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Before recording events with your client, it’s important to discuss start-up documents, which include estimates, proposals, and quotes. While many consider these terms interchangeable, proposals and quotes are often used during negotiations, and the main estimate is finalized as the primary document for the contract. This estimate outlines the contract details and serves as a guide throughout the project. Essentially, proposals, quotes, and estimates are the same type of document presented in different templates; they are not actual transactions. In QuickBooks, for example, you can create an estimate from the main menu under customers, which generates a document labeled as an estimate.
