When you use QuickBooks Desktop to track the financials of your business you can see where the profits come from and where you need to make changes. Here we at Exigo Business Solutions want to talk about how to track your sales by job or customer with QuickBooks Desktop. The point of this discussion is that many times a business makes the vast majority of its money from one or two customers or from very specific jobs. When you can spot the most profitable parts of your business you can focus on replicating those profits again and again. And, when you find the parts of your business that are generating costs equal to income, you can find ways to reduce costs, charge more for the work, or simply let those jobs go and focus on what brings in a profit.
With QuickBooks Desktop you have a whole host of predefined report templates to track work by job, customer, or specific sale. And each of these templates can be easily customized to give you the reports that you need. With QuickBooks Custom Reports you will get control of your budgeting and cash flow on the way to greater profits.
Here are a few reports organized by specific identifying factors and how to access and modify them.
Summarize Profitability (With Adjustment of Inventory) for a Customer or Job
Use this report for accurate job costing and inventory adjustments.
Start on the Reports menu and pick Jobs, Time, & Mileage. Then choose Job Profitability Summary Report.
Pick Customized Report and then the Filters tab (Filters icon for QuickBooks for Mac).
Now choose Account.
From the drop-down for account filters choose All Accounts.
Click OK and you will save the report for future reference.
Detailed Report on Profitability of Jobs with Paid Invoices
The report will display invoices that were paid listed by invoice date, not payment date.
On the Reports menu pick Jobs, Time, and Mileage and then Job Profitability Detail.
Choose the Customer you want and click OK.
Now pick Customize Report.
Go to the Filters tab, choose Paid Status, and click on Closed.
Click OK and QuickBooks Desktop generates your customized report.
Tracking Jobs in Process
You certainly want to know when a job has been profitable or not. But, you really need to know when a job is running over budget when it is not done yet. This report from QuickBooks Desktop will give you the information that you need.
Start on the Reports menu, pick List, and then choose Customer Contact List.
Choose Customize Report. Then using the Display tab, pick the columns for Job Status and Estimate Total as well as Start Date and the Projected End.
Any columns that you do not want should be removed and you can add Balance Totals if you wish.
Now choose Filters and choose the same or different filters, as needed.
You can rename the report if you like on the Header/Footer tab.
Click Memorize and your QuickBooks Desktop Report is saved for later use.
Besides tracking jobs and customers, you can filter your customers to identify them by tax codes and other factors as well.
List of Customers with a Taxable Specific Sales Tax Code
Go to the Reports menu and choose Customers and Receivables. Then choose Customer Phone List and click Customize Report.
Go to the Display tab and uncheck Main Phone.
Now scroll down the list to check Sales Tax Code.
After selecting the Filters tab, choose Sales Tax Code from the Filters list. Pick All Taxable Codes or the specific tax that you need.
When you click the OK button QuickBooks Desktop displays a report with all taxable customers. To keep the report for reference, click Memorize.
At Exigo Business Solutions we are offer QuickBooks ProAdvisor Services. Our goal is to help you maximize your profits. This happens when you start allocating money for profits right off the top and then get a clear view of your financial picture with insightful reports. To learn more about how to track your sales by job or customer with QuickBooks Desktop or QuickBooks Online, contact us today.
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When setting up QuickBooks for an existing Kansas City area company, use an expert like Exigo Business Solutions to do the job right the first time.