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Katie C16
October 12, 2022
Question

Estimate after invoicing Adjustment

  • October 12, 2022
  • 1 reply
  • 0 views

I am working in Enterprise Contractor 23. Previously we were not tracking Job Costing through QB one of the reasons we upgraded was to track costing way more effectively. My issue is I have a project that is in progress, we have invoiced and received payments however, now I need to go back and create the estimate with the mark-up so we can track our costs. Besides deleting and re-entering everything is there an adjusting entry I can make for the estimate? 

1 reply

M
Mich_S
October 12, 2022

I understand you wish to make some changes to an estimate that has already been invoiced and paid, @Katie C16. I have some knowledge and advice to give to you regarding handling estimates in QuickBooks Desktop.

 

If you add a markup to an estimate, your books won't be affected because it's a non-posting transaction. The best way to proceed with the adjustment is to first erase the estimate by following these steps:

 

  1. Open the Customers menu.
  2. Select the Transactions tab and select Estimates.
  3. Find the Estimate you want to delete.
  4. Double-click to open the transaction.
  5. From the top menu, click on Delete.
  6. Lastly, click on OK.

 

After that, you can recreate the transaction and include the markup this time. This enables you to keep track of your costs moving forward.

 

For future guidance, see these handy articles about job costing in QuickBooks: Track job costs in QuickBooks Desktop.

 

Just hit the Reply button if you need more help with this matter or QuickBooks in particular. We'll do our best to respond as soon as we can. Keep safe always!


 

K
Katie C16Author
October 14, 2022

Thank you, the biggest issue I am facing is that there was no estimate originally entered. SO, I am thinking I will have to enter the estimate and then re-invoice and apply payments accordingly. Unless there is a way to connect a estimate to an invoice that has already been issued. 

JessT
JessT
October 14, 2022

Hi Katie,

 

I know it's going to be extra work, but I have to say that you really need to delete and re-enter everything because we can't connect an invoice to an estimate. It's the other way around.

 

You seemed to understand how this works based on how you explained your scenario, so if you need help along the way, feel free to go back to this thread. We'll be happy to answer more questions.

 

Remember to back up your company file before making changes.

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