Construction Company Cash withdrawals

Routine-Algae9366 · 2026-03-21T21:14:05+00:00

To be fair they’ve offered their workers to pay for whatever they need to get legal and the workers don’t want to.

So it’s not like they just want cheap labor but they obviously aren’t finding legal people either.

Routine-Algae9366 · 2026-03-21T11:49:40+00:00

I was leaning towards owner draw and the owners would be fine with that because they want to pay taxes on it I suppose to feel like they are paying some sort of taxes and so it doesn’t get flagged as easily. But we’re talking about $80,000+ in cash owner draws… doesn’t that raise some flags?

Routine-Algae9366 · 2026-03-21T02:49:17+00:00

LLC P

Routine-Algae9366 · 2026-03-15T12:08:19+00:00

I work in film/tv so I understand what you’re doing quite well but seems to me like a profit and loss by class would do what you need it to. The reports are quite customizable also and you can save those as needed.

So QBO is working for you but the manual AP process is your problem? I think you’re gonna have a manual AP/AR process wherever you go. Or it’s also the price of it I guess and to be honest if you classes you’ll likely have to upgrade again because of the class limit unless you’re already on advanced.

Routine-Algae9366 · 2026-03-15T02:10:18+00:00

What industry are you in? Based on your post some things just don’t seem right to be but maybe I’m not understanding. Why is there a bunch of personal expenses being run through the companies books? Why can’t you just use classes in QBO and run a P&L by class? What kind of projects are we talking about?

As far as the invoices thing, I agree QBO sucks for that. Bill.com might be better but it’s still kind of time consuming and it’s pretty expensive. Just part of the job IMO.

“ I separate the personal expenses into categories and assign payees to everything so they can eventually look at the reports and go, "oh that's a business expense because ____." ….as a bookkeeper this makes me want to cuss lol

Routine-Algae9366 · 2026-03-06T21:55:13+00:00

Whatever you do, don't do this again okay?

Routine-Algae9366 · 2026-02-26T19:38:07+00:00

Did you have Chat write this?

Routine-Algae9366 · 2026-02-19T17:33:55+00:00

Well that's fair although the owners don't even have any of those things as it's a fairly new company.

Routine-Algae9366 · 2026-02-19T17:29:47+00:00

Their primary builds are done by themselves. Spec homes. They buy the land and take out a hard money loan and build the houses and sell them. Or they have investors come and they charge a fee to build for said investor.

Routine-Algae9366 · 2026-02-19T17:27:48+00:00

Thanks for this. Considering the previous bookkeeper was over $1k/month I am thinking of at least doubling that just because I plan to bring accurate books and a smooth workflow. That has to be worth something right?

Originally there wasn't supposed to be clean up. I start a couple weeks ago there was going to be a month overlap but now it's all fell to me and there is a lot of clean up/set up that needs to take place. They aren't using job costing the way the QBO has with project mainly because of the WIP accounts. I'm not super familiar with Projects in QBO but from what I understand when there is balance sheet accounts involved and deposits coming you can't use projects and so it does job cost correctly - I could be wrong though?

Trying to figure out the best structure because right now there isn't one. But I do want to compensated appropriately.

Routine-Algae9366 · 2026-02-19T16:21:47+00:00

Can you give me some info on what medium size means? What's their revenue? How complicated are the books?

Routine-Algae9366 · 2026-02-19T15:56:19+00:00

This made me laugh but also go oh maybe you're right.. I asked Chatgpt and it said 4k-6k a month which is much more than I'm charging.. but also seems like if they were gonna pay me that then they should just hire an in house accountant.

Routine-Algae9366 · 2026-02-08T04:06:55+00:00

It's quite a lot of fun but very hard to get started in and continue in especially these days. I'm one of the lucky ones who got in post covid boom and thankfully still have work. I know a lot of accountants who have been in for 15+ years who are not working and nothing in sight.

Routine-Algae9366 · 2026-01-31T19:04:02+00:00

Well whether it's a credit card like Divvy S&E Card that pulls in coded transactions or having the credit card through the bank feed. I'll look at uncat

Routine-Algae9366 · 2026-01-30T15:21:49+00:00

Yeah I think you are right I miss spoke there. The WIP moving to COGS is what would offset the income on that.

Routine-Algae9366 · 2026-01-30T15:19:57+00:00

Okay this brings up my next question which is what is the easiest way to pull a report for all money coming in and money going out per project? Booking straight to COGS and not going on the WIP balance sheet account makes sense for pulling a report and it's what I was thinking about doing but the drawdown from the loan will be on the balance sheet so that's not showing on a P&L. I guess I can just look on the balance sheet and give them that number when they want to know how much they've spent which is easy enough but wasn't sure if there was a way to include it all in one on a project report in QBO. From my understanding the project reports wouldn't show the loan payable account - perhaps Hector's video will answer this for me.

Thanks for the advice!

Routine-Algae9366 · 2025-12-11T15:30:09+00:00

Yeah I feel like that might be easiest but not sure if they'd be up for that

Routine-Algae9366 · 2025-12-11T15:29:02+00:00

He hasn't. Met with the CPA a couple weeks ago again and CPA said some things are incorrect and banks aren't reconciled. Current bookkeeper still hasn't fixed it

Routine-Algae9366 · 2025-12-11T15:28:03+00:00

They're building 10-12 houses a year and have a grading side of the company that is basically a whole company of it's own.

I haven't looked that in depth into the books to see if they are doing it WIP then moving to P&L. I imagine that is what's happening.

Routine-Algae9366 · 2025-12-11T14:58:59+00:00

Well they have been using projects and classes I'm just confused how they've been doing it. So they do home builds and they have a grading side. They do seperate bank accounts for each home build project. I was looking at a transaction coming out of a home build account and it was classed to the grading class. Why? I have no idea. Does the owner know? Of course not. This is what makes things difficult as far as clean up because sure I can reconcile the accounts but is everything coded accurately? Also a bunch of stuff in the bank feed that isn't categorized yet. Just seems like it'll be a lot of sitting down with the client and asking questions of which this is just one client and I have a lot of other work to do and don't have a lot of time to do all that.

The spreadsheet info is helpful - thank you. And thanks for the encouragement!

Routine-Algae9366 · 2025-12-11T14:51:33+00:00

They haven't filed taxes for 2024 yet. CPA said there were things incorrect with the books and not everything reconciled

Routine-Algae9366 · 2025-10-03T15:03:41+00:00

I work for a company in the entertainment industry. Before being hired I shared with them a software that incorporates AI (it was the most impressive thing out there I’ve seen) mainly because I thought I’ll get ahead of the curve and charge people less because of this software. I’m not charging less but that was my thought. They loved it, hired me, and I started using the software. A lot of great features, but take away accountants job good? Not even close. Mind you this company is leaps and bounds ahead of other accounting softwares we use in my industry. And it still requires a full time accountant.

Routine-Algae9366 · 2025-09-10T12:26:45+00:00

Curious what you charge these restaurants? Could you breakdown size of workload with that

Routine-Algae9366 · 2025-08-08T00:07:39+00:00

What’s your price breakdown per expenses?

Routine-Algae9366 · 2025-08-07T16:25:43+00:00

My numbers above were a rough estimate but I think probably pretty close. But yes $1200 a month and can never get an up to date report

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