How Do I Create Estimates?

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Typically, you send estimates to clients as part of a project proposal. BillQuick Online includes an Estimate Comparison Report that compares estimated hours and amounts to what you spent, how much remains, and whether you are over or under the estimate for each activity and expense.

 

You can set up your estimate at a basic level with a few mouse-clicks or at an advanced level with all the details. Please read the desired sections.

 

Basic Setup

 

To create a new estimate:

 

  1. Open Estimate screen from the Management menu.
  2. If you do not have any estimate created, BillQuick Online prompts you with a separate screen. Otherwise, click New to create a new estimate.
  3. On the Create New Estimate screen, enter a unique ID and Description for the estimate.
  4. Optionally, you can base the estimate on an existing one. Check the ‘Base Estimate On’ option and select an existing one from the list.
  5. When you have finished, click OK.
  6. Select the Services tab and click Add Activity to enter activity details for the estimate.
  1. Enter the expected Activity to perform and expected time (Hours) required for that activity. BillQuick Online allows you to enter negative hours.
  1. Accept the Bill Rate or enter a new one to charge for the activity. BillQuick Online calculates the Amount for the estimated item (Hours x Rate).
  2. Click Save and then Return.
  3. Next, select the Expenses tab and click Add Expense to add expense details for the estimate.  
  1. Enter the expected Expense to incur, estimated number of Units and the Cost Rate charged for that expense.
  2. Enter the markup percentage (MU %) on the cost rate.

 

 Do not enter a percentage as a decimal. For example, to mark up the cost rate by 10%, enter 10, not 0.10. BillQuick Online allows you to enter a negative markup.

 

BillQuick Online calculates the Charge Amount for the expense item [Units x Cost Rate x (1 + MU%)] x (1 + Tax 1 + Tax 2 + Tax 3). The estimated totals appear on the screen.

 

  1. Click Save.

 

Advanced Setup

 

To add additional details:

 

  1. In the Created By field, select the ID of the employee responsible for the estimate.
  2. Select a Status for the estimate—Active, Incomplete or Terminated—from the list.
  3. If desired, click Attachments to attach any document or graphic to the estimate.
  4. Check the Approve option to approve the estimate. After being approved, an estimate cannot be edited (requires security permission).
  5. In the Add Activity mode, add a % Done value to represent the percentage of work done.

    You can use the % Done value to create a manual invoice with percent done information for contractors.
  6. If desired, enter any extra information for the service line item in the Custom 1/2/3 fields (up to 50 characters). You can do so for the expense item as well.
  7. Enter unlimited length memo for the estimate or insert Auto Complete shorthand codes into it.
  8. Click Save and then Return.
  9. Similarly, in the Add Expense mode, enter the desired information for the estimated expenses.
  10. Enter the Tax 1/2/3 percentages to add to the cost of the estimated item. Tax rates carry from the Expense screen but you can change them here.
  11. Next, enter a % Done value that represents the percentage of expenses incurred.
  12. Click Save and then Return.
  13. When you have finished, click Close.

 

After being created, you can use the estimate for the following:

 

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