Can Form 2220 Billing 2023-2024

Hello and welcome to another QuickBooks tutorial with EC QuickBooks training. In this tutorial, I will be showing you how to enter a billing into QuickBooks. A billing is an application for payment with forms G 702 and G 703, including a description of work and a schedule of values. Today, we will learn how to enter this information into QuickBooks. The first thing we need to do is make sure that all the cost codes are entered in the items list. If you're a subcontractor, there may not be many, but if you're a general contractor, you may have a lot of cost codes. Make sure everything is entered. Additionally, make sure you have the item called "less retainage" in your chart of accounts. This item will deduct 10% from the billing. To start entering the billing, the first step is to create an estimate. Go to the customer center and select the job you are doing the billing for. In this case, the job is called "awesome job." Go to new estimates and change the template if needed. Enter the codes or items and their amounts. The schedule of values may have multiple codes, but for this example, we have only one line item, which is general requirements. We will include the schedule of value for this line item. Enter the cost codes and the amount for general requirements. Add a subtotal under the items to make it easier for billing. Next, enter the other line items such as supervision, site work, concrete, masonry, metals, ceilings, painting, plumbing, HVAC, and electrical. Each line item should have its corresponding amount. Check if the total matches the scheduled value. In this case, the total should be $309,000. If there is a discrepancy, check for any errors in the amounts. Once the estimate is...