Setting up accounting for a construction and leasing company in QuickBooks can be challenging. Let me guide you through the process, @Yowginhuge.
To begin with, may I ask if you're referring to the QuickBooks Online Desktop app, QuickBooks Online mobile app, QuickBooks Desktop, or QuickBooks Online? Any additional information will be highly appreciated.
In the meantime, let's talk about QuickBooks Online Accounting. We can start by customizing your Chart of Accounts by including specific accounts relevant to construction and leasing. Doing this will help you accurately track income, expenses, and assets. Consider accounts such as Construction Revenue, Leasing Income, Materials, Labor Costs, and Depreciation.
For further reference, please check out these articles:
The next step is to Set Up Customers and Jobs. Use the Customers feature to create profiles for your clients and projects. For construction, set up each project as a separate job under the customer. For leasing, create customer profiles for each lessee.
Once done, you can create Estimates and Invoices. When providing quotes or estimates for construction work, use the estimates feature. Once the work is approved, convert the estimate into an invoice. For leasing, create invoices for rent payments.
We should also track Expenses and Reimbursements. Record all expenses related to construction (materials, labor, subcontractors) and leasing (property maintenance, repairs). Use the Bills feature to track payables and reimbursements.
If you have employees, we need to manage Payroll and Employee Information. Set up payroll for your employees, including construction workers and leasing staff. Ensure accurate withholding and reporting.
After this, let's track Inventory and Purchase Orders. Use the inventory feature if your construction company deals with inventory (e.g., building materials). For leasing, track property-related inventory (furniture, appliances).
For construction projects, use Progress Invoicing to bill clients incrementally based on project milestones. Doing this helps maintain cash flow during projects.
Lastly, let's use Job Costing to track Project Expenses. Job costing allows you to allocate expenses to specific projects. Monitor costs, compare them to the budget, and analyze profitability.
On the other hand, if you're using QuickBooks Desktop and just getting started, please refer to these articles: Get Started with QuickBooks Desktop.
However, if you're using another QuickBooks product, please let me know, and I'll be glad to help you set up your account.
I'll be on the lookout for your response or if you have any other specific QuickBooks-related concerns. Keep safe.
