Use Subcontractor Cost transactions to enter subcontractor expenses. You can enter the hours they work, or the invoices that they give
SUBCONTRACTOR COST BASICS
Creating Subcontractor Costs | Data Fields | More
Info | Apply
To | Payment
Status Field | Category Breakdowns | Item Breakdowns | Using
WORKING WITH SUBCONTRACTOR COST RECORDS
Entering Records | Changing Records | Deleting
Records | Voiding Records
Finding Records | Sorting Records | Fixing Mistakes
Website Info Links
Accounting Software | Accounts
Payable Software | Expense Tracking Software | Job
Paying Bills | Retainage | Subcontractor accounts
Subcontractor Billing Rates | Subcontractor Charge Rates
Vendor Payment Terms | Vendor Sales Tax | Vendor Withholding
Creating Subcontractor Costs
To enter Subcontractor Costs, follow these steps:
- Choose Subcontractor Costs from the Costs menu.
- Click the New button, or choose New Record from the Edit menu.
- Enter details for the cost.
SETUP HINT-- You only need to enter Subcontractor, Brief Description,
Gross Price, Payment Method and Details. For job costs, fill in the
Job and Category fields.
Enter the following info for each Subcontractor Cost record:
Subcontractor-- Enter the subcontractor whose work is entered in this record.
Brief Description-- Enter a brief description of the work that was done. This text will appear in menus.
Time Used-- Enter the number of hours or other time units that this subcontractor worked on this item. If the subcontractor has given a fixed
price bill, choose Dollar Billing as a time unit.
Charge Rate-- If you entered time units, choose the charge rate that you'll pay to the subcontractor for this work. Goldenseal enters the subcontractor's
usual charge rate here.
Gross Price-- If you are using Dollar Billing, enter the amount of the bill. Goldenseal fills in this number if you use time charges.
Sales Tax-- Enter the sales tax rate that will be charged for this work.
Net Price-- The total cost with sales tax is computed automatically.
Invoice Number-- Enter the subcontractor's billing number, if available.
Date-- Today's date is entered automatically. Change it if the work was done some other day.
Record Number-- A record number is entered automatically.
Job Class-- Choose the type of job where this work was done.
Job-- Choose the job where work was done.
Apply To-- If the purchase is an ordinary expense, leave this field as none. Otherwise choose the special conditions that
Transaction-- If you are applying this purchase to an Allowance, Change Order or Purchase
Order, enter it here.
Payment Method-- Choose the payment method used for this purchase.
Payment Details-- Enter the payment terms or the account used to pay for this transaction.
Comments-- Enter any comments you have about this work.
Click the More Info button to enter more details for this cost.
Job Cost & Billing Amounts
T&M Billing Rate-- Choose the billing rate to use for time and materials billing. Goldenseal fills in the usual
T&M Amount-- The total amount that will be billed for time and materials work is calculated automatically.
HINT-- If the project is not time-and-materials, the T&M number will not be used.
Job Cost Rate-- Choose the billing rate to use for job costing. Goldenseal fills in the usual job cost rate.
Job Cost Amount-- The total labor cost that will be charge to job costing is calculated automatically.
Job Cost Details
Category-- Enter a cost category, under which this work will be costed.
Subcategory-- Enter a cost subcategory, under which this work will be costed.
Location-- Use the clairvoyant field to enter a location at which the work is being done.
Vendor Withholding-- If you deduct taxes from this sub or get a GST credit, Goldenseal fills in the amount.
Billing Date-- Goldenseal shows the billing date for items that were not prepaid.
Retainage-- If you deduct retainage from this subcontractor, Goldenseal fills in the amount deducted.
Some subcontractor costs have special conditions-- they apply to another transaction, or receive special treatment
in expense accounting. To enter a special
condition, choose an item in the Applies To field.
Some subcontractor costs apply to a linked transaction which you will enter into the Transaction field:
Allowance-- project work that applies to an allowance. Goldenseal will include this item when you do Allowance billing.
