The QuickBooks Contractor Edition is ideal accounting software for freelancers and contractors. It is also beneficial for those businesses that need project management and job costing. The contractor edition is different from the basic QuickBooks accounting software. It includes a lot of handful tools. QuickBooks Contractor edition offers easy accounting for construction. You can manage job costs, complete accounting tasks, manage contractors, and prepare your taxes. It also offers tools to manage your growing construction business.
QuickBooks Premier Contractor Edition is also one of the best construction accounting software. It is also ideal for subcontractors & contractors. You can only access it from the computer on which you have installed the software.
What Is QuickBooks Contractor Edition?
QuickBooks offers an industry-specific product called QuickBooks Contractor. It is designed for the construction industry. Business owners will need a great accounting tool. Most importantly, set up the accounting software.
The QuickBooks Premier Contractor Edition also includes the below-listed features:
- Time tracking.
- Job costing.
It is equipped with cloud-based bookkeeping services. You can also manage job costs, track time, and track expenses. Moreover, here are the new features of the QuickBooks Contractor edition –
- Select from your email contacts list,
- Customize your bill payments,
- Attach images or docs to your transactions,
- Upload your bills,
- Schedule & pay bills
- Workflow approvals.
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Useful Features Of Quickbooks Contractor Edition
The QuickBooks Premier Contractor Edition is good for contractors who track job costs. It combines general bookkeeping and job costing. As a result, you get a reduced workload. As your company grows, you will also get more crews or employees. The contractor edition will be the best choice for controlling costs. It is also best for tracking material usage.
On the other hand, It is not a good fit for inexperienced bookkeepers. It does not have cloud accounting and construction management features. Here are the features of QuickBooks Contractor Edition-
Job Costing Center
QuickBooks Contractor Edition is equipped with a job costing center. It displays the most profitable jobs. The contractor edition also includes the job costing highlights feature. Moreover, it shows total outstanding bills, unassigned expenses, and actual costs.
The Change Order feature lets you adjust the existing estimate on your QuickBooks account. You can also create a change order, which displays at the bottom of your estimate. Customers can also sign it to approve the adjustment. It also adds an extra layer of clarity and protection.
QuickBooks contractor edition includes 19 extra reports compared to the enterprise edition. These all reports provide a better idea for your projects.
Customized Chart of Account
QuickBooks contractor is equipped with default COA or chart of accounts. These accounts are also designed to provide help in your contracting business.
Custom Billing Rates
QuickBooks contractor edition allows you to set custom billing rates for your employees. It also includes billing rate labels such as journeymen, masters, and apprentices. Moreover, you can also set hourly rates.
QuickBooks Premier Contractor Edition
The QuickBooks Premier contractor edition includes the following features:
- Run reports specifically designed for contractors.
- Check details of compensation and insurance.
- Compare the actual cost and estimated cost.
- Assign expenses to jobs,
- Set billing labels,
- Convert measure units
- Manage insurance.
System Requirements For QuickBooks Contractor Edition
Here are the system requirements for the QuickBooks Contractor:
- Windows OS- 8.1 or 10.
- Windows Server- 2012, 2012 R2, 2016, 2019.
- CPU Speed- 2.4 GHz processor.
- RAM- 8 GB of RAM
- Free Space- 2.5 GB space.
- Screen Resolution- 1280X1024
Pricing Of QuickBooks Contractor Tool
The QuickBooks Contractor edition has payroll capabilities. But, you will have to pay an extra fee. The payroll services start at $50 per month. If you want multi-user support, it will cost $2 per user per month. The pricing of the QuickBooks Premier Contractor edition is given below:
- 1 User: $549.99
- 2 User: $849.99
- 3 User: $1149.99
- 4 User: $1449.99
- 5 User: $1749.99
Pros & Cons
The below table includes the pros and cons of the QuickBooks Contractor edition-
|Assign direct costs||Difficult to share your books|
|Compare job estimates||Limited users|
|View unpaid vendors||Lacks some management features|
|Track your change orders||Can not allocate indirect costs.|
|Create new job estimates.|
QuickBooks Contractor Edition is specifically designed for the construction industry. It also offers industry-specific features and reports. Yet, you will not get construction management features or ERP tools. You can consult our experts to fix the accounting software issues. Wire IT Solutions offers software support for QuickBooks, TurboTax, Sage, Quicken, Xero, TurboCash, etc.
Frequently Asked Questions
Firstly, you need to set up your QuickBooks Contractor software. Every contractor runs their company differently. After that, create your Chart of Accounts or customize it. Then, structure your financial statements like a balance sheet. Moreover, you need to set up the payroll taxes. You can also consult our expert for proper assistance.
You can purchase the QuickBooks contractor edition from the official website. You will also have to provide personal details and billing information. After that, create your QuickBooks Contractor account and log in to your account.
Follow these steps to set up a liability account:
- Firstly, launch your QuickBooks Contractor software.
- After that, go to the Lists menu.
- Then, choose the Chart of Accounts option.
- Moreover, click on the account drop-down icon.
- Then, select the New tab and choose your account type.
- After that, tap on the drop-down icon and choose your loan period.
- Finally, follow on-screen prompts and add the liability balance.
QuickBooks contractor edition handles vendor bill payments. Go through the instructions mentioned below:
- Firstly, set up bank details for vendors.
- After that, create vendor credits.
- Then, apply it to the vendor payments.
- Moreover, make check payments.
- Then, complete the account verification process.
- Finally, make vendor payments by bank transfer or check.