QuickBooks Desktop Job Costing – StudyBullet


Learn job costing in QuickBooks from a CPA – Create estimates, run job costing reports, track inventory parts, & more

What you will learn

Four methods to run a full job costing system in QuickBooks

How to enter estimates

How to create and use two sided items in a job cost system

How to track inventory parts in a job cost system

How to generate and analyze job costing reports

How to use classes in a job costing system

Description

This QuickBooks Desktop Job Costing course will provide the resources for learners to develop a solid understanding of job costing concepts and the tools QuickBooks provides to create an effective job costing system.

The course will include four example problems demonstrating different job costing systems and methods that can be used.

We will provide backup files so learners can jump forward in the problems or rework any component of a problem. The use of backup files is not a requirement of the course, however.

If you have an older version of the software and cannot use backup files, you can still work the practice problems from start to finish. We will be creating new files for each practice problem so learners can follow along from start to finish without the need for a backup file.

The course will start out reviewing a job costing system, gaining an understanding of the objectives of a job costing system. Then we will discuss the tools provided by QuickBooks to achieve our objectives in the QuickBooks software.

We will start by reviewing the end products of the four job costing system practice problems we will be creating in later in the course. This review process will allow us to visualize where we are headed in the course. Then we will start working problems from start to finish.

Our first QuickBooks problem will run a job cost system in QuickBooks using a work in process or WIP account to track costs. We will start out using a limited number of accounts and items and walk through each step in detail.

The second QuickBooks problem will run a job cost system in QuickBooks, focusing on the Cost of Goods Sold account. We will use a small number of accounts and items. We will discuss adjusting entries that can be used to adjust the financial statements to the appropriate accounting method required.

The third QuickBooks problem will run a job cost system in QuickBooks with the use of more accounts and items, resulting in a system that provides more detailed reports.

The fourth QuickBooks problem will run a job cost system in QuickBooks with the use of the classes feature. We will discuss the pros and cons of using this option.

English

Language

Content

Introduction

Introduction

110 Job Cost System Objectives

Job Costing Process # 1 Overview & Objectives

2 Job Costing Process # 1 Overview & Objectives

Download Excel Practice file

120 Excel Problem Tracking WIP

Download Backup Files

125 Restore QuickBooks Backup File 125

130 Review Job Cost System 1

Accounting Comic Break

Job Costing Process #s 2, 3, & 4 Overview & Objectives

3 Job Costing Process #s 2, 3, & 4 Overview & Objectives

Download Backup Files

Download Excel Practice file

135 Excel Problem Tracking COGS

140 Restore Backup File 140

145 Review Job Cost System 2

150 Restore QuickBooks File 150

155 Review Job Cost System 3

160 Restore Backup File 160

165 Review Practice Problem 4

Accounting Comic Break

Job Costing Process # 1 Tracking Work in Progress

4 Job Costing Process # 1 Tracking Work in Progress

Download Backup Files

Download Excel Practice file

310 Create QuickBooks File

320 Set Up Jobs

325 Set Up Job Costing Items

327 Set Up Estimates For Jobs

330 Set Up WIP Beginning Balances

335 Enter Beginning Balances

340 Purchase Raw Materials On Account

345 Direct Materials Used in Job

350 Direct Labor Applied to Jobs

355 Factory Overhead Applied to Job

360 Factory Overhead Incurred

365 Job Completed & Not Billed

370 Job Closed & Invoiced

375 Close Balance In Factory Overhead

Accounting Comic Break

Job Costing Process # 2 Tracking COGS with Fewer Accounts

5 Job Costing Process # 2 Tracking COGS with Fewer Accounts

Download Backup Files

Download Excel Practice file

410 Create QuickBooks File

415 Factory Overhead

420 Enter Beginning Balances for Jobs & Accounts

425 Purchase Raw Materials On Account

430 Raw Materials Used & Applied to Job

435 Enter Job Estimates

440 Apply Direct Labor Cost to Jobs

445 Apply Overhead to Jobs

450 Record Job Completion & Invoicing

455 Adjusting Entry

Accounting Comic Break

Job Costing Process # 3 Tracking COGS with More Accounts

6 Job Costing Process # 3 Tracking COGS with More Accounts

Download Backup Files

Download Excel Practice file

510 Create QuickBooks File

515 Set Up Jobs, Items, & Accounts

517 Enter Job Estimates

520 Enter Beginning Balances For Jobs & Accounts

525 Purchase Raw Materials On Account

530 Raw Materials Used & Applied to Job

540 Apply Direct Labor Cost to Jobs

545 Apply Overhead to Jobs

550 Record Completion of Job & Invoicing

Accounting Comic Break

Job Costing Process # 4 Using Classes to Track Jobs

7 Job Costing Process # 4 Using Classes to Track Jobs

Download Backup Files

Download Excel Practice file

610 Create QuickBooks File

613 Turn On Class Tracking

615 Set Up Jobs & Classes

617 Set Up Accounts

620 Enter Beginning Balances For Jobs & Accounts

625 Purchase Raw Materials On Account

640 Apply Direct Labor Cost to Jobs

645 Apply Overhead to Jobs

660 Selling & Administrative Expenses

Accounting Comic Break




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