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carnak878
January 21, 2021
Solved

Why do all items (including costs) post as revenue in my estimates?

  • January 21, 2021
  • 2 replies
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I could not figure out why the Job Esimates VS Actual report did not work.  The Est Cost is always the same as the whole estimate(total rev). When I double click on the Estimate, there, is see that every items is posting to a revenue account, even tho they are items pointing to a cost account(COS).

Does anyone know how to make the estimate post correctly, so that the Estimate VS Rev report looks right?

Anyone? 

This has been the subject of much discussion, ie two-sided item(yup) making sure there is an expense account to track to(yup). None of it works because the Estimate itself Posts all as revenue!

Sure would like this report to be accurate.  Any ideas??

Best answer by JonpriL

Hello @carnak878,

 

Let me help share how your report displays its data in QuickBooks Desktop.

 

Yes, the amount of your estimate will show as revenue even if the item account is an expense account. This is because estimates are related to your sales transaction. But don't worry, these actual amounts will not post into any accounts since estimates are non-posting transactions.

 

On that same page, here's an article you can read to learn more about job profitability and tracking: Tracking job costs in QuickBooks Desktop.

 

In the same manner, I've also included this reference for a compilation of articles you can use while working with us: Learn the different ways you can track customer transactions in QuickBooks Desktop.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

2 replies

MaryLandT
MaryLandT
January 21, 2021

I can help ensure that the Job Esimates VS Actual report will show accurate posting accounts, carnak878.

 

You're asked to select an account when you set up an item in QuickBooks Desktop. The account is used to track the item.

 

That being said, you need to check and review the tracking account of the item on the estimate. Make sure to select the right one so you have accurate records when you pull up a report.

 

Here's how to update the item:

  1. From the Lists menu, select Item List.
  2. Double-click the item you want to change.
  3. Enter your changes in the Edit Item window.
  4. Choose OK.

For changes to take effect, you can refresh the report or restart your QuickBooks.

 

I've added this link in case you need to get the most out of your statements: Customize reports in QuickBooks Desktop.

 

Let me know if there's anything else I can help you with today. Just leave a comment below, and I'm always right here to help you.

C
carnak878Author
January 22, 2021

As I said in the first post, all my items are correctly pointing to expense/COS accounts.  I even pointed the revenue account to an expense just in case!  The issue is not with items.  Something in the way the Estimate posts, always goes to a revenue account.  Seems like an internal issue. Are you able to get this report to show only costs under Estimated Costs?  If so, how is your estimate built? 

J
JonpriLAnswer
January 22, 2021

Hello @carnak878,

 

Let me help share how your report displays its data in QuickBooks Desktop.

 

Yes, the amount of your estimate will show as revenue even if the item account is an expense account. This is because estimates are related to your sales transaction. But don't worry, these actual amounts will not post into any accounts since estimates are non-posting transactions.

 

On that same page, here's an article you can read to learn more about job profitability and tracking: Tracking job costs in QuickBooks Desktop.

 

In the same manner, I've also included this reference for a compilation of articles you can use while working with us: Learn the different ways you can track customer transactions in QuickBooks Desktop.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

C
carnak878Author
January 22, 2021

Thank you, Jonpril.  So, this report is not an accurate accounting of estimated costs vs actual costs.

There is no workaround to make this report accurate. I appreciate knowing that, because I have spent way too much time playing around with this. Yes, I could find a costing report per job, but I need a report showing all open estimates and the remaining balance to finish. The accountants need that every biannually.

I can stop trying to make this report work.  Thanks again.

    Q
    QFP
    May 20, 2021

    Did you ever find a report to do what you're looking for?  We still cannot solve this report problem.  

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