Monitor Subcontractor Insurance In Quickbooks
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Transcript of Monitor Subcontractor Insurance In Quickbooks
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introduces
Builder Academy
Track Subcontractor Insurance In Quickbooks
Builder-Resources.com Builder-Academy.com
A Construction Business Curriculum Designed to Help the ProBuilder Transition to a Lean and Efficient Technology-Based Environment
Builder Resources
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MONITOR INSURANCE CERTIFICATES IN
QUICKBOOKSMaking sure your
assets are covered.
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WHY?• Because you are responsible –– For injuries on the job– For property damage on the job
• Because your insurance policy requires it–– Your Insurance policy requires that you only contract
with subs who have a minimal amount of General Liability and Worker’s Comp insurance coverage.
• Because your Terms and Conditions require it–– Required to carry General Liability and Worker’s Comp– Required to name your company as “Additional Insured”
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The Quickbooks version I am using
• Quickbooks Premier Plus Contractor Edition
• All Contractor editions should be close to the same process
• If you are not using Contractor edition, see what is offered in the VENDOR section of your version.
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Add Vendor TYPE
Select “Lists”
Then Select “Customer and Vendor
Profiles Lists”
Then Select “Vendor Type
List”
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Add Vendor TYPE
Select “New”
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Add Vendor TYPE
Add new Vendor Type, then select
“OK”New Vendor Type added to Vendor
Type List
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Add Vendor TYPE
Add another Vendor Type
Added to list
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Manage Vendor INFORMATION
Select
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Manage Vendor INFORMATION
Select a subcontractor
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Manage Vendor INFORMATION
Select “Additional
Info”
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Manage Vendor INFORMATION
Select “Define Fields”
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Manage Vendor INFORMATION
Add new fields here
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Manage Vendor INFORMATION
Add fields and click in “Use for Vend”
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Manage Vendor INFORMATION
Add these seven fields
Select “OK”
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Manage Vendor INFORMATION
The new fields are added to your screen
Note that insurances are expired
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Manage Vendor INFORMATION
When you attempt a transaction with a
subcontractor whose insurance has expired, you
receive this warning…
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Manage Vendor INFORMATION
Enter information for
all subcontractors
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Build a MANAGEMENT REPORT
Select “Vendors and Payables”
The basis for the new report is going to be the “Vendor Contact List”
Select “Vendor Contact List”
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Build a MANAGEMENT REPORT
Select “Customize Report”
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Build a MANAGEMENT REPORT
For DISPLAY, Select• Left Margin• Vendor• Main Phone• Fax• Email• Primary Contact• Work Comp Expires• Gen Liability Expires• T and C Renewal Date
Select “Display”
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Build a MANAGEMENT REPORT
Select “Filters”
Select “Vendor Type”
Select “ Multiple Vendor Type”
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Build a MANAGEMENT REPORT
Select “Manual” and then check off
all Subcontractor Vendor Types
Select “OK”
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Build a MANAGEMENT REPORT
Need Emails for all subs
Need Work Comp
Expiration dates
Need Gen Liability
Expiration dates
Need Terms and
Conditions renewal dates
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Build a MANAGEMENT REPORT
When given the choice, SAVE the
new report.
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Build a MANAGEMENT REPORT
Check to confirm that report has
been saved.
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Build a MANAGEMENT REPORT
Risk management is part of your overall management responsibilities.
You manage this type of risk just like you manage all the other risks of being in business. You either assume the risk (self-insure) or transfer the risk.
For most of us, General Liability and Worker’s Compensation risks are too
big to self-insure.
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Build a MANAGEMENT REPORT
As the general contractor on a project, it is up to you to avoid self-insuring and protect your buyer and yourself by making certain that all of the subcontractors are carrying
appropriate insurances in the
appropriate amounts.
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Build a MANAGEMENT REPORT
With General Liability insurance , and most especially with Worker’s Compensation insurance, it doesn’t matter until it matters… and then it matters a lot.
QuickBooks makes it easy to monitor subcontractor insurance coverages.
It just takes a little bit of discipline on your part.