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Hi.
QBO is missing a couple important things for us but we otherwise like it and hence would really like to find a workaround or companion software to manage them. I suppose we'd also be open to a QB upgrade if necessary.
The main one is WIP reporting. Meaning, enter a contract amount, have the amount be reduced by subsequent invoices, and be able to pull a reports on status of all contracts. We are in construction and are regularly asked for these... and they are a bear to do manually.
Any suggestions?
Thanks in advance.
Greg
Other than manually adding costs to a WIP current asset account for each contract and tracking job profitability by customer:job here are a couple of ideas. One is Projects, built in but only available in QBO Plus and Advanced (you did not say what version you use) Introducing QuickBooks Projects: An Easy Way to Track Your Projects - QuickBooks (intuit.com) another is one of many apps on the quickbooks app store Connect Tradify with QuickBooks Online - Intuit
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We are looking for the same solution and have looked at Knowify, Red Team and Builder Prime. Has anybody tried these knows which is better for job costing and WIP?
We use (and love) RedTeam. However, we prefer the QBO tracking of WIP opposed to the RedTeam's WIP Statement. The way we enter it in QBO is that each time we enter an bill (expense of the project) we code it to the "Customer" aka the project in the column on the far right. Then, when we run our Profit and Loss statement at year end, we customize the P&L to View By: Customer. That way, it shows all of the income and expenses for that customer (aka project). For example, an invoice from our engineer for CCDD samples would look like this:
Category: Direct Material, Description: CCDD samples, amount: $1,535, Customer: (select the customer or client assigned to that job), Class: (select cost code associated to that, for me it is 0140010 - CCDD Testing).
Hi Greg,
Rishika here from Better Reports!
Our app Better Reports can show profit and loss by customer and project drilling it down so that each of their invoices show up along with any expenses.
For your specific ask on reducing the invoices from an estimated contract value, this can be done too, depending on how this estimated contract value is being stored in QB. We can fetch it from many available fields.
Better Reports can then also create a summary of this showing all the contracts along with their current balance.
What do you think? Is this what you had in mind?
I see you mentioned you use RedTeam. We use RedTeam also. All of the Vendor Bills that export to QuickBooks Online export with the wrong due date year (RedTeam calls them Invoices) The due date is always coming over from RedTeam as 1 year in the future. Are you having the same issue?
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