Progress invoicing
#PROGRESS INVOICING FULL#
#PROGRESS INVOICING SOFTWARE#
Select the current estimate from the “Available Estimates” window and click OK.Ħ. Select Progress Invoice under the Template drop-down.Ģ. In QuickBooks, go to Customers>Create Invoices and select Customer:Job from the drop-down menu at top. You’ll want to have your Excel sheet on a separate screen, or printed out in front of you, before you move to the next step of Invoicing. There may be categories which are at less than 100% but have been totally completed, which can be fully invoiced.ġ0. This is also a good time for the Project Manager to review the job progress report before invoicing. Or, it might just be a situation where you went over your estimated time and/or materials, and you will lose some of your anticipated profit on that Item.ĩ. If it is not an Allowance, it may trigger a Change Order.
#PROGRESS INVOICING FULL#
If it is an allowance, you can bill for the full % even if it is over 100%. Check the original estimate to see if that line is labeled “Allowance” or not. Any lines that are over 100% mean that the costs are higher than anticipated. These are the ones you'll want to invoice for.Ĩ. Highlight each line/category which has a % greater than 0%. Drag this formula down so it is duplicated on each line.ħ. Format the whole column to show % (no decimals). Formula should be = Actual Cost/Estimated Cost. On the right side of the report create a new column to calculate the % complete of each category. Export report into Excel (new worksheet).Ħ. You want to fix any mistakes before moving on to the next step.ĥ. This can be the result of mis-coded receipts. You’re looking for numbers in the Actual Cost column which seem out of line with the Estimated Cost. The first time you do this, memorize this report as "CUSTOMER NAME: report for progress invoicing"Ĥ. Reports> Jobs, Times and Mileage> Job Estimates vs. STEP 3: REVIEW THE JOB COST REPORTįor this whole process to work, you need to be totally up to date on entering your vendor bills, you’ve run payroll and allocated time to jobs so that your job costs are accurate.ġ. Check to make sure the total Estimate matches the Schedule of Values total. (Any Change Orders will be added under that line).ġ1. At the very bottom insert the Item “Subtotal”, the total should calculate automatically, and type in Original Contract Price under Description. Once you’ve finished this Division, repeat #4-8 for each subsequent sub-section.ġ0. Check to make sure the subtotal for this section matches the Schedule of Values.ĩ. You want them to match perfectly, with one exception: add the word ALLOWANCE next to any categories with an Allowance.Ĩ. Don’t change the Description field unless the Schedule of Values also has a modified Description. Now enter in the COST and TOTAL value on each line on the Estimate (ignore Class, Amount, Markup). Delete out the lines that are not applicable to this Estimate (highlight the line, then CONTROL+DELETE)ħ. Otherwise you can enter each item line by line).Ħ. (Note: if you have not set up Item Groups, this is a great time to do it. This will populate the Estimate with all the codes in DIV 01. Then on the second line, under Item choose Group= 01 DIV General Requirements (at the bottom of the drop down Items menu)ĥ. On the first line, leave the Item field blank and under Description type in the section name, in this case we’ll start with “GENERAL REQUIREMENTS” (this is so the sub total is clearly identified when we get to invoicing).Ĥ. In QB, go to Customers > Create Estimates > Select Customer name from drop-down menu.ģ. Open your Schedule of Values document on one screenĢ. This assumes you’re starting from scratch.ġ.
#PROGRESS INVOICING SOFTWARE#
You have two options for bringing in your estimate to QuickBooks: through integration with a secondary software (we often use UDA Construction Suite), or by manually inputting it into a blank estimate. Under the section “Do You Do Progress Invoicing?”, you want to make sure it’s selected as YES. Then highlight the Company Preferences tab. Go to Edit>Preferences and select the Jobs and Estimates section from the left column. There is one thing you’ll want to check before you start. It also has the added benefit of forcing you to to look at a job cost report every time you invoice so you see how you’re doing against your original estimate. This approach provides a high level of transparency to clients and is based on actual costs incurred. To follow up on our recent blog post about Invoicing Options in QuickBooks, we wanted to do a deeper dive into one of the methods which we’ve been using most frequently on fixed price projects: Progress Invoicing by Percentage Completion.