm)

If the tax tables that were used to prepare the payroll were current, you should be able to do the "after the fact" payroll and come out very close (or the same). When you set up the employees, just make sure that you have the same W-4 information that was used when the checks were prepared. If you find that you are off a bit, you leave FICA and Medicare fixed at their proper rates and run any adjusment amount through the Federal Income Tax withheld.

Is there anyway to change the 'label' net income on the balance sheet.

I've gone to modify report and can't find anything.

Thanks for you help.

• dduplinski (Jan 26, 2007 4:30 pm)

You could use the Financial Statment Designer or export the report to Excel to make this change.

We are a subcontractor. We contract w General Contractors to perform the work. Should a new project be set up independently from the General contractor as a separate customer or under the General Contractor as a job?

• dduplinski (Jan 26, 2007 4:49 pm)

To some degree it depends on how you want to see your information presented in report form. If you want to easily see all the work that you have done for one GC vs. another, it makes sense to have the GC as the customer and the project as the job.

I have just terminated an employee and I am unable to create a finial paycheck. If I look at the employee list he's record is completely gone? Can you help me resolve this?

• dduplinski (Jan 29, 2007 9:53 am)

Go to the employee record and uncheck the box marked Inactive, or check the termination date to make sure it's correct.