Essentials for Successful Job Costing in QuickBooks Common Mistakes - - PDF document

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essentials for successful job costing in quickbooks
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Essentials for Successful Job Costing in QuickBooks Common Mistakes - - PDF document

Feb 02, 2024 136 likes •256 views

Essentials for Successful Job Costing in QuickBooks Common Mistakes Essentials for Successful Job Costing Version wont support what you want to do in QuickBooks Setup Incorrectly using QuickBooks Monica Muir, Muir & Associates

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Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 1

Essentials for Successful Job Costing in QuickBooks

Monica Muir, Muir & Associates

Common Mistakes

Version won’t support what you want to do Setup Incorrectly using QuickBooks Mis-using or not using items Results in missing out on useful data

  • 1. Essential Setup
  • 2. Essentials for Job Costs

Essentials for Successful Job Costing

  • 1. Essentials in Setup

QuickBooks Version Setup in data file

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SLIDE 2

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 2

Version of QuickBooks

Which version are you currently using?

Version of QuickBooks

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Key Components in Setup

Preferences/Settings Classes Chart of Accounts Items Jobs

Key Components in Setup

Preferences (QBDT) - Jobs

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

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SLIDE 3

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 3

Key Components in Setup

Preferences (QBDT) - Payroll

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

Key Components in Setup

Preferences (QBDT) – T & M

Helping businesses make dollars & sense with QuickBooks

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Key Components in Setup

Turn on Class Tracking (QBDT)

ES

Key Components in Setup

Turn on Class Tracking (QBO)

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SLIDE 4

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 4

QuickBooks Classes

Survey

How many use them? What are yours?

Profit Centers Division State County Foreman …

Classes

Setup Recommendations

Classes

Often: profit center, department, state, customer type… Classes simplify Provide side-by-side comparison

Key Components in Setup

Simplify and easily compare with Classes

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Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 5

Key Components in Setup

Chart of Accounts

Job expenses are COGS (including labor costs)

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

Key Components in Setup

Chart of Accounts

Job expenses are COGS (including labor costs)

Helping businesses make dollars & sense wit QuickBooks

301-696-133

www.muirassoc.com

Key Components in Setup

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

Job Cost with Items and Classes instead of so many income and COGS accounts

Chart of Accounts

Key Components in Setup

Items are KEY!

  • Items describe products, services & more
  • Items are used to invoice
  • Items are used in time tracking
  • Items should be used for job costs
  • Types of Items
  • LMN syncs with Service Items
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Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 6

Key Components in Setup

What Items Should You Have LMN Considerations

1 LMN Cost Code per QB Service Item Used on Estimate Used on Invoices Used for time tracking

Key Components in Setup

What Items Should You Have LMN Considerations

QuickBooks Classes sync with LMN Cost Codes

Key Components in Setup

Items are KEY!

What Items Should You Have?

What needs to show on an estimate? What needs to show on an invoice? What QuickBooks Items do you need to sync with LMN for Class tracking? What detail do you want to see when you review your job costs?

Key Components in Setup

Items are KEY!

One Side or Two?

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Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 7

Key Components in Setup

Items are KEY!

Key Components in Setup

Items are KEY!

One Side or Two?

Key Components in Setup

QBO Products/Services

Key Components in Setup

Create Jobs in Customer List (Customer:Job)

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

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SLIDE 8

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 8

Essentials for Job Costs

Estimated Costs Actual Job Costs

Estimate Uses Items/Products & Services Estimated Costs Markup for Customer Price

Entering Job Costs

Labor Materials Subs Equipment

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Job Costing Labor

Time Tracking Payroll Work-around outside of QBO

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SLIDE 9

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 9

Job Costing Labor (QBDT)

Timesheets Paycheck

Job Costing Labor

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Reports (QBDT)

Job Costing Labor

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QuickBooks defaults to expenses, not COGS

Materials and Subcontractors

Helping businesses make dollars & sense with QuickBooks

301-696-1303

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SLIDE 10

Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 10

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

Use Items for Job expenses

Materials and Subs

Helping businesses make dollars & sense with QuickBooks

301-696-1303

www.muirassoc.com

QBO

Materials and Subs

Equipment

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Cost of Equipment Cost used on job

Equipment

Tracking Total Costs

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Essentials for Successful Job Costing in QuickBooks Muir & Associates, LLC www.muirassoc.com 301‐696‐1303 11

Equipment

Cost of equipment used on job

Can track time using flat figure or calculated cost Or Use an estimated time/cost

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Resources

Q &A and More…

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Monica Mitchell Muir 301-696-1303

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