Field Service Management
QuickBooks
Software
Employee Time Tracking
Understanding Labor Laws
Field Service Management
QuickBooks
Software
Employee Time Tracking
Understanding Labor Laws

Track Employee Time More Accurately With Workyard

What Are 4 Status Types That Can Be Assigned to an Estimate in QuickBooks Online?

In QuickBooks Online, 4 status types that can be assigned to an estimate are "Pending," "Accepted," "Closed," and "Rejected," helping users track the progress and status of their estimates efficiently.

In QuickBooks Online, estimates play a crucial role in managing the financial aspects of a business. They serve as formal proposals for potential transactions, providing clients with an idea of costs before actual work commences. 

To effectively manage these estimates, QuickBooks Online offers a system of status types that help users track and organize their financial data. 

Here are the four main status types assigned to estimates in QuickBooks Online:

  1. Pending: 
    1. Definition: The “Pending” status is assigned to estimates that have been created but are awaiting client approval.
    2. Use Case: This status is useful when a business has provided a cost estimate to a client, and the client has yet to confirm or reject the proposal.
  2. Accepted:
    1. Definition: An estimate marked as “Accepted” signifies that the client has approved the proposal, and it is now a confirmed project.
    2. Use Case: This status is applied when the client agrees to the terms and cost presented in the estimate, signaling the green light to proceed with the work.
  3. Closed:
    1. Definition: “Closed” status is typically used when the estimated work has been completed, and the transaction is considered finalized.
    2. Use Case: After successfully delivering the products or services outlined in the estimate, businesses can close the estimate to signify that the associated work is done.
  4. Rejected:
    1. Definition: Estimates that are turned down by clients are marked with the “Rejected” status.
    2. Use Case: If a client decides not to move forward with the proposed work or disagrees with the terms, the estimate is marked as rejected for clarity and record-keeping purposes.

Understanding and utilizing these status types is essential for effective project management and financial tracking within QuickBooks Online. It provides businesses with a clear and organized way to monitor the progress of estimates, from the initial proposal stage to project completion. 

What Are 4 Status Types That Can Be Assigned to an Estimate in QuickBooks Online?

References

Track Employee Time More Accurately With Workyard

Free for 14 days. No credit card required. Cancel anytime.

More On This