I would enter what Item(s) the materials were considered, the amounts on that charge, and lastly I would make sure Customer Job : That Job was selected so that the Job report would show the amount of money spent on each designated item. Each time I had an expense I would open up Write a Check or Enter Credit Card Charge, I would never use the Expense tab but only the Item tab. These Items are detailed so that I can easily estimate, and keep track of these line item amounts for the project. I have then added 35 to 45 Items and Sub-Items that I checked the box of their properties so that it will provide the option to use the Expense Account called Construction in Progress and the Income Account of Construction Income. Then I have Construction Income that is an Income account. So far from my 'research' I have came to what I thought was a good solution but want to run it by you guys and make sure it's not going to bite me in the ass.īasically I have a Construction in Progress which is an Other Current Asset account. I always did my own taxes before this LLC. This is my first time trying to do this as an LLC instead of just a side gig. My CPA is hammering me into using quick books but I can't fault them because it will make my CPA bill cheaper come quarterly or year end. In quick books it's like adding a fifth dimension. Say one month I am doing a remodel, so I need to record every cost for that project so when I get paid I can apply the paid amount against those expenses and show what profit I need to pay tax on. I need to have each Job/Project accrue its own list of expenses. candy store with candy inventory selling to random daily customers vs myself, construction guy building various projects) I have watched several YouTube videos on recording expenses in quickbooks but they all have a variance either because of dated video, or from a different type of business (i.e.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |