Quickbooks Contractor is one of the industry specific editions that Quickbooks have. From the term itself, it is best used for construction business.
This edition has a pre-designed reports that will fit this type of business. This is where the job costing is mostly used. Job costing is where you track each expense for every job and comparing it to the job's revenue.
Here are some key features and customized reports of this edition:
- Jobs by Vendor report - This report shows all the job-related expenses you have incurred for each vendor. You can look at this report to see how much you have spent for each vendor for the particular job. You can access this report by going to Reports > Contractor Reports > ex. Job Cost by Vendor.
- Cost to Complete Job report - This report shows what is your expected cost to complete each job. This report keeps you on track of your finances. This tells you if you are over or under your estimate. This report can be accessed by going to Reports > Contractor Reports > Cost to Complete by Job (Summary or Detail).
- Job Profitability report - This report shows how much money your company has made for each job. You will see here if you have gained profit or not. You can access the report by going to Reports > Job Costing > Job Profitability (Summary or Detail).
- Create job estimates and track change orders - In Quickbooks Contractor edition, you have an option to create an estimate where you can track the changes made on that estimate and it is called change orders. You will see separate entry on the estimate of what has changed including the amount and other details. You can access this by clicking the icon Estimates & Change Order from the Home page.
- Do progress invoicing where you can bill clients progressively by job phase - In this edition you have an option to do progress invoicing. Progress invoicing is where you partially invoice your customer by job phase. You create the invoice from an estimate.
To do progress invoicing, you will have to create an estimate first then you create the invoice. Then you should see the popup window below to set the percentage you want to invoice. You also have other options on how you want to do the invoice either by item or the full 100% or by percentage.
- Track expenses that are not assigned to jobs - There's a report called Expenses not assigned to jobs which is only available in Quickbooks Contractor and Accountant editions. This report shows all expenses that do not have customer or job assigned to it. To access this report go to Reports > Contractor Reports > Expenses Not Assigned to Jobs.