Accounting and Invoices
Hey guys. I have a few q's I want to ask. I am a painter, so I would like opinions mostly relative to painting, but it does pertain to all trades I suppose.
First, when I bid my jobs, I usually do one all inclusive price and take payments in thirds. My question is, do any of you (painters) give your customer's an invoice explaining each charge in the cost of the work, or do you just give one price and leave it at that?
The reason I ask the invoicing question is accounting! I have Quick Books Pro, but I'm not exactly sure how to USE this tool to help me better understand and control my companies finances, heh! I would simply like to keep track of progress payments, materials, equipment, overhead, receivables, payables..the broad basics. Do I need to have an invoicing system set up to properly track all materials etc..??
Now I don't know where I'm going with my post, lol!
Basically, can someone give me a good idea of how to handle these things efficiently and tell me what if any benefits may be of invoicing each individual part of a job?
First, when I bid my jobs, I usually do one all inclusive price and take payments in thirds. My question is, do any of you (painters) give your customer's an invoice explaining each charge in the cost of the work, or do you just give one price and leave it at that?
The reason I ask the invoicing question is accounting! I have Quick Books Pro, but I'm not exactly sure how to USE this tool to help me better understand and control my companies finances, heh! I would simply like to keep track of progress payments, materials, equipment, overhead, receivables, payables..the broad basics. Do I need to have an invoicing system set up to properly track all materials etc..??
Now I don't know where I'm going with my post, lol! Basically, can someone give me a good idea of how to handle these things efficiently and tell me what if any benefits may be of invoicing each individual part of a job?
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I started uot with a real cheap program, (My Invoices) it does all that you are asking, however at times it gives me some trouble.
We run both programs now as I am no into the quickbook design, my daugther runs the quickbooks for me and does all of the invoiceing from it, this she takes from my older program and dails in the numbers.
BJD
We run both programs now as I am no into the quickbook design, my daugther runs the quickbooks for me and does all of the invoiceing from it, this she takes from my older program and dails in the numbers.
BJD
AA,
Im a paint contractor as well, I get 1/3 down, 1/3 upon compleation. I do not invoice the customer, I itemize matierials needed on the contract-matierial price- and labor, then total.
If youre doing accural accounting you would enter the total amount of the sale at time of sale. In the bank register portion of QBooks you would enter the downpayment and 1/3 draws as they come in.
Then enter matierial cost,payroll,equipment,etc. I dont invoice seperately for each draw, its all on the contract when I write it. Hope this helps
Im a paint contractor as well, I get 1/3 down, 1/3 upon compleation. I do not invoice the customer, I itemize matierials needed on the contract-matierial price- and labor, then total.
If youre doing accural accounting you would enter the total amount of the sale at time of sale. In the bank register portion of QBooks you would enter the downpayment and 1/3 draws as they come in.
Then enter matierial cost,payroll,equipment,etc. I dont invoice seperately for each draw, its all on the contract when I write it. Hope this helps
AAPaint said:Hey guys. I have a few q's I want to ask. I am a painter, so I would like opinions mostly relative to painting, but it does pertain to all trades I suppose.
First, when I bid my jobs, I usually do one all inclusive price and take payments in thirds. My question is, do any of you (painters) give your customer's an invoice explaining each charge in the cost of the work, or do you just give one price and leave it at that?
The reason I ask the invoicing question is accounting! I have Quick Books Pro, but I'm not exactly sure how to USE this tool to help me better understand and control my companies finances, heh! I would simply like to keep track of progress payments, materials, equipment, overhead, receivables, payables..the broad basics. Do I need to have an invoicing system set up to properly track all materials etc..??
Basically, can someone give me a good idea of how to handle these things efficiently and tell me what if any benefits may be of invoicing each individual part of a job?
Quick books pro.
I give costs directly reflecting the proposal. If I have price breakdowns on my proposal I have price break downs on my invoice. For example one project may consist of 4 prices, the roof, the shingle upgrade, the skyllight replacement, and the gutters. Therefore the invoice would reflect each phase of the project as it is reflected in the proposal.
I give costs directly reflecting the proposal. If I have price breakdowns on my proposal I have price break downs on my invoice. For example one project may consist of 4 prices, the roof, the shingle upgrade, the skyllight replacement, and the gutters. Therefore the invoice would reflect each phase of the project as it is reflected in the proposal.
Every GC should marry a CPA that way you can do what you like and leave the paper work to her. Just a THOUGHT. :cheesygri
LOL, that's what I did, but believe me it doesn't work that way. I have to have all my T's crossed and my i's dotted or she won't touch the books. And by the way I still have an accountant on retainer because the wife isn't a tax accountant!
747 said:
Thanks for the replies everyone. Couple more questions. I see some of you detail your bids with prices for equipment, labor, and materials, etc. and some don't. Until now I haven't been doing that either. I just work up a price, and have only the total in the contract. Is it better to show the customer where every penny goes?
I'm not doing accrual accounting as I prefer to look at real dollars when I open quickbooks, lol! Here's one question that may be best asked to an accountant, but....My company being so new, we have probably $7-8000 worth of work that is off the books. It is work from before we were licensed earlier this year. However, all of it has been documented, and we have receipts for materials and equipment purchases from that time that we would like to include and write off. Can I include all of this stuff? It is the companie's money and purchases after all. Of course, all equipment will be put in, but what about the work and payments for that?
I'm SLOWLY learning QBPro, but the curve is long if you know what I mean, heh! Also, anyone keep an actuall inventory of thier sundries etc. ??
I'm not doing accrual accounting as I prefer to look at real dollars when I open quickbooks, lol! Here's one question that may be best asked to an accountant, but....My company being so new, we have probably $7-8000 worth of work that is off the books. It is work from before we were licensed earlier this year. However, all of it has been documented, and we have receipts for materials and equipment purchases from that time that we would like to include and write off. Can I include all of this stuff? It is the companie's money and purchases after all. Of course, all equipment will be put in, but what about the work and payments for that?
I'm SLOWLY learning QBPro, but the curve is long if you know what I mean, heh! Also, anyone keep an actuall inventory of thier sundries etc. ??
Not answering your question, but Quickbook is no substitute for a good CPA.
Also, don't get mired in cashflow, but track progress on every project.
I think you know this already and best wishes.
Also, don't get mired in cashflow, but track progress on every project.
I think you know this already and best wishes.
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