Partners

This is a questionnaire for your company to fill out to help us determine which procedures your company will need setup and assistance with advanced cost codes structure and personalized system setup and help with mapping your cost codes to QuickBooks

Overview Summary

The document describes a detailed procedure for managing advanced payments  (customer deposits or draws) within construction projects using QuickBooks and Contractor Foreman (CF). The primary objective is to avoid recognizing upfront payments as immediate income, which can lead to premature tax      liabilities. By treating advance payments as a liability initially and      systematically applying them to invoices as the project progresses,      contractors can accurately reflect income and expenses, ensuring      compliance and sound financial management.

Overview Summary

This procedure details the process      of purchasing bulk raw materials and applying them to specific projects within Contractor Foreman (CF) and QuickBooks Online (QBO). It involves setting up generic projects and specific accounts to track inventory and its usage. The main goal is to properly account for bulk material purchases, track their application to individual projects, and maintain      accurate financial records.

Overview

 While allowing your employees to enter their reimbursable expense receipts into Contractor Foreman through their (CF) app to accurately track project and non-project related costs; it is also simultaneously recording reimbursable employee expenses in QuickBooks to apply to payroll later. Moreover, maintaining clean and accurate financial records in both Contractor Foreman and QuickBooks Online.

Overview

This workflow safely delegates the responsibility of entering project-related expenses into Contractor Foreman to those making the purchases in the field while safeguarding QuickBooks integrity. By using the Contractor Foreman app already downloaded for time tracking, it is easy to apply an additional step of also using the app to capture receipts into Contractor Foreman. This process will cause both the expense and the receipt image to transfer to QuickBooks and match the bank transactions; saving the accounting team hours tracking down receipts and ensuring project related expenses apply to projects accurately and promptly.

Overview

Establish a reliable and systematic approach for handling supplier accounts that operate with net terms. This ensures that all vendor transactions are accurately tracked through Contractor Foreman and allocated to the correct projects or back stock, from payment initiation to the allocation of vendor credits and the reconciliation of paid bills. Reviewing and reconciling balances between CF and QBO helps ensure that transactions are accurately matched to the appropriate customer or project, reducing the likelihood of errors or misallocation.