How to Generate a Progress Report from Estimates

Written by admin on July 14, 2013

QuickBooks estimates

Business owners utilize QuickBooks estimates for a variety of reasons. One primary purpose is to assist them with estimating costs for sizable jobs. Business owners can use estimates for an entire job, or they can use another effective method by preparing estimates in sequential phases. At the same time, business owners can use progress billing to accurately assess charges to customers.

How to Get Started

Turn on progress invoicing by selecting the Edit option. From there, click on Preferences, Jobs & Estimates and Company Preferences. Click the “Yes” button so that progress invoicing and estimates are automatically enabled for subsequent transactions. Make an estimate by going to the Customers and Create Estimates option. This screen allows business owners to enter items that they want to add to this portion of the project. Then, select the “Create Invoice” button.

A new screen will populate, allowing business owners to determine how many QuickBooks estimates items that they want to include in the progress invoice. A business owner can select whether to bill the customer the entire amount or a percentage of the total. Business owners may also opt to bill customers in pre-defined stages. The third button allows business owners to select line items to effectuate this possibility. The new window that populates allows business owners to select specific items and percentages of amounts to bill the customer.

For example, a business owner may send an invoice to a customer for two specific items. Select the button beside Show Quantity and Rate to enter the quantity that is estimated for each specific item that is in the QTY column.  You can also choose to save, print or email the invoice from this step.

Completing the Transaction

A business owner simply needs to repeat the same process to bill for another group of items that are on the estimate. To check for the items that have been invoiced, choose the customer from the list of customer at the Customer Center. Continue by clicking on the arrow that is beside the field labeled “Show” and choose “Estimates.” An estimate that has a zero in the column labeled Open Balance has been entirely billed.

Another method to find out if the items have been properly invoiced is to utilize a QuickBooks report. The report is listed as Job Progress Invoices vs. Estimates, and it will show the progress invoice that the business owner has made so that he or she can look at the percentage of each estimate that is a part of the report.

Other Options

QuickBooks allows business owners to make a purchase order if they find out that they are missing one or additional items that should appear on the estimate. Keep the estimate open and then click on the “Create Purchase Order” option to choose the item that you need and create the form.

QuickBooks estimates give business owners an effective way to help them with their bookkeeping. They also allow business owners to show customers about impending expenses. A QuickBooks pro advisor in your area can explain how these estimates can help your business, as well as keep the estimates in an organized format. Contact our local QuickBooks Consultant in your area for more help with QuickBooks estimates or other QuickBooks issues.