What is Quickbooks Job Costings?
Questions must be arising in your mind, like, What is this Quickbooks Job Costings? How Job Costing in QuickBooks are set up? So just be calm and stay with us, we are going to answer all your questions and will also tell you how Job Costings are implemented in QuickBooks. We all know it very well that how difficult it is to get the accurate job costing done, especially in the business which are task based, such as companies providing professional services, construction firms, and non-profit organisations as well that receive grants.
Because of all the complexities it has, many business operations stop doing it, because for them it becomes either a time-consuming aspect which is difficult too. If in case, you wanted to pursue it in your business, then QuickBooks is all set to make your task easy. It will help you to track where the money is spent and how to make the operations profitable. Job Costing will help you to track the cost of each job individually, which ultimately helps you in making better choices and estimates for future. Undoubtedly, QuickBooks Job Costing is going to help in many ways.
How QuickBooks Job Costing Reports are Beneficial for You
- Profitability of the project could be checked easily
- Improved estimation
- You will get to know the jobs that are profitable for your business and company
- Budgeted costs can be compared easily with the real costs of the job
Step to Set up QuickBooks Job Costing 2018
Configuration of Initial Preferences of QuickBooks: Ensure that you have configured the QuickBooks properly. To get the configuration complete:
- Select Edit and click on Preferences
- Then click on Jobs & Estimates and after that click on Company Preferences
- Under the option of Company Preferences, ensure that proper modifications are done before the job creation is initiated
- Verify Expenses and Time as well from the menu present on the left side, to ensure that time tracking is activated, if you want to track track them on job
QuickBooks Construction Job Types or Job Costing: Make sure that Job Types is designed before jobs are assigned to the clients.
- Select the Lists first, then Customers and Vendors Profile Lists after that Job Type List
- You will see a window appears named as Job Type List, on the left-hand side at the bottom with the command buttons
- Then choose Job Type tab after that choose New
- New Job Type, a new window will pop up with this name. Now get the information filled there of the job type. For example: verified public accountants will have a job type named as, Year End Tax return
- These steps could be repeated for multiple job types, then subtypes could be created under the categories, by selecting again, New and then typing subtypes name. For example: flooring and painting will be a subtype for a job of home redesigning
Producing the Bills throughout Job: By using QuickBooks you can dispatch the progress bills and set up the correct estimates, which can be viewed later by you
Progress invoices could be created during the job, follow these steps to create the same:
- Get the estimate created first and then while going through the bills select Create Invoice
- You will see a window then, that will provide you with the three billing options:
- Get the invoice created for entire estimate
- Then for the percentage of entire estimate, create an invoice, where you are going to add the estimate percentage to the box
- In last, create the invoices for each of the selected item or for the different percentage of every item
For more detailed information of above mentioned steps, you can get in touch with our QuickBooks Technical Support team. Our QuickBooks tech support team will ensure that you receive the details of every bit, until you are satisfied or the issue is completely resolved. QuickBooks customer support team could be contacted through the toll free number 1844-313-4856.