There are 11 different types of Items in QuickBooks.Įach Item Type has certain qualities and performs certain tasks.the “standard res” output that you receive when you use only accounts. QuickBooks Items deliver a “high def” picture vs. They are designed to let you track and monitor critical detail about what is going on in your jobs. Items are special “building blocks” integrated into QuickBooks desktop software.Here’s the big secret, if you DON’T use Items to enter your job-related costs, you’ll miss out on nearly the entire value of the job-costing process! Exactly What Are QuickBooks’ Items? For instance, you can use Items instead of accounts when you enter:ĭIANE’S CRITICAL INSIGHT: Many QuickBooks users don’t realize the right ways to use Items. Other transactions ALLOW you to use Items rather than accounts. Purchase Orders add speed, accuracy, and cost controls to your accounting system.) Purchase Orders (A feature that lets you enter exactly what you intend to purchase from contractors and vendors.Estimates (This is where you enter estimated costs and/or estimated income for jobs).(This is how you enter income earned for jobs.) By doing this, you can continuously improve estimating, operations, and profitability.Ĭertain transactions in QuickBooks REQUIRE the use of Items. Review “after-the-fact” results with your team.Ensure that you are invoicing, and getting paid, for all contracted aspects of the job (including Change Orders).Track, and control costs while a job is in progress (before costs spin out of control).Actual Income for either Fixed Price or “Open Book” jobs. Actual Costs for different job stages and Estimated vs. Track “Open Purchase Orders by Job” (often referred to as “Cost to Complete”).Create estimated cost and estimated income targets for individual jobs.Track actual detailed costs and income for each job.When you establish, and use, a well-designed Item List in the proper way you can If you can track and measure what’s happening – you can far more easily control the profitability of each and every one of your projects. QuickBooks’ Items let you track, and report on, the financial detail underlying what’s REALLY going on within the financial side of ANY of your jobs! Why are QuickBooks’ Items Especially Important for Construction Companies? This post about QuickBooks’ Items is based on our more extensive training video of the same title that’s included in our Construction Accounting & Management Program (CAMP).
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