Bid-- work that applies to a prior bid from this vendor. Goldenseal warns you if the total amount of purchases exceeds the bid amount.
Change Order-- project work that applies to a change order. Goldenseal will include this item when you do Change Order billing.
Purchase Order-- this work will be applied to a prior work order for this vendor. When you complete the transaction, Goldenseal will warn you
if the total amount of work exceeds the work order amount, or if work orders are required and none has been entered.
You can also use the Applies To field to identify other special conditions:
Capital Improvement-- work that adds to the asset basis value of an investment, equipment or real estate account, rather than being handled as
Credit-- a transaction that reduces the amount owed to the subcontractor. The gross amount of a credit is a negative amount.
Finance Charge-- a payment for interest on overdue items.
Return-- a transaction that reduces the amount owed to the subcontractor, and reduces the inventory quantity of any items that it includes. The
gross amount of a return is a negative number.
Prepaid Expense-- work that will be used over a future time period. In some financial reports, the pre-paid amount is considered as an asset.
Special Order-- work that has not yet been received, or that gets some other special handling.
All subcontractor bills start with Completed as a status.
When payment has been made for this item, the affected invoice will
be marked as Part Paid or Paid.
If you are pre-entering an estimated future purchase, change the status
If you are disputing the legitimacy of a subcontractor bill, mark its
status as Disputed (see page ).
If an order is still waiting or not completely delivered, mark its
status as Incomplete.
If you are entering past purchases that will be used only to calculate
job costs, change the status to Job Cost Only.
If you are entering a price quote that does not include an actual purchase,
change the status to Pricing Only.
To cancel a purchase, change its status to Void.
Enter one of the following into the Payment Method field:
Cash-- If you paid cash for an instant purchase. Enter the Cash account you
used into the Details field.
Check-- If you wrote a check for an instant purchase. Enter the Checking account into
the Details field. When you close the record, Goldenseal will ask you which checkbook to use.
Checking Debit-- Enter the Checking account into the Details field.
Credit Card-- If you made an instant purchase by credit card. Enter the Credit
Card account that you used into the Details field.
Barter-- For purchases paid for by an exchange of items. In the Details field, enter the barter transfer that serves as payment.
Employee Reimburse-- For purchases made by an employee. In the Details field, enter the employee who made the purchase. When you close the purchase,
Goldenseal will automatically create a reimbursement transaction.
Escrow Check-- Enter the Escrow account into the Details field. When you close the transaction, Goldenseal creates
an instant purchase and will ask you which checkbook to use for the purchase.
Escrow Debit-- Enter the Escrow account into the Details field. Goldenseal creates an instant
Gift-- For items given to you free. There will be no payment transaction or billing for the item.
Investment Debit-- Enter the Investment account into the Details field. Goldenseal creates an instant
Loan Debit-- Enter the Loan account into the Details field. Goldenseal creates an instant
Savings Debit-- Enter the Savings account into the Details field. Goldenseal creates an instant
Vendor Invoice-- Choose Vendor Invoice as a payment method if you'll be billed later for this item. Goldenseal automatically enters the
vendor's usual payment terms into the Details field. If this purchase uses other payment terms, change the contents of the Details field. You'll
pay for the item later with the Pay Bills command.
For more about purchase payments, click here.
Enter Category into the Breakdown field to itemize work by cost category.
The Category breakdown shows you a breakdown
table where you can type exactly what work was done.
For more about category breakdowns, click here.
Enter Item into the Breakdown field to include specific Cost
Items or Assemblies in a subcontractor cost.
The Item breakdown shows you a breakdown
table where you can type exactly what work was done.
For more about item breakdowns, click here.
Using Subcontractor Costs
If you didn't pay for subcontractor work with an instant
purchase, use the Pay Bills command to pay
it when it is due.
Goldenseal automatically includes Subcontractor Costs in Job Costs reports and Time
and Materials billing.
Use the Find command to locate a specific record.
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