Check out the latest LMN Crew 2.0 update! Learn More.

Allocating Overhead Costs in QuickBooks

| Topic:

Business Advice

by: The Hulk

Part of a new series of blog posts from the Super Heroes on the LMN Support Team.

Most contractors don’t take the time to apply overhead costs to a job in QuickBooks. It takes a few extra steps. However, if you want to invest 30min to 90min a month to see overhead recovery in Quickbooks, there is a way. Keep reading.

For context, most contractors don’t do this. QuickBooks certainly doesn’t do this for you….it complicated. How much of your Hydro bill should go to Mrs. Smith’s Garden??? Pretty hard to put a number on that.

However, LMN Estimating gives you a total amount of overhead recovered on every job. We can use that LMN Overhead recovered total for each job and enter that overhead to the job in QuickBooks so that jobcosting reports show how much overhead we bid into the job. I recommend you do this once a month or once a quarter in a batch. I wouldn’t do this one job at a time (although you can), it makes more sense to do this for a bunch of jobs at once at some sort of monthly or quarterly interval.

Here are the steps to do it:
https://golmn.zendesk.com/hc/en-us/articles/210020813

You’re just one step away from better

Start Your Free Trial

30-day free trial. No credit card needed.