QuickBooks Desktop for Job Costing

Author: Laura Madeira

CPE Credit:  2 hours for CPAs

Do your clients need to track job profitability in their QuickBooks Desktop software? In this on-demand course you will learn how to help your clients setup QuickBooks Desktop properly to track the costs for work performed on jobs and how to track the billings to their clients for these costs.

Publication Date: October 2018

Designed For
Any practitioner setting clients up with QuickBooks Desktop.

Topics Covered

  • Quick review of the many lists in QuickBooks, and how to best use them for job costing details
  • Considerations when setting up customers and jobs, discussion of industry specific needs
  • Creating an estimate for a job to track costs vs. budget amounts
  • Properly recording material, labor and other costs for jobs
  • Handling inventory of materials, when true inventory management is not needed
  • Reporting on job profitability, including reports unique to QuickBooks Enterprise

Learning Objectives

  • Recognize how to maximize the use of all of the list in QuickBooks that can help segment reporting on job profitability
  • Describe important considerations when setting up Customers or Jobs in QuickBooks
  • Identify the importance of an estimate in QuickBooks for job profitability reporting
  • Identify and review methods for recording direct and indirect job costs
  • Recognize multiple methods for invoicing the customer
  • Describe and utilize the variety of job costing reports, including reports that are only available with QuickBooks Enterprise
  • Identify the best list to use for job costing
  • Differentiate the amount of detail (number of different levels) to use when tracking costs by customer
  • Identify QuickBooks requiring an estimate to be created
  • Recognize what it means when "no item" appears on a Job Profitability report
  • Describe errors to avoid when invoicing
  • Differentiate reports offer the most information for management to make judgement calls that would increase job profitability
  • Recognize when items in the Item List should be marked as two-sided
  • Identify when the Customer: Job Type List should be used
  • Describe the usual issue if the job cost report is equal to the sales price
  • Recognize where the 'use time data' checkbox must be marked in, when invoicing a job based on employee time
  • Differentiate when allocating indirect costs to jobs through payroll is possible
  • Identify what is included in Cost of Goods Sold
  • Describe problems with the profit and loss by jobs report
  • Recognize how the Item List is used
  • Recognize how purchase order management for lump sums is driven by

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Computer Software & Applications (2 hours)

Program Prerequisites
Basic knowledge of QuickBooks.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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