CoreconLink for Intuit QuickBooks
Do you feel like you’re growing out of QuickBooks because your struggling with job costing, change order management, AIA style invoicing, or WIP Analysis? Are you tired of doing a lot of work arounds with Microsoft Excel that takes a lot of your time?
Now, your worries are over! Corecon and the CoreconLink for Quickbooks provides your entire operations with an automated solution that will address these issues without having to switch to another accounting system. Matter of fact, Corecon outshines the competition that are 2-4 times more expensive when comparing features and ease of use.
- Eliminates Duplicate Data Entry
- Use QuickBooks for general accounting functions and Corecon for job costing
- Import/Export/Synchronize Customers, Vendors and Employees
- Setup QuickBooks Jobs using Corecon Project data
- Export Corecon Bills, Sub Invoices and Miscellaneous Expenses to QuickBooks' Bills, Credit Card or Check feature
- Export Corecon Progress Invoices to QuickBooks' Invoice feature
- Export Corecon Timecards to QuickBooks Time Tracking feature
The CoreconLink for Intuit QuickBooks application transfers information from Corecon V7 to Intuit QuickBooks Pro, Premier, Enterprise, and Online editions. This application can be downloaded from within Corecon V7 and is typically installed in the accounting department. The points of integration between Corecon V7 and QuickBooks are listed below.
| Startup Phase |
| Companies || <---> || Customers |
| Typically, an organization has been using QuickBooks before they decided to puchase Corecon and are not implementing both at the same time. Given this scenario, the CoreconLink application would be used immediately to copy customers and vendors that are active in the accounting system to Corecon. One could also import Companies from Microsoft Excel or Outlook but the accounting system usually has the most up to date information. |
However, after the implementation phase is complete, the estimating staff will pursue project leads and generate estimates in Corecon. If a lead has been awarded, the new customer and those vendors that have supplied the most competitive pricing are transferred to QuickBooks if they are not already present.
| Employees || <---> || Employees || Like customers and vendors, employees are typically copied from QuickBooks to Corecon in the implementation phase. |
| Payroll Items || Linked || Payroll Items || For both Corecon and QuickBooks, Payroll items (Straight Time, Overtime etc.) are required for establishing employee payroll rates snd when entering Labor Timecards. In order to facilitate the transfer of timecards from Corecon to QuickBooks, these items should be identical in both systems and linked. |
| Tax Codes || Linked |
| Tax Codes || Accounts payable and accounts receivable transactions below can reference a Tax Code. In the US, Tax Codes are setup to handle the markups for sales tax. For Canada, Tax Codes will represent Good and Service Tax (GST) as well as Provincial Sales Tax (PST). With tax codes being linked in both systems, this will alleviate the accounting administrator of having to specify the correct code when sending transactions over to QuickBooks. |
Note: If Tax Codes are already setup in QuickBooks, one can import these codes into Corecon.
| Project Setup Phase |
| Projects || ----> || Jobs || If a Project in Corecon has been awarded, management or accounting staff would then setup the Project Directory, Job Cost Codes, Prime Contract and budgets. With exception for the Project Directory, Corecon includes wizards that can automatically setup this information from a Corecon estimate or spreadsheet. Once this is complete, the CoreconLink would then be used to create the Customer:Job in QuickBooks. |
| Job Cost Codes || Linked || Items |
Chart of Accounts
| All QuickBooks financial transactions (Bills, Checks, Credit Card, Invoices, Labor Timecards) require either a Service Item or Chart of Account when entering the item details. One can also reference a Class if this feature is implemented. In Corecon, all financial transactions require a Job Cost Code which are project specific. |
Since project financial transactions will be entered in Corecon and then transferred to QuickBooks, the CoreconLink has a feature to create relationships between Corecon's Job Cost Codes and QuickBooks' Items, Chart of Accounts, and Classes. This will alleviate the accounting administrator of having to specify the correct item or account when sending transactions over to QuickBooks.
| Project Transactions: Accounts Payable |
| Bills * || <---> || Bills |
| Typically, project financial transactions are entered in Corecon and then exported to QuickBooks. However, QuickBooks' Bills can be sent to Corecon but this method is not recommended. |
| Sub Invoices * || ----> || Bills |
| Sub Invoices derive from Subcontracts and the invoice process in Corecon changes based on the contract type: fixed lump sum, cost plus or unit price. In addition, Sub Invoices can include retainage (i.e. holdbacks). Unlike Bills, Sub Invoices must be entered in Corecon and then exported to QuickBooks. |
| Project Transactions: Accounts Receivable |
| Prime Invoices * || ----> || Invoices || Prime Invoices are entered in Corecon and then exported to QuickBooks. Like Sub Invoices, the billing method for these transactions are based on the contract type and can include retainage. |
| Project Transactions: Labor Timecards |
| Labor Timecards || ----> || Time Trackings || One of the benefits of Corecon in an organization is the ability of estimators and project team members to enter their own timecards. Thus, the accounting department can completely restrict access to QuickBooks since timecards can be exported from Corecon to this accounting system. |
* - If the transaction has a negative total, it will then appear as a credit in QuickBooks.
Lined Records are manually linked.
<---> Data can be imported/exported to either system
----> Corecon exports to QuickBooks
<---- QuickBooks exports to Corecon
What versions of QuickBooks are supported?
US: 2008 - 2013 Pro, Premier, Enterprise, and Online
Canada: 2008 - 2013 Pro, Premier, and Enterprise
United Kingdom: 2010-2013 Pro and Premier
MAC Users --> CoreconLink for QuickBooks is NOT compatible with QuickBooks MAC Edition
What operating systems are supported?
CoreconLink for QuickBooks can only be installed on Windows Vista or Windows 7 operating systems
What is the price of the CoreconLink?
$10 per month per company
Can I install the CoreconLink on multiple computers?
How should QuickBooks be setup so that it links with Corecon?
All project financials are entered in Corecon and are then sent to QuickBooks. In a nutshell, Corecon will provide the job cost reporting and QuickBooks will perform the general accounting functions. When financials are sent from Corecon to QuickBooks, the Corecon Job Cost Code will be replaced with the QuickBooks Service Item which will then hit the GL Expense or Income Chart of Account. Below is a recommendation on setting up Service Items in QuickBooks. These items represent the type of work and do not incorporate any reference to Material, Labor, Equipment, Sub, and Other since Corecon will inherently track financials by resource type in addition to job cost code
Should I use an industry standard classification system for my QuickBooks Service Item list?
When using QuickBooks' setup wizard to create a new accounting file or database, there are no options available for contractors to setup Service Items based on an industry classification structure such as CSI 95, CSI 2004 or NAHB. Although this would be beneficial since using industry standards is generally a good practice, Corecon does NOT require any particular coding structure. Corecon understands that every company is unique and that they may require their own set of custom codes.
Can I use Classes in QuickBooks?
Yes but these should represent something other than cost code (concrete, mechancial, electrical) or resource type (material, labor, equipment, sub, other). A good example of using classes would be for classifications such as office (Chicago, Kansas City, Los Angeles) or division (southwest, midwest, northeast etc.)
How is Retention or Holdbacks tracked in Corecon and how does that affect QuickBooks?
Corecon tracks retention or holdbacks for both Prime Contract Invoices (AR) and Subcontract Invoices (AP). In addition, the CoreconLink for QuickBooks has options to either remove or include the retainage amount when exporting transactions. In either case, the net invoice amount will be the same. It just affects how the transaction details are exported.
| || USA |
| || Canada |
| || United Kingdom |