Import this file into your existing Quickbooks company file to (1) save time setting up your film & video project budgets within QuickBooks, and (2) to track your PointZero or Hot Budget “actual vs estimated” costs/variances using the Job Costing module that is built-into Quickbooks and intended for this purpose.
FOR ORGANIZATIONS THAT CREATE MULTIPLE PROJECTS AS “WORK FOR HIRE” These Line items will import as they were originally set-up to flow into two G/L accounts: Production Income & Production Costs. If these accounts do not exist, QuickBooks will create them as you import this Item list. If you want, the items may be used in conjunction with the QuickBooks Customer/Job list to track multiple projects by customer/project by selecting the “Item” tab to use Items when entering the transaction into QuickBooks.
NOTE – FOR ORGANIZATIONS THAT WISH TO DEVOTE A QUICKBOOKS FILE FOR ESTIMATING/TRACKING “ONE PROJECT or SERIES” If you are tracking one project or series within a QuickBooks company file, the best way to do this is to customize the Chart of Accounts (as well as the Item List) so they both reflect your project’s budgeted line items.
This way, the Chart will be identical to the Item list and they cross-reference each other for a complete production accounting and reporting package. As it would be extremely time consuming to edit the file sold on this page in this manner, I do Offer a Customized 327 line Chart of Accounts and 327 line Item list combined in one QuickBooks “iif import file” here.(LINK)
In addition to the categories that transactions are assigned to in QuickBooks’ Chart of Accounts (aka General Ledger accounts), Quickbooks contains a powerful job costing module that uses “Items” which you can harness to track projects, budgets, actuals etc.
Create your budget as usual in your budgeting tool/program/template. After your budget is locked, enter it in QuickBooks and use Quickbooks to do all required bookkeeping (ie generate Purchase Orders, Entering/paying Bills (A/P), Invoicing Clients) & also for generating reports/tracking Estimated vs Actual & Cost to Complete.
Actualize your projects in QuickBooks for total accuracy & raise awareness of what you are REALLY SPENDING on each project, and also company-wide for all projects. Manage project(s) in Quickbooks by utilizing the job costing module and import this file to set up 200+ line items to create your estimates/budgets.
If you’re a production company using EP’s Vista /Vista Global, Ease, Media Services, or another PR services software on a project by project accounting basis, you may better off setting-up your QuickBooks to do the accounting.
Specialized budgeting programs & apps create film/video/photo/media project budgets really well because they’re designed well for that task. But the excel add-in type of programs lack any accurate method to actualize, besides providing some fields to manually enter checks written/Po’s issued/Invoices sent and list the appropriate line numbers. I like using tools that pointzero/hot budget et al use for Petty cash distribution, but by trying to actualize in those programs requires too much manual data entry, which, when entered incorrectly, is prone to error & can cause integrity issues as well as errors that do not & can not occur in a true double-entry accounting software like QuickBooks.
When you actualize in Quickbooks, you can see where you are at with individual & multiple project details or look at the financial status of the whole company overall.
1099’s: If you hire freelancers, another strong reason to use Quickbooks is that it will create 1099 forms for your freelancers at the end of the year. You need to consistently use the same G/L accounts for Labor and Rentals as these accounts are what you will select in QuickBooks to trigger 1099 forms, and they need to be reported separately on Forms 1099 & the 1096 transmittal. (You should 1) set-up COST OF GOODS type of G/L accounts specifically for freelance labor, 2) map all of the items you use for your freelance labor to this G/L accounts, and 3) map the G/L account(s) for Labor as Quickbooks 1099 account(s) to print/file your 1099’s. This can all be done retroactively, if necessary)
PAYROLL: In addition, you have the option of using Quickbooks assisted payroll service to run payroll with all labor costs associated to the job you indicate on the employee time card. Employee hours as well as all related employer expenses such as taxes and workers comp insurance can be billed to one or as many clients as needed. Any outside payroll service should be able to map to the appropriate Quickbooks fields for upload/import of payroll reports, or you can create a Po for payroll after timecards have been completed that will correspond to your payroll invoice.
Description: QuickBooks Import File (.iif) contains 300 items (AICP Point.Zero/HotBudget style)
Type: FILM / VIDEO PRODUCTION CO.
Format: QUICKBOOKS for PC or MAC (ALL Versions 2010 & newer)
Immediate Download: YES
Click the button to purchase and proceed to a secure check-out page to complete your transaction and download the file. (Please download the file within 24 hours after paying.)