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Quickbooks Contractor Edition

Quickbooks Mac

QuickBooks Certified ProAdvisor - QuickBooks Online Certification
QuickBooks Certified ProAdvisor - QuickBooks Certification

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Cents & CentsAbility Consulting LLC QuickBooks ProAdvisor can help you choose if you are currently considering purchasing or upgrading to a new Intuit QuickBooks product, read below for descriptions of each of the products available, and for the type of company they best suit.

QuickBooks offers a portfolio of products and services that go beyond accounting. Whether brick-and-mortar or on the Web, from home-based businesses to firms with hundreds of employees, more small business owners choose QuickBooks products for your Quickbooks Mac, Quickbooks Contractor, as well as services to help them manage and market their companies and succeed -- more than any other product on the market.


QuickBooks Online (QBO)


You might want to consider this edition if you:

  • Have multiple locations
  • Have traveling timekeepers and/or decision makers
  • Need FIFO inventory tracking (QB Enterprise with Advanced Inventory also offers FIFO)
  • have relatively simple reporting needs
  • Share bookkeeping responsibilities with outsourced bookkeepers or CPAs
  • Is in a different country and need a version tailored to their geographic location


Small businesses that might benefit from QuickBooks Online have some of the following characteristics and allow companies to do the following:

  • Have a business similar in size to a typical QuickBooks Pro or Premier user
  • Want to access company data from multiple locations
  • Need up to 25 simultaneous users (by upgrading the subscription to more than five users)
  • Want to allow time entry from the field
  • Don't need to create sales order or job types
  • Don't want to maintain their own multi-user network
  • Don't need to integrate QuickBooks data with Microsoft Word
  • Use Smart Phones
  • Need Purchase Orders (available in QBO Plus)
  • Need FIFO inventory tracking (available in QBO Plus)​
  • Create invoices, statements and sales receipts
  • Create estimates and easily move items to an invoice when an estimate is accepted (no progress invoicing is available, however)
  • Run up to 65 preset reports, with the ability to customize and export to Excel
  • Track sales tax
  • Issue 1099s
  • Integrate financial and payroll data in one place
  • Download bank and credit card transactions automatically each night using the available online banking service


The following is a list of some of the key benefits of QBO:

  • Provides automatic updates, which means you are always on the same version with your CPA or bookkeeper
  • Backs up data automatically
  • Maintains a perpetual audit trail and activity log
  • Allows you to restrict access to product areas
  • You can also create "report only" users, who can view reports but cannot make changes to the data


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QuickBooks for Mac


Most of the basic accounting features are the same between the Windows and Mac versions of QuickBooks.


The following is a partial list of new and improved features in recent years:

  • Multi-user functionality (up to 5 with additional user licenses)
  • User profiles and permissions
  • Re-designed report customization
  • Mileage tracking by job and billable status
  • Register sorting
  • Export reports to spreadsheets
  • iChat integration to communicate between co-workers
  • Improved Layout Designer for form customization
  • Additional templates for ready-to-use forms
  • Web access: Sync Manager allows web applications you choose to exchange information with QuickBooks
  • Re-designed forms
  • Progress Invoicing
  • Search
  • Alternating row colors
  • ​Next/Previous buttons on Journal Entries



QuickBooks Pro and Premier


The typical QuickBooks Pro or Premier user has fewer than 20 employees and annual sales of less than $1 million.


Companies who do any of the following are recommended to use QuickBooks Pro or a higher edition:

  • Allow up to three user simultaneous access to a data file
  • Track Accounts Payable (enter and pay bills)
  • Track job costing
  • Track inventory (average cost only)
  • Send progress invoices
  • Track time and vehicle mileage
  • Produce 1099 (Misc only) and 1096 forms
  • Use multiple price levels on sales forms (based on % of base price only)
  • Export data to Microsoft Excel(R)
  • Write letters in Microsoft Word(R) using QuickBooks data
  • Synchronize list information with Microsoft Outlook(R) contact management software
  • Track multiple currencies
  • ​Online banking, full bank reconciliation

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Companies who do any of the following are recommended to use QuickBooks Premier or a higher edition:

  • Build inventory assemblies
  • Create and track sales orders and backorders
  • Track current availability and not just quantity on hand
  • Use price levels based on "per item" prices
  • Create sales orders or purchase orders from estimates
  • Create Bill of Materials for inventory assemblies
  • Billing rate levels
  • View unbilled Time and Expenses from one window
  • View or print past bank reconciliations (Premier maintains PDFs of all past bank reconciliation reports)
  • Export report templates
  • Forecasting, business planning
  • Convert units of measure
  • Easily create reversing Journal Entries
  • Use free remote access (unattended) for a year


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QuickBooks Premier Industry-Specific Solutions

Contractor Edition

Manage Subcontractor Insurance:

For each vendor, you can record expiration dates for Workers' Comp Insurance and General Liability Insurance. When you create sales or purchase forms that reference the vendor, QuickBooks displays a warning if the vendor's insurance has expired.


