Job WIP and Deferred Revenue - Work in Progress in QuickBooks
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How to use QuickBooks to track job “Work in Progress” (WIP) and Deferred Revenue, including creating estimates, receiving prepayments, and recording expenses. Demonstrates how to use various reports to track progress billing and emphasizes the importance of reconciling accounts frequently. Finally, shows how to close out completed projects and apply prepayments to invoices.
Key points
1. Job Work in Progress and deferred revenue.
2. Job Work in Progress is used for manufacturing work in progress and projects.
3. QuickBooks allows tracking revenue and costs for individual jobs.
4. Estimates are created for each job, and costs are associated with those jobs.
5. Prepayments from customers are considered Deferred Revenue.
6. Prepayments are recorded as other current liabilities on the balance sheet.
7. Work in Progress reports show the progress and profitability of each job.
8. Progress invoices can be used to track billing and expenses for each job.
9. Customer deposits accounts track prepayments and their usage.
10. Reconciling customer deposits accounts ensures accurate tracking of prepayments.
00:00 Tutorial Markers
01:00 Job WIP – Project Costing
02:35 Prepayments in QuickBooks Enterprise
05:25 Job Costing
07:08 Job WIP Summary Report
10:20 Job Progress Invoices vs Estimates Report
11:30 Deferred Revenue Allocation
15:15 Final Invoice
16:50 Job Report Review
19:05 Open Estimates by Customer Report
23:33 Reconciliation Process
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