Revamp your Business by Implementing Job Costing In QuickBooks

Job Costing In QuickBooks

Job cost is an essential function for all businesses that have an office set up, hire employees, and sell products, and accords different services to customers. It is very important for contractors because it is important to figure out that you are making money substantially on the jobs that are awarded. The starting of the construction season is usually considered to be the right time to renovate your existing job costing software, review and edit the actual systems within the QuickBooks application.

Advantages of Job Costing

• Generate report on the basis of profit of the project
• Differentiate between the actual job costs and the budgeted job costs
• Conclude and choose the most productive jobs for your business
• Enhances job-estimating of your business

Steps to Implement Job Costing in QuickBooks

• With the help of the QuickBooks Customer Center, you can track your clients who might be contractors, project owners, etc. Then you will be able to track your clients and the current projects.
• Open QuickBooks estimate and change the amounts of the dollar showing the new amount once the alterations are done.
• Thoroughly evaluate your QuickBooks Chart of Accounts to ensure the right accounts listed for job costs directly or indirectly.
• Employ the cost codes from the items list while entering bills, purchase orders, creating estimates, making the credit card charges, or writing checks.
• Ensure a thorough review of the QuickBooks Payroll item list to find out if there are different payroll wage items that are similar to the work performed by the staff on the actual job site.
• In case you are handling payroll through QuickBooks Assisted Payroll or by the hired employee staff and mentioning the total work hours of the employees and the timesheets prepared on weekly basis, maintaining the exact data that is sent.
• Ensure that you are accounting for the equipment costs on the job site and in job costing reports.
• Keep a track of subcontracts, committed costs, and material purchases, making use of the personalized QuickBooks purchase orders and the cost codes generated in your items list.
• Prepare estimates to show the schedule of values of handling the cost codes you created in your items list and make use of the progress invoicing feature to create base billing.

The steps for implementing job costing might be difficult for you to perform. In case you face any such difficultly you can contact QuickBooks Expert team. The proficient support team is capable enough to take you through with the job costing implementation steps. By any chance, if you fail to connect with the QuickBooks support team you can opt for 99Accounting.com. It is a reliable agency for QuickBooks consulting according to support services through Intuit certified ProAdvisors. They assure you of a prompt and complete resolution in the shortest wait time.