This has been such a valuable video and can't thank you enough for sharing this! We have upgraded to the advanced plan and this is coming together after using the techniques you have shared here. How would you handle change orders? Would you add a separate project estimate or would you edit the existing one?
@HectorGarciaCPAАй бұрын
Change order would be an additional estimate
@andymacmovie12 күн бұрын
Great info - except, how would you show the expenses about to hit - in particular any purchase orders issued to suppliers that have not billed/supplied to us yet. Without knowing this, how is the reported margin correct? Any ideas? Without showing the value of Open PO.s - the numbers report more favorably.
@HectorGarciaCPA12 күн бұрын
@@andymacmovie there is no reports that include POs . Only Bills and checks/expenses
@4everCEO2 ай бұрын
I am halfway through this video and it is SUPER informative! I literally signed up for QBO yesterday and needed this guided walkthrough to get started, more specifically with construction projects. The progress invoicing section and item vs category (sales) sections were especially helpful. Thanks so much, Hector. New sub 🙂
@HectorGarciaCPA2 ай бұрын
Great!
@michellebackus642421 күн бұрын
Thank you for this video! We've been using QBOA for several years already. I utilize the Projects feature, but not the reports for costs, etc. but would like to! Is it a problem to edit the chart of accounts and products/services item lists after using QB for over 5 years? I assume I'd have to re-categorize some accounts, etc.
@HectorGarciaCPA21 күн бұрын
@@michellebackus6424 not an problem but will change all your retroactive statements
@frankmartin-adirondackcampcab4 ай бұрын
Hector you are amazing Ty. I have been using QBD since it came out and have mastered a daily routine system. I just migrated to QBO and much the same just finding it and how to. Your video is exactly how I operate and so helpful for me to navigate QBO. I wish you had a PDF flow chart...lol. Thank you again, I'll keep watching!
@HectorGarciaCPA4 ай бұрын
You are welcome.. no PDF flowchart, wouldn’t even know how to make one
@JohnVan133 ай бұрын
Love your videos Hector. My QB online doesn’t have the PROJECT option. How do I get that?
@HectorGarciaCPA3 ай бұрын
Upgrade to Plus or Advanced.
@HectorGarciaCPA3 ай бұрын
Turn on the Setting
@irajeshpal083 күн бұрын
Hey Hector thank you so much, this video is really useful for me and i am want to learn more and more.
@HectorGarciaCPAКүн бұрын
Happy to hear that!
@stevechild5348Күн бұрын
Hector, thank you for the awesome training. What report do you recommend to determine if all entries have been assigned to a project?
@HectorGarciaCPAКүн бұрын
Unfortunately. Such report doesn’t exisit by default. You have to do some tricky custom reporting
@stevechild534813 сағат бұрын
Ok. Thank you.
@joannacastellanos57563 ай бұрын
Help! What if the Invoicing is paid out by lot progress /completion?
@HectorGarciaCPA3 ай бұрын
You can just use Progress Invoicing
@joannacastellanos57563 ай бұрын
Hello Hector, What's if the GC is paying the supplier Invoices as a part of the contract, How will I record that ?
@JordanCummings-m5fАй бұрын
Hector I cannot get my sub-customers or projects to appear on invoices. I see the project name on the invoice in this video. How is this possible? Intuit says the feature doesn’t exist and I have to use custom fields and manually type in a project name.
@HectorGarciaCPAАй бұрын
You have to include it in the Address section if you want it to print
@JordanCummings-m5fАй бұрын
@@HectorGarciaCPA your video shows Backyard Remodel in the Project field and not in the address field. And it appears as Backyard Remodel on the PDF view. Do Projects print on the invoice?
@HectorGarciaCPAАй бұрын
@@JordanCummings-m5f they only print if they are in the Address section.
@JordanCummings-m5fАй бұрын
@@HectorGarciaCPA You're quick man! Thanks so much for the reply. Seems like a major oversight to not allow the sub-customer or project on an invoice. Using custom fields is a hack of a work-around. I put in a feature request. But in the meantime my client is regretting the move from QBD to QBO. Thanks again for your help.
