|The U.S. Department of Labor has issued a TEMPORARY WH-347 form, we have updated CPS to include the temporary form. For more information, click here.|
Construction Application for Payment Solution (CAPS) does NOT write/send any information back to QuickBooks because we feel that it is vital that YOU maintain complete control of your Accounts Receivable and your Job Costing
You will be doing all the data entry directly in QuickBooks®, and CAPS will then read and utilize that information. When you create a Progress Invoice from your Estimate each time you are ready to do a draw, you will be updating the Accounts Receivable and your Job Costing.
As for a Retainage Receivable account, we do teach you two different methods on how to create and accurately maintain Retainage in QuickBooks®. You should consult your CPA and/or Tax Preparer to see which method they would prefer you use.
We, also, teach you how to create a memorized report in QuickBooks® so that you can see how much Retainage is outstanding on each invoice, for each job. These instructions are provided in the manual that comes with the software.
NOTE: The same kind of instructions are provided for creating and maintaining Retainage Payable, if you are a General contractor.