Likewise, job cost items should reflect the costs that you incur during the course of your jobs and allow for ease of payable entry. These revenue items should be coded to the revenue lines on the income statement that they most closely belong to. Revenue items should reflect the services that you provide and should allow for ease of invoicing.
How to enter expenses in quickbooks shortcut code#
This will allow you to set up the jobs that you will code your expenses to and apply payroll to those jobs (if you are using QuickBooks payroll). From the Preferences menu, you will need to enable job costing, items and payroll class and item tracking.
This edition of QuickBooks is specifically tailored to general contractors and offers unique tools and reports that are not included in other editions of QuickBooks.
Tracking jobs in QuickBooks is key to understanding individual job profitability as well as preparing a work in process (WIP)) schedule for those jobs that are in process. QuickBooks Desktop offers powerful tools to help contractors track and understand their jobs.