@HectorGarciaCPAАй бұрын
@@JordanCummings-m5f been asking for that forever :(
@emilio-vernaza4 ай бұрын
Hector, your content is gold! Thanks for your generosity
@HectorGarciaCPA4 ай бұрын
Glad you find it useful
@emilio-vernaza4 ай бұрын
How can I learn more about this industry? Saw you had an older knowify course from 2021, is it still relevant?
@HectorGarciaCPA4 ай бұрын
@@emilio-vernaza yeah. I am redoing a Knowify video for KZbin, next month
@emilio-vernaza4 ай бұрын
@@HectorGarciaCPA cool let me know when it out pls
@DevinSullivan-k3m2 ай бұрын
Hi Hector! Thank you so much for this video. It is so helpful! In the video you mention quickbooks advanced has the option to add in your own rate which is separate from the line item costs. I am curious how you would recommend adding in that rate if you don't have advanced? Should I add my percentage to each line item? Or would I create a separate line item for my cost with a account & everything? Any help is much appreciated!!
@HectorGarciaCPA2 ай бұрын
Not possible without advanced.
@jeffreyromero916920 күн бұрын
What version of quickbooks online is this? I am not seeing the make project command
@HectorGarciaCPA20 күн бұрын
Plus or Advanced. You must have Simple or Essentials
@jeffreyromero916920 күн бұрын
@@HectorGarciaCPA Plus and Advance is a bit out of range for my volume of work. Is there a way to setup Simple to work in a similar manner?
@HectorGarciaCPA20 күн бұрын
@@jeffreyromero9169 no. Projects is only on Plus or Advanced
@monafaizan92154 ай бұрын
Hi Hector, Thank you for sharing the Video, I am looking forward for E commerce Bookkeeping Video from you. It is a request to upload that one too. Please acknowledge.
@HectorGarciaCPA4 ай бұрын
Ecommerce video will not be coming anytime soon time soon
@md6922Ай бұрын
Do you recommend a small general contractor use the cash or accrual accounting in quickbooks online. I was veering towards the cash accounting instead of accrual as it's easier to use. What do you think?
@HectorGarciaCPAАй бұрын
Accrual always
@MomentoMori769Ай бұрын
very good video, do you do government accounting? Its kinda like this construction example but more complicated
@HectorGarciaCPAАй бұрын
I dont :(
@paisaborracho3 ай бұрын
Hector, would you happen to have a sample chart of accounts for Glazing Contractor or something similar?
@HectorGarciaCPA3 ай бұрын
I dont
@IMBCBUSINESSADVISORY17 күн бұрын
Hector you are the best. You have a gift for explain think in a easy way. Great help
@HectorGarciaCPA17 күн бұрын
@@IMBCBUSINESSADVISORY :)
@christianeldringhoff42414 ай бұрын
Hector - At 1:06 you show the Project Est vs. Actuals report; however, you didn't demonstrate how to drill into the total cost detail of the cost code (service item). Even though QBO makes it look like you can click on the total of the cost code to drill into the transaction detail, you cannot. This should be highlighted in BOLD for all accountant considering moving their QBD construction clients to QBO. I was excited to have the Project Bud vs. Act report only to find out I couldn't get back to the original budget or the actual transaction cost code detail from any of these project reports. The Intuit rep kept telling me to go back to the P&L to drill through the G/L detail. Clearly, she's not understanding the need for accountants to drill into the cost by cost code and not by G/L. What good is a report that shows over or under budget when I cannot access the details to find out why? Can you shed any light on this glaring issue? Thanks for your content as always!!!
@HectorGarciaCPA4 ай бұрын
Its a glaring issue for sure! This is something that Intuit/QB has not addressed
@christianeldringhoff42414 ай бұрын
@@HectorGarciaCPA Thank you so much...I thought I was crazy.
@vinnie210004 ай бұрын
Hector I need your help please. In Quickbooks Desktop when creating estimates there was a feature similar to what you explain in the "project cost estimates" section of your tutorial where you could populate "your rate" (which is hidden) and the customer rate on the estimate. In Desktop you could then create a PO based off of this estimate. Is this possisable within QBO Adavanced, can you create a PO based off of the "project cost estimate". Thank you in advance for any help.
@HectorGarciaCPA4 ай бұрын
Not yet…. They have not done this part yet :(
@vinnie210004 ай бұрын
@@HectorGarciaCPA Thank you sir.
