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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

Most contractors nowadays take an upfront deposit or draw to cover expenses and labor costs when starting a project. These payments are best reported as a loan from the client to start and applied back over progress invoicing to avoid claiming income too early on advanced payments prior to starting the project. This procedure can save thousands of dollars by claiming income only at the time of invoicing and not paying income tax on deposits too early. This procedure uses a unique cost code to report all deposits as a liability to start and then applied back throughout each invoicing phase to automatically update the financial reporting at the time of invoicing while reducing the liability account.

This procedure comes with instructions on how to set up your systems to enter bulk material purchases into CF and have them register as inventory assets in QuickBooks to be applied later to the projects individually and mapped to the right expense (COGS) accounts. This procedure details how to enter these as expenses and as bills for net term suppliers. This procedure will create a running balance of back stock raw inventory assets in QuickBooks

This procedure was created so that employees could enter reimbursable expenses (project or non-project related) in CF and those expenses are assigned to the proper expense or cost of goods sold, while simultaneously added to a default bank account of "Employee Reimbursements". to be later reconciled through a Journal Entry at the time of the reimbursement. You may schedule a training if you need assistance in the workflow process.

We have developed this procedure and workflow process to create a faster and more productive way for the financial team to capture the information they need from the field through the Contractor Foreman App and receipts will come right into QuickBooks and match the bank transactions in QuickBooks without having to worry about lost receipts, because they will transfer into QBO with the attached expense record. Best of all, expenses are reported instantly.

If you purchase stock materials from your net suppliers or on a project bases. Where Vendor Credits may apply on returned Items, this procedure is for you. Because QuickBooks handles returns differently than how Contractor Foreman handles returns There is a special procedure in best practice to these vendor returns and create a running report in your QuickBooks.