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You Have HUD-1 Statements And Your Bank Wants Financial Statements

Contractor Bookkeeping

You are a spec home builder in need of a construction draw and your bank or lender wants to see your latest financial reports and this time they want all of the current houses you are working on to be reflected in QuickBooks correctly as Work-In-Process (W.I.P.) Work In Progress (WIP) Reporting. Sales Tax Returns.

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Construction Bookkeeping Unique Features

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. They form the foundation of a Business Process Improvement Plan and Construction Business Strategy. Bank Account - Escrow Deposits. Bank Account - Operating. Bank Account - Job Deposits. Bank Account - Payroll. Bank Account - Operating. Bank Account - Payroll.

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Spec Home Builders Have Unique Bookkeeping Needs

Contractor Bookkeeping

QuickBooks Setup - And choosing the correct QuickBooks Version is the most critical part of all because it is the foundation upon which your entire financial system is built. Work In Progress (WIP) Reporting. We know what to do! Job Deposit Tracking. Quarterly Tax Returns. Sales Tax Returns. Payroll Processing.

Banking 54
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Home Builders Who Need To Keep Track Of Specialty Contractor Costs

Contractor Bookkeeping

QuickBooks Setup - And choosing the correct QuickBooks Version is the most critical part of all because it is the foundation upon which your entire financial system is built. Work In Progress (WIP) Reporting. We know what to do! Job Deposit Tracking. Quarterly Tax Returns. Sales Tax Returns. Payroll Processing.

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What Reports Do Contractors Really Need?

Contractor Bookkeeping

1 Cash On Hand - This report shows you how much cash do you have in all your checking accounts, savings accounts, payroll accounts, hip national bank (your wallet) and petty cash box in your office. QuickBooks Works Best If You. Periodic Invoices For Bank draws. Xero Accounting Online Works Best If You. Take Job Deposits.

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QuickBooks Vs. Xero Accounting Online For Construction

Contractor Bookkeeping

QuickBooks or Xero Accounting Online for construction depends on how you get paid, the type of work your company does and if you need Job Costing. QuickBooks Works Best If You: Takes Job Deposits. Need Work-In-Progress. Need Periodic Invoices For Bank draws. Connect your bank and PayPal feeds.

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Unique QuickBooks Setup For Contractors

Contractor Bookkeeping

The Chart of Accounts is the foundation and if your Chart of Accounts is not setup right you will not have anywhere to put the transactions. Chart of Accounts Work-In-Progress For Land Developers. Chart of Accounts Work-In-Progress For Land Developers. Chart of Accounts Work-In-Progress For Spec Builders.