@SamTurner-pw6rq3 ай бұрын
We are new to QBO and use progress invoicing. We do cost plus projects and i am needing to link billable expenses to estimates. When progess invoicing a customer lets say for multiple "framing material" bills, I select manual entry for my invoice but when I add the billable expenses it is adding an additional line rather than taking it out of the line item in the estimate. Can you provide any clarity on this?
@HectorGarciaCPA3 ай бұрын
Not possible…. Invoicing from estimate vs. Invoicing from a billable expense are completely independent, there is no way you “link” them
@SamTurner-pw6rq3 ай бұрын
@@HectorGarciaCPA Thank you for your response!
@Bill_Cipher19954 ай бұрын
Whooooaa! I was just talking about how the road construction companies in my county are super active!
@HectorGarciaCPA4 ай бұрын
Great niche to serve
@Fix2Sell2 ай бұрын
This might be one of the most informative videos and specific to my need I have seen! Thank you Hector!
@HectorGarciaCPA2 ай бұрын
Great!
@malachismoneytalks80263 ай бұрын
How do your track income for projects in the past? I can't unlink the estimates/invoices without it messing up the books. Please advise.
@HectorGarciaCPA3 ай бұрын
You would need to recreate those transactions.
@malachismoneytalks80263 ай бұрын
@@HectorGarciaCPA Thank you. How would I go about this? Unlink the estimates/invoices and then reaccount for it?
@cintiadixon48974 ай бұрын
You are so great. I wish you could make a video for interior designers, too 😂
@HectorGarciaCPA4 ай бұрын
Not my specialty
@loriflath59174 ай бұрын
Thank you so much for such great videos. I do a lot of construction and do AIA billing I would love to see a video on tracking retainage for invoices and we hold retaininge for some of our subcontractors.
@HectorGarciaCPA4 ай бұрын
That video has been posted. I recommend looking an an app called Knowify
@loriflath59174 ай бұрын
Would it be possible to link the video in here? Or give me the name of the video to look up. I will also look into knowify
@johnnyrivas3428 күн бұрын
Awesome insight Hector!
@FancyBuilders4 ай бұрын
Thanks for such a great and detailed video. I am getting this error when I click "Products & Services", "We're sorry! You don't have access rights to view this data, please refresh the page to see the new experience or please do logout and login again." I know I shouldn't post this here, however, I thought someone has the same issue and might have a solution.
@HectorGarciaCPA4 ай бұрын
No clue.. gotta call support
@FancyBuilders4 ай бұрын
@@HectorGarciaCPA Thanks for the quick reply, I already called them and they said they are working to fix this issue.
@HectorGarciaCPA4 ай бұрын
@@FancyBuilders cool
@AceCPAsBookkeeping4 ай бұрын
TLDR: QuickBooks Online for construction provides comprehensive tools for setting up accounts, tracking project costs, and assessing profitability for construction projects. 00:00 🏗 QuickBooks Online for construction provides a comprehensive overview of setting up chart of accounts, creating income accounts and subcategories, and customizing cost of goods sold and income accounts, with suggestions for third-party apps for additional functionality. 07:04 🏗 Set up labor, equipment, and materials items with correct accounts, organize product and services list, create customers and projects for tracking billing and project statuses in QuickBooks Online for construction. 16:23 🏗 Use QuickBooks Online for Construction to enter project line items, set up estimates, create bundles for internal breakdowns, and convert estimates into invoices with potential confusion for customers. 26:14 🏗 Clearly communicate project costs, use items for advanced analysis, pay subcontractors and track expenses in QuickBooks Online for construction projects. 35:30 🏗 Enter employee time in QuickBooks Online for construction projects, calculate cost of employees, and track project profitability and costs, but be aware that only actual payroll will affect profit and loss. 43:35 🏗 QuickBooks Online for Construction allows for hourly payroll calculations, progress invoice reports, customizable and filterable income and expense reports, and detailed cost analysis through product-based reports and advanced features. 51:40 🏗 Use QuickBooks Online to create project estimates, track costs and profit margins, and easily convert estimates to invoices for construction jobs. 58:04 🏗 Track income, costs, and profit margins for construction projects in QuickBooks Online, emphasizing the importance of using the projects report and new reporting module for accurate profitability assessment.