Quickbooks EEEKK!! - Contractor Talk - Professional Construction and Remodeling Forum

edwaldo · 01-21-2009, 05:06 PM

I just set up Quick books 2009 and I set up "items" so I can prepare bids. Once I have a bid for lets say 100,000 I create an invoice for the entire amount, then when I receive a payment for 10,000 I enter it with the receive payment option and link it to the invoice. When I create a profit and loss, there payments don't show. AM I doing this correctly ? any help would be greatly appreciated !!!!!!!

shanekw1 · 01-21-2009, 07:25 PM

I'm not a QB pro by any means (or a QB user for that matter) but I would hazard a guess that when you created your invoice, QB posted the whole 100,000 to your revenue account, so the whole amount is already showing on your income statement. The payments made since will be posted to the accounts receivable account which has no effect on the income statement.

On a side note, welcome to CT, how about posting a quick intro in the appropriate thread here and a location in your profile.

edwaldo · 01-21-2009, 09:38 PM

Thanks, I will change the invoice and see what happens. IF you don't mind me asking, what software do you use ? I am really liking QB so far.

Ed

shanekw1 · 01-21-2009, 10:02 PM

No prob.

I use Simply Accounting.

ChainsawCharlie · 01-21-2009, 10:54 PM

Sounds like it could be "cash" or "accrual" thing. What does the p&l show for income? The whole 100k?

Did you select accrual for accounting type when you set up?

RayContracting · 01-21-2009, 10:56 PM

In QuickBooks, as with any accounting software, a Profit and Loss statement can be run with two methods. One is the Cash Basis. and the other is Accrual. In Cash Basis reporting, the P & L will only show Expenses from cash that has been spent, via vendor checks & payments and Income from cash that has been received, via customer payments. In Accrual Basis, the income from the P & L is based solely on the Invoiced Amount, and the Expenses are based on all of the Bills, and Charges, that have been entered. Both of these methods are important, and when running a P & L in Quickbooks, you can switch between thise methods using the Modify Report feature then click the Report Basis option.
I hope this helps,
Ray

ChainsawCharlie · 01-21-2009, 11:06 PM

Quote:

Originally Posted by RayContracting

Both of these methods are important, and when running a P & L in Quickbooks, you can switch between thise methods using the Modify Report feature then click the Report Basis option.

That I did not know. I use accrual, but sometimes wonder what things would like using cash.

Thanks for that bit of info. I'm gonna go play with my Quickbooks now.

edwaldo · 01-22-2009, 12:06 AM

Thanks so much, that worked.

E

edwaldo · 01-22-2009, 12:31 AM

OK I was wrong, still not working. Under the invoice, I can see the payments but they do not appear under the P&O statement (Cash or accrual). On the register it shows the payments/deposits under the Accounts Receivable "Account" When I enter payments under the "Receive Payments" option. When I enter a deposit in the register under construction income, it shows in the P&O statement but I cant track it with the invoice.
I am ready to go back to a yellow note pad.........

ChainsawCharlie · 01-22-2009, 12:45 AM

I don't know if I quite understand your problem.

If you open the invoice, you can click History and it should show you all payments.
If you go to the customer center and open the customer, select payments and credits, it will show that customers payments. Right click on the payment and then View Transaction History.

edwaldo · 01-22-2009, 12:51 AM

OK, I am a bozo, it was a date issue. Thanks to all that responded !!!!!!!!!!!