QB Issue Resolution:
You only need one set of Items for all of this, and they all post to One asset account for Construction in progress.
“My expenses have been posted as subcontractor expenses on each Customer/Job.”
That is not Expense; it is Invested Value and is part of the CIP or WIP = Other Asset.
You mentioned you used Estimates; all of your Items are WIP items. You will run Job reports and filter them and Remove the Account filter. They start out looking at income and expense only. You will need to remove that filter.
You can also use these items from the estimates on POs, to track subcontractor partial payment requests, as well as On Budget/On Track and performance.
You always use Items for this type of operation. Items flow the data to the accounts.
“There should be an asset account (not fixed asset) named for the address/job – wip (work in progress – ie 1234 this street-wip) and you post all contractor payments to that asset account accumulating all the costs.”
You don’t need this detail in the accounting. You will Job Track each detail using Items on your transactions for POs, bills, checks, and even your Estimates; and you can run a report on that account Total by Name = your Addresses as customer. That is why you don’t need One asset for each Project being built. This is called Job Tracking. House = Customer name. Or, Customer = Development, and Job = lot # or address, for the developer. Condo Building:Unit, for example.
“how do I set up the work in progress asset account and get those expenses transferred to that account?”
Put it there the First time you handle that data; don’t keep Moving anything. Use Items linked to WIP/CIP, to start with.
When the house sells, you will Close WIP to COGS. You will close WIP to Fixed Asset if you are keeping it.
In my attachment, you see items for accounts; your will be single-sided and have one account linked = WIP asset.
Resolution for Issue 'How do I recognize a sale in quickbooks?' available: Yes (Solved).
Source: Intuit Community forum.
How do I recognize a sale in quickbooks?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for account Total
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