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Many companies prepare bids or estimates for their customers to approve before beginning a job.  QuickBooks can help you prepare and track these estimates.  Here are the steps to prepare estimates in QuickBooks:
  • First, you must tell QuickBooks that you will be using this feature (if it is not already activated).  To do this, go to Edit/Preferences/Jobs & Estimates/Company Preferences.  Mark "Yes" under "Do You Create Estimates?" and the estimates feature will be turned on.
  • From the Home Page, click the Estimates icon which will open the Estimate page.
  • You will notice that the Estimate page looks very similar to the Invoice page.  Create the Estimate just like an Invoice, then save. (TIP: The Estimate can be converted directly to an Invoice when you are ready to bill your customer by simply clicking the Create Invoice button on the Estimate!)
Here are a few notes about Estimates in QuickBooks:
  • Estimates are a "non-posting item".  That means that the information for the Estimate is retained in the system for that customer but does not post to the financial statements.
  • Just like Invoices, Estimates can be printed and mailed to your customers or e-mailed directly from QuickBooks to your customers.
  • You can view a report of your Estimates under Reports/Jobs, Time & Mileage/Estimates By Job.
  • If an Estimate is not accepted but you still want to retain the information in the system, you can mark the Estimate as inactive by unchecking the box by "Estimate Active" on the Estimate screen.
Using the Estimates feature in QuickBooks can help you prepare professional-looking bids and can save time in creating invoices.
If you need help implementing these tips or have other QuickBooks needs, please contact our Certified QuickBooks ProAdvisors at 317-888-2047 today!
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Coffee Break is an e-mail newsletter from QuickBooks Café, a division of Shaub CPA Group.  QuickBooks is a registered trademark of Intuit, Inc.  Although our staff members are certified by QuickBooks (Certified QuickBooks ProAdvisors), QuickBooks Café is not affiliated with Intuit, Inc.  Information contained in this newsletter is for general purposes and may vary depending on individual circumstances.

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