Create a Quickbooks Proposal for Financial Services Effortlessly

Quickbooks proposal for Financial Services

hi everyone welcome to fintech academy this is hersh today i will be going over and showing how to create estimates in quickbooks online all right let's have a look in that all right creating estimates you should create estimates in quickbooks because they assist potential clients in deciding whether or not to buy your goods services an estimate code or bid serves as written approval to start a job creating estimates in quickbooks online provides the following benefits first assist potential clients to decide whether or not to hire you it provides the information potential customers need to decide if they want to purchase your goods slash services next written approval to start the job it can serve as a written approval to work on a customer job this documentation will serve as written proof that your customers agreed to the pricing and terms stated in the estimate slash job next is expedited customer billing with the click of a button you can easily turn the estimate into an invoice in quickbooks online when you're ready to build your customer for work completed this is one of the concerns with which many times users have that hey i create an estimate and then i would create an invoice again well you don't need to redo the whole thing because in quickbooks online there is a simple function that you click on it and it will copy the estimate to the invoice and you decide what you want to invoice your customer all right you can create all the estimates you want without altering the balances in your income expense and asset accounts estimates don't appear in your profit and loss or balance sheet reports either so basically when you enter an estimate let's say for whatever reason you did enter but you did not use it for converting it to the invoice or for any other purpose still it will not show in anywhere in your box i.e not in your balance sheet or any profit and loss basically it's not something that is going to impact any of the numbers in your books anywhere else except that the estimate will be shown wherever the report is like when you look for the customer it will show the transaction in there that's because estimates are known as non-posting transactions no money changes hands for accounts or accounts so there is nothing to post in your chart of accounts so because estimates are called non-posting or sometimes they are also called non-accounting transactions i.e they do not impact the balances of the customer as well as they do not go and hit in your any of the financial statements right so there are four primary statuses for estimate pending accepted closed and rejected where you are in the pro process will determine the estimate status the four status options along with a brief explanation of when to use each one are there so first pending status typically this is the status used when you have created an estimate and sent it to your customer for approval so that is the first one which is pending the next is accepted status once your customer has approved the estimate it moves from pending status to accepted thereafter is closed status once your customer once you have invoiced your customer in full then quickbooks will mark the estimate as close as soon as you link it with the invoice and it's completed then the estimate is going to be marked as closed and finally there is the last one which is rejected status if you send in a customer an estimate and they do not approve it it would be considered an estimate that has been rejected so these are the four different statuses in the estimate now let's have a look uh hands-on in quickbooks online i'm going to show from when from where and how do you create the estimate in quickbooks online all right guys so i'm right over here in quickbooks online and to access the estimate i'm going to click on the plus on the top left and within that in the customers section the third line is estimate and that's what we can click on to start our creation of estimate so if i click on that estimate over here we are on the estimate number one zero zero one which is the default number which quickbooks online uh creates for us of course we do have the flexibility that we can give our own numbering as well okay so i'm gonna select a customer from here from the drop down if i click on it like this right then i can select that customer chairs for example let's say we are dealing in chairs right and we want to give a quote to this customer who's looking for some chairs below that is the status so you'll be able to see estimate status by default is pending and small down arrow next to pending will give us all those four options which i just explained in the powerpoint slide prior to coming to this portion of the quickbooks online all right so let it be in the pending over here okay if i had mentioned with the email address along with the customer it would have popped up automatically if not i can of course put it over here the benefit can be that you know if you want to send it out as the estimate directly to the customer via email then you can do that okay so i'm gonna skip that for now let's say i want to create an estimate as on let's say third of august you can select any date and if there is an expiration date you can put that over here that's the estimate number which is the default one zero zero one but let's see if if my company has its own numbering system with the year and then we put in the number like this for example then automatically that numbering sequence is going to be followed by quickbooks online so next time it's going to increment that number to the next number all right let's go to the main section over here the first one is what is the status like amounts are exclusive of tax inclusive of tax or how to score so you can decide right over here by default i have exclusive of tax so whatever amount i mentioned over here plus tax is what is going to be considered if it's inclusive that means my amount whatever i mentioned over here in this section will have the tax portion included in that and if for whatever reason you are selling to somewhere which is there is no tax then you select our scope okay so i'm going to let it be exclusive of tax and then i'll go to product slash service so i can select any of those over here i'm going to click over here in the small down arrow i already have a few items created over here now um if any of you guys have watched my previous videos about the creation of the items and all the stuff that's where we created these items um i'm going to select this particular item which says home chairs supply and so basically what it says shares supplied and installed this is the bundle item so what it does is that it is having two items within that one is the product item which is the category type chair that we are selling and this installation services on that which is another item so both of them together the costing is provided over here which is 6.99 i.e 599 for the chair and dollars for the installation let's say the quantity that i want to give a code for is 10 numbers so i'll just put 10 over here automatically is 699 which is a rate and that becomes an amount over here for the number to be calculated so if i go on the top it's going to show me that this is my amount over here with tax if i go down it's going to show me this is my subtotal of 6990 as an amount showing over here now let's see if someone says can i update the price over here yes you can let's say if i make this as an amount of 549 for whatever reason then it has updated not only over here but it has updated also over here with with respect to my amount so now if we see it's 6490 plus hst considering that you know i'm in this province of ontario that has been taking consideration that's the amount that shows on the top also it will show me that the amount is prepared over here if i go down if i want to add more lines of course i can if i want to put a special message over here for my customer or to be customer i can do that as well let's see if i want to see the preview then i can click on the bottom over here there is printer preview like this and i will click on print or preview just to see how the output is going to be for my customer or to be customer well it's going to show of course the top part related to creating estimate in that the company name and the logo and all the stuff right this is the main area where it says the the items that we are selling the quantity the the rate and the amount on that now of course there you can design the template you can make changes to the template which is shown over here and there will be like you know that's a big topic i won't be going through that whole thing over here but just to give you guys a glimpse you can click on this customize over here and you can click on edit current and that will take you straight away to the portion that you can make changes with respect to the estimate there you go guys so this estimate is created i can do save and send if i want to send it directly from here to my customer if i mention the email address over here yes that would be done for now what i'm going to do is i'm going to click on save and close as soon as i've done that the estimate has been saved one of the easiest way to confirm that i can click on this search over here and you will be able to see over here that estimate is has been shown that this is the one that is created this is one way to go there of course on the left i can go to sales right and within sales if i click on the customers that is another way by which i can gather more information so if i'm the customers i have this customer chairs which is the only customer i have i click on that and i will be able to see that there is an estimate over here i will focus on this column which is type because that's going to show me that there is estimate over here and it's also going to show me right over here that the status is pending if i do want to create an invoice i can just click on create invoice directly over here and it can it will convert the whole estimate to invoice and i can decide from there what is going to uh to be invoiced to the customer now as i mentioned before it is not going to update any of my balances over here this is the older balance for this amount that shows over here which the invoices that have been created but nothing for this amount that we have for the estimate is going to show in the part of the customer balance or even in your financial statement all right guys hopefully you found this video helpful if you did then please like our video and subscribe to our channel for more videos also let me know in comments what would you like to see in future videos ie hersh i want to say this video or hersh can you make a video on this topic for accounting and bookkeeping quickbooks desktop quickbooks online microsoft excel canadian income tax t1 canadian income tax t2 or canadian payroll alternatively you can also visit us at fintechsolutions.com for our courses thanks for watching