Convert Units of Measure:

Certain editions of QuickBooks Premier and Enterprise Solutions enable the conversion of one unit of measure to another. user can buy the same item in one unit of measure, stock it in another, and sell it in a third. (Multiple units of measure functionality is available in QuickBooks Premier Contractor Edition, Premier Manufacturing & Wholesale Edition, and all QuickBooks Enterprise Solutions Editions except Retail.)


Set Billing Rate Levels by Employee:

To allow contractors to use time-and-material billing, Contractor Edition allows you to create billing rate levels for individual employees or types of employees (e.g. apprentice, journeyman, supervisor). In addition, you can set an hourly billing rate by billing rate level for all items or for specific items. QuickBooks automatically applies the correct billing rate when time is transferred to invoices. You can use this feature for subcontractors, vendors, and owners.


Assign all Expenses to Customer:Jobs:

to get more accurate job costing, Contractor Edition allows you to assign expenses to Customers and Jobs. To assign job costs, simply select the appropriate job in the Customer:Job field in the Enter Bills, Timesheet, or Write Checks windows.


Compare Estimated Costs to Actual Costs:

Many contractors create estimates outside of QuickBooks and then enter invoices in QuickBooks. To compare costs, at least a summary of each estimate must be entered into QuickBooks. Contractor Edition saves time by allowing users to enter estimates directly into QuickBooks and create invoices (or progress invoices) from the estimates by clicking the Create Invoices button in the Create Estimates window. Entering estimates directly into QuickBooks allows you to get estimated cost and revenue amounts to compare to actual costs and revenues on job costing reports.


Track Change Orders Automatically:

You can create change orders simply by editing existing estimates. Contractor Edition Tracks the changes, lets you enter comments, and then prints the change order.


Run Reports Designed for Contractors:

In addition to job costing and job profitability reports, Contractor Edition provides a set of reports designed specifically for contractors such as; Job Status, Job Costs by Vendor, and Expenses Not Assigned to Jobs.


Non-Profit Edition

Balance Sheet by Class:

QuickBooks Premier (all versions) offers the ability to create Balance Sheets by Class. This is especially useful for Non-Profit companies who need to see their balance sheet segregated by Fund or Program. (Note that the ability to track restrictions on assets or donations is not available as of 2013.)


Use the Customized Chart of Accounts:

The Non-Profit Edition includes the Unified Chart of Accounts (UCOA) developed by non-profit accounting professionals. using this customized chart of accounts allows you to create IRS Form 990 and other non-profit reports more easily.


Create Financial and Program Reports for Owner and Boards of Directors:

Customized non-profit reports include Budget by Programs, Donors/Grants, Biggest Donor, and Statement of Financial Position.


Track Donations, Pledges, or Grants:

Enter donations and pledges as they come in and instantly dispatch thank you notes with contact data you've already entered in QuickBooks.


Identify Donors Who Should Receive IRS letters:

The Donor Contribution Summary Report allows you to see the donor names, dates, and contributions in a single report, making it easier to see which donors should be sent IRS notification letters.


Use Customized Forms and Letters:

This edition provides professionally designed non-profit forms and letters. You can use the forms and letters as is or customize them further, adding special fields and logos.


File IRS 990 Form Easily:

use the Statement of Functional Expenses (990) Report to view all of the totals in the exact format that the IRS requires. using the non-profit chart of accounts to categorize each transaction ensures that data is "clean" and able to be used for reports required by the government, board members, and donors.


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Manufacturing and Wholesale Edition

Convert Units of Measure:

Certain editions of QuickBooks Premier and Enterprise Solutions enable the conversion of one unit of measure to another. user can buy the same item in one unit of measure, stock it in another, and sell it in a third. (Multiple units of measure functionality is available in QuickBooks Premier Contractor Edition, Premier Manufacturing & Wholesale Edition, and all QuickBooks Enterprise Solutions Editions except Retail.)


Manage Inventory with more Accuracy:

Manufacturing and Wholesale Edition lets you track both individual inventory items (components and raw materials) and assemblies (combined inventory items, finished goods, or products). QuickBooks makes it easy to assign a unique sales price to any assembly and to set reminders to build new assemblies. QuickBooks removes component items from inventory when you "build" assembly items.


Choose from Pre-defined Charts of Accounts:

The Manufacturing and Wholesale Edition contains pre-defined charts of accounts for wholesalers, manufacturers, and distributors. The sample data files included with this edition contain examples of how to use Classes, Customer Types, and other features in these types of businesses.


Run Reports Designed for Manufacturing and Wholesale Businesses:

As with other QuickBooks products, you can customize standard reports or choose from more than 10 reports that have already been customized for manufacturers and wholesalers including: Profitability by Product, Inventory Reorder Report by Vendor, Open Sales Order by Customer, and Open Purchase Orders by Item.


Create Purchase Orders Directly from Estimates and Sales Orders:

Save time by instantly copying information from an estimate or sales order onto a purchase order. You can edit the purchase order as necessary and even e-mail the purchase order directly to the vendor.


