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Recommended Prerequisites:
QuickBooks Purchase Orders and Vendors - Level 1
or equivalent knowledge
Version:
QuickBooks Pro 2009 (Canadian Version)
Course length:
90 minutes
Cost:
$59.95 + GST
Materials:
Each course includes a step-by-step guide of the subjects taught to help students successfully implement what they learned.
QuickBooks Purchase Orders and Vendors - Level 3
In today’s business world, many companies rely on subcontractors to provide specialized services to their customers. This course covers how to track time and bill customers for the work of subcontractors.
The agenda for this course includes detailed instructions in how to set up subcontractors, enter invoices from subcontractors, enter invoices that will be drop-shipped to customers and allocate items, expenses and time entered on purchases to customers.
Learning Outcomes
Students who complete this course will know how to:
- Set up subcontractors
- Enter invoices received from subcontractors
- Track time and work completed by contractors
- Link billable time and costs to customers
- View unbilled costs linked to customers
- Enter invoices that will be drop-shipped to customers
- Pay subcontractors
- Print a T4A report
- Print various job reports
Why You Need This Course
Subcontractors need to be set up as vendors. This course will provide you with all of the knowledge required to manage subcontractor vendor records, including the T4A tracking option.
Subcontractors typically bill by time, so you need to know how to track that time in QuickBooks. A subcontractor will provide you with a bill or invoice that you can enter into QuickBooks.
By entering subcontractors’ time and payments, you will be able to see detailed payment data for each subcontractor on the applicable QuickBooks reports. This course will show you how to enter all subcontractor time and payment data, and how to generate relevant reports.
In this course you will also learn the various ways to pay a subcontractor – by cheque or by entering a bill to be paid at a later time. Payments to subcontractors are an expense to your business. Included in this course is a discussion of service items, which should be used when you transfer time for subcontractors to a cheque or bill. This course will show you how to set up a service item and link it to an expense account.
Drop shipping is a process in which a retailer may not keep items in stock, but instead transfers the invoice to a wholesaler or manufacturer. The wholesaler or manufacturer then ships the item to the customer. If your business uses drop shipping, you need to know how to enter these invoices into QuickBooks, a technique described in this course.
The T4A report is used to prepare T4A forms for subcontractors. It lists each individual transaction that makes up the total on the T4A form. This course will show you how to generate this report.
Disclaimer:
Since these courses do not deal directly with specific and individual requirements, it is recommended that students obtain the necessary advice from an accountant, employer, QuickBooks® ProAdvisor® or such other appropriate expert with regards to their specific requirements or guidelines.
