Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Work smarter and get more done with advanced tools that save you time. Discover QuickBooks Online Advanced.

Reply to message

View discussion in a popup

Replying to:
RCV
QuickBooks Team
QuickBooks Team

Reply to message

Thank you for posting here in the Community. I'm here to help record the transactions in QuickBooks Desktop (QBDT).

 

The scenario you have provided is a two-sided item. Where we can write a check or create a bill and link the correct invoice to that check or bill so your vendor can easily see which invoices you are paying them for. Just edit your Service item and on the left side, put a checkmark on that box. Then, link the left side to Subcontractor Expense and the right side is Income. Then press Save and Close. For more details about this one, you can refer to the recommended steps provided by qbteachmt in this link: https://quickbooks.intuit.com/learn-support/en-us/payments/re-paying-a-vendor-from-a-customer-paid-i...

 

To track account balances using different classes in QuickBooks Desktop, see the Set up and use class tracking in QuickBooks Desktop article or the steps and details. Then, follow the steps in the Tracking job costs in QuickBooks Desktop article to make sure that you have an accurate record of your job costs. Once done, utilize Job Reports to identify which job is profitable and which is not. It will help you create better estimates, analyze how well each job is progressing financially, and identify problem jobs before it's too late to be saved.

To access various job reports:

  1. Go to the Reports menu.
  2. Select Jobs, Time, & Mileage.

 

On the other hand, QuickBooks Premier Contractor Edition and Accountant Edition offer a wider range of job costing reports, you can find them here:

  1. Go to the Reports menu.
  2. Select Industry Specific, then select Contractor Reports.

 

For additional G/L insurance required by your company, I'd suggest consulting your accountant about another option. They can also provide you with detailed information on how to handle invoicing customer jobs using class.

 

Feel free to visit our Sales and customers page for more insights about managing your company's income and customers.

 

I want to make sure everything is taken care of for you, please let me know how it goes or if you have any other issues or concerns. Just leave a comment below and I'll get back to you. You have a good one. 

Need to get in touch?

Contact us