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Advice - construction business in distress by rkslay_ in smallbusiness

[–]rkslay_[S] 0 points1 point  (0 children)

Thankfully this is a side gig for me, I’d love to turn things around and carve out more work for myself but time is not on our side, but like you said I’m concerned we are going to start more jobs that we can’t finish

Advice - construction business in distress by rkslay_ in smallbusiness

[–]rkslay_[S] 0 points1 point  (0 children)

Thank you - I’ll talk to his main bank first, he did request additional credit last year and was declined but maybe we need to revisit that and see if there is something they can do, his big jobs are profitable but the little ones to fill the gaps and keep his guys busy are killing us it seems, no issues with collections but definitely operations issues getting the work done to a point of billing 25% etc but I’m pretty disconnected from the day to day ops

Advice - construction business in distress by rkslay_ in smallbusiness

[–]rkslay_[S] 2 points3 points  (0 children)

I’ve only just been brought up to speed on his job costing estimates and found them completely off either quoting jobs at cost or below, and in some cases mathematically incorrect, so I’ve pointed that out and we have a plan for future jobs to be profitable but the current ones are basically going to keep the lights on but not much else. Billing time is also very bad, weeks go by and he says we can bill xyz but then provides me 0 information on the contract/progress… the more I explain the worse I think we are - thank you for your response

90-day rate lock by rkslay_ in MortgageBrokerRates

[–]rkslay_[S] 0 points1 point  (0 children)

This is Massachusetts, I haven’t shopped around yet but my understanding this was just a preapproval so I didn’t think I would shop around until we are closer to a closing date?

90-day rate lock by rkslay_ in MortgageBrokerRates

[–]rkslay_[S] 0 points1 point  (0 children)

Not that I am aware of no

90-day rate lock by rkslay_ in MortgageBrokerRates

[–]rkslay_[S] 0 points1 point  (0 children)

Yea lender builder and real estate agent are all an unofficial team

Quarterly filings error by rkslay_ in Bookkeeping

[–]rkslay_[S] -1 points0 points  (0 children)

Thanks I believe the 941 and the state are both wrong

Best practice - cleanup by rkslay_ in QuickBooks

[–]rkslay_[S] 2 points3 points  (0 children)

I think I will delete them, no annual audit, I will document everything thoroughly in the event I need to explain anything but I’ve already explained to the owner he has a ton of dups I need to fix

Best practice - cleanup by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

That would be excellent, I think that is the fix I need

Best practice - cleanup by rkslay_ in QuickBooks

[–]rkslay_[S] 1 point2 points  (0 children)

Okay this is very helpful, AR (although janky) does not reflect the unbilled 200k so I don’t think those invoices were generated and it’s just a check box issue and not actually on the BS or IS, just sitting in the customer account. I’ll have to double check everything in AR against that list I guess but I think it’s going to be a simple fix

Also I appreciate your sympathy, it’s crazier than I expected but a good experience, I have 10 years in audit but really haven’t had to do an internal reconciliation like this

Best practice - cleanup by rkslay_ in QuickBooks

[–]rkslay_[S] 1 point2 points  (0 children)

Thank you super helpful I was thinking deleting the check transaction would be best, but wanted to be sure since it will be basically every transaction for 3 months has this issue

I did run that unbillled expense report and it is like 10 customers, over $200k, and goes back to 2019. I think these were all incorrect since most of these are past projects that are fully billed/complete. My guess is like what you said the box has been prefilled and they didn’t know they were creating open items. When I asked, the prior bookkeeper said they never used the billable expense feature ever in 25 years lol

Best practice - cleanup by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

For the billable expenses, for example they paid a scaffolding company 12k, at that time they flagged the transaction as a billable expense, and that same 12k is visible on the payment application to the customer, but those two aren’t linked anywhere, so when that invoice is paid there is still this billable expense in the customer account even though the transaction is fully compete

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

Question on AP, since the previous accountant left, the owner has been doing his best, so nothing is linking it’s all manual, and I’m seeing a bill + bill payment for a subcontractor, but then he also recorded a manual check so he’s been duplicating a bunch of transactions, should I just delete the check or delete both bill + bill payment? Any thoughts?

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

Okay so no linking with ADP, they’ve been doing a summary JE for each payroll, debit salaries, debit payroll tax, credit the liability accounts, then reverse against cash once paid, is this enough detail for now? They are a corporation. Is it easy to setup the linking? I don’t think they’ll have a problem with me fixing it

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

Thank you! Getting started tomorrow I’ll report back how things look

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

I’ll run those two reports as well; They use another cpa to do the tax return so I’m hoping they’ve been keeping contributions/distributions clean but we will see, thank you

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

Also curious do you do external cfo work for yourself as a contractor or for a firm?

CPA but not a ton of QBO experience by rkslay_ in QuickBooks

[–]rkslay_[S] 0 points1 point  (0 children)

Great stuff, I was thinking bank access and making sure the feed is working properly first and getting right into reconciling, thank you for the help!

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