Can I Sign Mississippi Banking Purchase Order Template

Can i industry sign banking mississippi purchase order template

hello everyone this is Liz with a secret books training and in today's video we're going to look at QuickBooks for contractors using purchase orders for your sub contracts so let's get started show you is how to record and keep track of your subcontractors invoicing so we're going to be using the purchase order to do that and I know usually when you think about purchase orders you think about ordering materials and keeping track of inventory things like that but you can also use it for your services and you can use it for keeping track of your contracts so we're going to look at QuickBooks desktop and then I'm going to show you how to do it in QuickBooks Online so I have created a purchase order and in this case we have it by building we have items and we have it by buildings here is building 100 200 300 and the total contract amount is actually five hundred eighty five thousand so this is a subcontractor for a DC general contractor in the total contract amount is five hundred eighty-five nine eighty two so as you could see something some have been built so how it works is you do a purchase order we have the items descriptions now we don't use the rate what we use is actually the quantity because the way the purchase order works in QuickBooks is by quantity so if you have a thousand dollar I'm sorry a thousand items and the rate could be anything a thousand items of some kind of inventory QuickBooks is going to go off of the quantity that's how it works so in this case I have put the contract amount under quantity I did the I changed it here to say contract amount and you can do that under custom templates see I have a custom template here called subcontractors and under the quantity I did contract amount the rate now you have to have a raid but I just put a rate of 1 which is essentially the contract amount which states right here and then this is when the contractor has built and closed means that this item this line has been closed because it has been fully billed so I'm going to show you a report now this is how I would set it up for a subcontractor and let me see if we can view take a preview of how this looks here it is let me see if I can zoom in a little bit so this is how I set up the let's see there we go this is how I set up the purchase order it's just basically a purchase order which includes the items and includes the items in the contract amount so here is a date to the purchase order and all the information so it has the total contract amount it should say at the bottom let's see sorry my windows are not it's not in my recording okay so here's the total contract amount 585 982 so let me close out of this and let's go to the reports I have a report and I have memorized this report and I've called it subcontractor progress billing and this will show all the purchase orders that I have open but I want to focus just the one that I built so I go off of this number I'm going to filter and it's by number let's see here and it's number zero six zero six two zero six okay and I just want to focus on just this so here's a total contract purchase order total contract for this vendor and this is what we have received for these particular line items and you can have another column here possibly with your products and services if you like it but I just had an item description so this is what we received and this is the balance of this purchase order or the balance of this contract for this subcontractor and yeah so it's pretty it's pretty neat how you can once you get a bill from this subcontractor you can receive it and apply it so let's go ahead I'm going to click close and I'm going to show you new interval and it's going to ask us to if we want to apply it to a purchase order we say yes and it'll bring up this box so we select it and click OK and then we can go off and select what we want we want to bail so these are the items that are left to bill so we can go ahead and mark let's say we don't he's not billing for that he's only billing for that or billing 10,000 for that or I put a thousand but you get the idea so it's kind of a progress billing for your subcontractor where you can see what he's built apply it to the total contract now can you do this in QuickBooks Online yes you can let me show you I have a purchase order here I did 6000 under the quantity the rate is 1 in the total amount is 6 I put it to a customer and I have I have received a bill for 1200 and this purchase order is not closed yet because the full amount has not been built so I'm going to close this here is that bill and then we can also look at reports so if we go to open purchase order detail we can see it right here and we can customize the columns change columns so let's take out the account just so we could see it a little bit better here we go so and here is the product and services the quantity which is the total contract price what we have been built for what's left outstanding so once this is fully built it will be closed and this is how you can track your subcontractors contracts in QuickBooks have you tried this please let me know in the comments below or will you be trying this let me know too if you have any questions or need help setting this up I would be more than happy to help you you can contact me through my website the link is below please don't forget to subscribe to my channel for more how-to tips and tricks and troubleshooting for QuickBooks I will see you on the next one