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L
Longoriasbuilding
January 9, 2024
Question

Work in progress account- Quickbooks Dektop

  • January 9, 2024
  • 1 reply
  • 0 views

Hello,

We are building a spec home. We are not yet done. It was suggested that we place all expenses into a Work in Progress account. I am new to Work in Progress accounts, and do not know how to place the payroll expenses that we paid out on this job in to the WIP account. We are using quickbooks desktop. 

 

Thank you,

 

1 reply

Q
QBsguru
October 20, 2024

Are you using QuickBooks payroll?  If so, then you need to set up a payroll item with the property address set up as wages and point that to your WIP account (an asset),  You will have to make a journal entry to include the employer taxes.  Debit WIP and Credit what every expense account they are currently pointed to.  

Once the house sells, you zero out the WIP account and add your selling costs (realtor commissions, legal fees, etc.) to record the sale.

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