The QuickBooks Pro Template is a QuickBooks Pro File that we’ve already set up for a construction company. This is a summary of what we’ve already setup for you in the Template File.
Complete Chart of Accounts
We’ve already entered a complete Chart of Accounts with over 500 Accounts that we’ve developed over the past several years of working with builders from around the country. Of course, the chart is more detailed that any one user will need, which is why we suggest in the setup routine that you go through it and deactivate the accounts that you don’t need. Still, it’s a good idea to be working from a master plan, because if you ever need the other accounts, you won’t need to re-organize your file. You can review the entire Chart of Accounts right here on the website.
We’ve already modified a number of preferences in QuickBooks that need to be changed from their default settings, things like changing the default check print font from a ridiculously small 9 point typewriter style font to an 11 point Arial. The manual provides a complete list of our preference settings for your review, should you want to change them back.
3 Cost Code Systems
We’ve pre-installed three different cost code systems into the Template File, although you’re free to ignore them and add your own system. The three we’ve installed are CSI, Home Tech‘s 25 divisions, and our own very intelligent MasterCode System that is specifically designed to support your estimating and job cost accounting. The MasterCode System also comes with reference charts and time sheets, and you should give it some serious consideration. As always, the choice is yours.
We’ve entered a complete Item list of about 400 items, including Income Items and Cost of Goods Sold Items. Of course, we go to great lengths in the manual to detail our strategies of using the Chart of Accounts instead of the Items for posting job costs because you get better reports, but we’ve decided that including the cost codes of the Item List and connecting them to the corresponding account allows for both Items-based reports and the Accounts-based reports we prefer.
We’ve already entered all the accounts you need to administrate a complete payroll, which you can review in the Chart of Accounts here on the website.
We use Classes to distinguish between Labor, Materials, Subcontract and Rental, so the Class list is short but important. You can read more about how using Classes for the LMSR distribution produces the best reports.
Vendor Type List
Vendor Type is perfect for filtering bid lists, printing Preferred Suppliers lists or Warranty Providers lists for your customers, and creating a company phone book. We’ve entered over 130 different Vendor Types to get you started, although you’ll probable want to add some others after you get started.
Customer Type List
The Customer Type List is perfect for filtering lists for promotional mailings and for P&L reports comparing your profitability for different types of customers (insurance company projects vs New Home Buyers, for example) The Template File has 26 Customer Types for your consideration.
Job Type List
Job Type is similar to Customer Type, except that you would filter and compare profitability on different types of projects (Room Additions vs Custom Homes, for example).
The Terms are the credit terms you have with your Vendors, and in QuickBooks they can be setup to automatically calculate your early-payment discounts. Setting these up can be tricky, so we’ve already setup 15 Terms for you, including common arrangements like Net 30, 2% 10 days, etc.
Customer messages can be added to the bottom of your invoices. We don’t think they’re terrible important, but saying “Thanks for your Business!” can’t hurt. We’ve already written a few of the most common ones for you to pick from.
The Payment Method is important in the Receive Payments and the Make Deposits entries, and we’ve already added the most obvious ones for your immediate use.
Memorized Transactions are a great time-saver, and they’re not limited to checks. We’ve already memorized some pretty cool transactions like several Purchase Orders for different types of materials (Lumber, Trim, Masonry, etc.) and also some General Journal transactions like transferring COGS from the P&L to the Work-in-Progress account for your taxes. (if you don’t know what that means, your accountant will)
Pre-designed Template Forms
We’ve already designed several forms to suit the construction industry, including a Standard Invoice, a Progress Billing Invoice, and a Contract Summary.
We’ve already created more than 30 memorized reports, including some of hard-to-duplicate reports like Unpaid Bills by Project and Vendor Insurance Expiration Dates and Vendor 1099 Information.
The Template CD also includes a QuickBooks Pro sample file for a construction company. This is the file I use in my seminars, and it’s a complete construction company for an entire year, deliberately designed to show a lot of different situations. I included it because the sample file QuickBooks gives (Rock Castle Construction) is a joke, and a lot of people told me they liked reviewing my sample file so they could see how I have done things.
We’ve developed a strategy of using what we call Template Reports, which are simply job reports that we know you need to create for every project over and over again. The Template Reports are pre-designed to be filtered, named and saved as individual reports for different projects, but they are a great time saver, and all you project reports will have the same look and feel.
Built-in Lien Releases
Those of you in States like Florida, where you need a Lien Release with every check you write, will appreciate that we’ve built a Lien Release into QuickBooks that you can print right on each check stub. It’s fast, flexible, and surprisingly simple.
Installation & Setup Guide
The 12-step Installation and Setup Guide, which you can view and print from the website, gives you the step-by-step instructions for how to convert your existing QuickBooks info into the Template file, or simply how to get started with the Template.
The Template CD includes my Payroll Setup File for those of you with field employees who decide to adopt my strategy of doing your payroll in a subsidiary ledger to facilitate true payroll burden distribution.