![]() ![]() Land Developers And Home Builders - Will need work-in-progress accounts from group #1 to keep track of all of the costs being accumulated and cost of goods sold accounts group #2 when it is time to record the sale of lots, land and finished homes and finally expense accounts from group #3 to keep track of expenses.Ĭontractors Working Under Percentage Of Completion - May need the same accounts as land developers and home builders depending on several variables including the need to report over and under billing.Īll Other Contractors - Will normally only need accounts from group #2 and #3. Are you doing large projects requiring a schedule of values related to percentage of completion and change order management with progress invoicing and payment applications? Are you getting job deposits? Is there retention being withheld and are you withholding retention? Are there any back charge issues to be tracked? Sample Chart of Accounts Groups Step Three - Invoicing issues related to how you are being paid. Step Two - What type of construction is your construction company involved with? Land developer, spec home builder, custom home builder, general contractor, remodel contractor, specialty trade contractor, subcontractor, handyman contractor, commercial tenant improvement contractor or another type of contractor? Dog and Pickup Truck, Salt of The Earth, Professional or Enterprise? For a full description of each one click here. Step One - Which of the Four Types of Contractors best describe your construction company. I Trust You Will Use This Checklist And That It Helps You! Get it wrong and no matter who handles your contractors bookkeeping services needs you will never get useful reports - in fact, the reports you do get could lead you to make decisions based upon bad information that could cripple or destroy your entire construction company. Get this one thing right and your QuickBooks for contractors has a good chance of generating useful financial reports and job costing reports. ![]() During QuickBooks setup and especially QuickBooks for contractors one of the most dangerous and difficult steps is setting the Chart of Accounts. ![]()
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