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malky
November 5, 2020
Question

Vendor Estimates

  • November 5, 2020
  • 2 replies
  • 0 views
I work for a construction company, We have vendors that complete us jobs, They can work on more than one job at a time. They usually start with an estimate and than bill thru progress billing.
I'm wondering if there's a way at my end to create vendor estimates so i can keep track how much was billed already and how much is still open.
 
 
 

2 replies

MariaSoledadG
MariaSoledadG
November 5, 2020

I'lm here to get the help you need, malky.

 

You can use Purchase Orders (PO) to tell vendors what you want to order and track items you order or receive, and know what expenses are coming.

 

To create one, you'll have to turn on PO first. Here's how: 

  1. Go to the Vendors menu and select Create Purchase Orders.
  2. In the Vendor drop-down, select the vendor you'd like to create a purchase order for. You can also select Add New to add a new vendor.
  3. Fill out the rest of the fields, and add the items you'd like to order.
  4. Click Save & Close.

Then run the Transaction List by Vendors report to track what you order and those expenses that are coming. Finally, create a report. 

 

You may want to customize reports in QuickBooks to get the information that you need for your future reference. 

 

Please touch base with us if you need anything else. I'm always be around to further assist you as always.

M
malkyAuthor
November 9, 2020

Thanks for your response..

I was trying to do it with purchase orders but it didnt get me the results i wanted.

I would like to be able to progress bill the P/o.. Is that an option?

R
RachelLu
November 9, 2023

I’m looking for a solution for this same issue. I see this was posted 3 years ago. Is there a better option already available?

MJoy_D
MJoy_D
November 9, 2023

I can share some information about vendor estimates, @RachelLu. 

 

Are you referring to vendor estimates? Can you tell us more about it? This will surely help us provide an accurate solution to the concern you're having.

 

If you're referring to an estimate that you can provide to your vendors, you can create a purchase order to your vendors. This is how you tell your vendors what you want to order. 

 

In QuickBooks Desktop (QBDT), you can go to the Preference to turn this feature on. Once done, you can go to the Vendors menu to start creating purchase orders. 

 

Follow the following steps to turn on this feature:

 

  1. Go to the Edit menu to access Preferences.
  2. Select Items & Inventory, then proceed to the Company Preferences tab.
  3. Tick the checkbox beside Inventory and purchase orders are active and select OK.

 

Once done, you can now start creating a purchase order from the Vendors menu.

 

Here's how:

 

  1. Go to Vendors menu and click on Create Purchase Orders.
  2. In the Vendor dropdown, select the vendor you'd like to create a purchase order for. 
  3. Provide all the necessary information. 
  4. Click on Save & Close once you're done. 

 

Check out this article for more information about creating and tracking your purchase order: Create purchase orders in QuickBooks Desktop. 

 

If you're referring to QuickBooks Online (QBO), here's how you can create and send purchase orders in QuickBooks Online. It'll guide you with turning on the purchase order feature, creating, sending, and updating the status. 

 

Once you receive your inventory, here's how you can record it in your QBDT: Receive inventory. 

 

Let us know if you need more information about your vendor estimates. I'm always here to assist. Have a wonderful day!

R
RachelLu
November 9, 2023

This is about a construction company that gets estimates from subcontractors. For example, the a/c guy gives an estimate for $100,000. Then, when we approve and he starts the job, he does the roughing only, which let’s say is 50%, and we have to pay $50,000. As construction advances, we reach the finishing stage, when the subcontractor (a/c guy) comes back and does the finishing - he puts in the condensers and thermostats. That’s when he sends a final invoice. Sometimes, it’s in 2 parts, sometimes in 4. I need to be able to enter the estimate amount and do progress billing according to where we’re up to. I need to be able to run reports to see how much was already billed and how much is outstanding, as well as at what stage we’re at.

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