article thumbnail

Construction Bookkeeping Unique Features

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Bank Account - Escrow Deposits. Bank Account - Operating. Bank Account - Job Deposits. Bank Account - Payroll. Bank Account - Operating. Bank Account - Petty Cash. Bank Account - Payroll. Bank Account - Petty Cash. Cash On Hand. Other Names List.

article thumbnail

You Have HUD-1 Statements And Your Bank Wants Financial Statements

Contractor Bookkeeping

You are a spec home builder in need of a construction draw and your bank or lender wants to see your latest financial reports and this time they want all of the current houses you are working on to be reflected in QuickBooks correctly as Work-In-Process (W.I.P.) Work In Progress (WIP) Reporting. Sales Tax Returns.

Banking 49
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Spec Home Builders Have Unique Bookkeeping Needs

Contractor Bookkeeping

Spec Home Builders - Need people trained in construction bookkeeping who understand how to put together a bank draw correctly, not someone with experience in regular bookkeeping. We spent years and thousands of dollars developing a process that works with QuickBooks. Work In Progress (WIP) Reporting. We know what to do!

Banking 54
article thumbnail

What Reports Do Contractors Really Need?

Contractor Bookkeeping

1 Cash On Hand - This report shows you how much cash do you have in all your checking accounts, savings accounts, payroll accounts, hip national bank (your wallet) and petty cash box in your office. QuickBooks Works Best If You. Periodic Invoices For Bank draws. Xero Accounting Online Works Best If You. Take Job Deposits.

article thumbnail

Unique QuickBooks Setup For Contractors

Contractor Bookkeeping

Contractors, home builders, residential and commercial remodeling company owners let us take care of QuickBooks setup for your contracting company because owning and operating your construction company means you need clear and concise Financial Reports, Job Costing and Job Profitability Reports to survive and thrive. Bank Reconciliations.

article thumbnail

Home Builders Who Need To Keep Track Of Specialty Contractor Costs

Contractor Bookkeeping

Spec Home Builders - Need people trained in construction accounting who understand how to put together a bank draw correctly, not someone with experience in regular bookkeeping. We spent years and thousands of dollars developing a process that works with QuickBooks. Work In Progress (WIP) Reporting. We know what to do!

article thumbnail

QuickBooks For Contractors Cost of Goods Sold Vs. Expense

Contractor Bookkeeping

Land developer, spec home builder, custom home builder, general contractor, remodel contractor, specialty trade contractor, subcontractor, handyman contractor, commercial tenant improvement contractor or another type of contractor? Remodel Contractors - Residential And Light Commercial Tenant Improvement Contractors.