View Available to Promise:

On sales orders (and other sales forms), you can view how many items are available to sell, committed on other open sales orders, required for assemblies, and on order. You can also identify when items are due to arrive.


Use the Sales Order Fulfillment Worksheet:

You can use this tool to determine which sales orders to fulfill first and to gain a better understanding of how these decisions impact your remaining inventory. In addition to planning sales order fulfillment, you can use the worksheet to being filling, shipping, and invoicing the sales orders.


Track Costs on the Bill of Materials:

Use the Bill of Materials to enter an assembly cost based on a markup for all of the components in the bill of materials, including labor and overhead.


Professional Services Edition

Set Billing Rate Levels by Employee:

Professional Services Edition allows you to associate unique billing rates with individual employees or groups. When you bring timesheet hours onto an invoice, QuickBooks automatically applies the correct billing rate and calculates the correct charge.


Track Time and Transfer Time Information to Invoices:

Use the weekly timesheet or Enter Single Activities window to record the time that each employee, partner, or subcontractor spends on each client or project and then transfer the time data (including notes and descriptions) to invoices. When you are creating invoices QuickBooks alerts you when there is outstanding billable time or expenses for the client for which you are creating the invoice. It also allows you to generate invoices from a list of unbilled time, expenses, mileage, and items.


Run Industry-Specific Reports:

Professional Services Edition provides 11 reports designed specifically for professional services firms. This edition includes reports that identify unbilled expenses or expenses not assigned to projects to help you avoid underbilling. Also, you'll find reports that help you see what client, projects, or activity each employee is working on, track billable and non-billable hours, and analyze resource utilization. These reports also provide backup detail for invoices. This edition also includes project costing reports to help track planned versus actual costs on projects, show project costs by vendor, and allocate overhead costs to projects.


Take Advantage of More Flexible Invoicing Options:

Professional Services Edition includes professional looking templates for proposals and invoices that display information and use terminology appropriate for this industry. The enhanced price level functionality provides the flexibility needed to set different billing rates by client, which saves time and increases accuracy when creating invoices.



Retail (Point-of-Sale) Edition

View Available to Promise:

On sales orders (and other sales forms), you can view how many items are available to sell, committed on other open sales orders, required for assemblies and on order. You can also identify when items are due to arrive.


Record Daily Summaries Quickly:

To allow you to track daily sales summaries easily, Retail Edition lets you enter the daily sales totals from the cash register or point of sale system in the Daily Sales Summary Form. This form lets you track taxable and non-taxable daily sales totals, breakdown sales by type of payment (cash, check, MasterCard Visa, American Express), and confirm that end-of-day sales totals match the payments received. Tracking sales using this method also lets you use reports to track sales by type of payment and save time on routine reconciliation tasks.


Use the Sales Order Fulfillment Worksheet:

You can use this tool to determine which sales orders to fulfill first and to gain a better understanding of how these decisions impact your remaining inventory. In addition to planning sales order fulfillment, you can use the worksheet to being filling, shipping, and invoicing the sales orders.


Run Industry-Specific Reports:

Retail Edition includes reports designed to help you analyze sales and profitability, track vendor purchases, and manage accounts payable. Retail Edition provides reports that you can use to compare profitability this month to last month, identify trends in customer sales over the past year, track sales tax liability, understand vendor return history, and prioritize bills by due date.


Use Letters and Forms Customized for Retail Businesses:

Retail Edition includes letter templates customized for retailers on topics such as customer follow-up after a return and reminders for overdue maintenance or service appointments.


Track Costs on the Bill of Materials:

Use the Bill of Materials to enter an assembly cost based on a markup for all of the components in the bill of materials, including labor and overhead.




QuickBooks Enterprise Solutions


Companies for whom QuickBooks Enterprise Solutions may be the best QuickBooks product have a larger business than the typical Pro or Premier user as defined as follows:

  • Have a greater number of employees (20 - 250)
  • Earn higher revenues (> $1 million)
  • Enter more transactions into the data file
  • ​Support multiple locations


QuickBooks Enterprise Solutions offers the most comprehensive set of features of any QuickBooks Financial Software product. The software contains all the features of QuickBooks Pro and Premier editions. QuickBooks Enterprise Solutions also includes the features such as; the Fixed Asset manager, QuickBooks Statement Writer, and the ability to open to company files at the same time.


Consider QuickBooks Enterprise Solutions if you:

  • Need up to 30 simultaneous users
  • Want enhanced access restrictions
  • Want to connect multiple locations and remote workers
  • Need to combine financial statements from multiple company files
  • Want the ability to store and use QuickBooks company files on a Linux Server (the QuickBooks client applicati0n is still a Windows application)
  • Have a need for larger list capacities including Items and Customers
  • Have long Customer, Vendor or Item Lists
  • Are currently using middle-market solutions or think you may need a middle-market solution
  • Need to host QuickBooks in a Terminal Service environment
  • Want the option to use Advanced Inventory for such needs as multiple warehousing, FIFO inventory, and serial or lot number tracking
  • Need ODBC reporting capabilities


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