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Slide 1 - QuickBooks 2014 Job Costing - Sales Rep by Job
QuickBooks 2014 Users can now specify a Sales Rep for each Job, not just for the Customer.
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Slide 2 - QuickBooks 2014 Job Costing - Job Status Filter
QuickBooks 2014 Users can now filter many reports by job status.
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Slide 3 - QuickBooks 2014 - Job Costing - Sales Rep on Forms
QuickBooks 2014 Users can now customize checks, bills, and credit card transactions to add a Sales Rep as a column.
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Slide 4 - QuickBooks 2014 - Job Work in Progress (WIP) Summary
This report shows a summary of job-related information, including estimated and actual cost, the percent complete, and the estimated, earned, and actual revenue. The Earned Revenue column shows the amount you've earned for the job but haven't billed the customer for. The Act. Revenue column shows the amount you've already billed the customer for.
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Slide 5 - QuickBooks 2014 - Committed Cost by Job Report
This report shows the committed costs for each job. Committed costs are the costs incurred for a job but for which you haven't billed the customer. The amount in the Total Cost column is the actual cost (that is, expenses you've already billed the customer for) plus committed costs and unpaid wages. The amount in the Remaining Cost column is the estimated cost minus the total cost.
Job Costing is a critical function for many QuickBooks users, especially contractors. While QuickBooks has provided some fundamental tools for job costing, there have been a few missing pieces.
Sales Reps by Job: While QuickBooks allows users to establish ‘Jobs’ as a sub-layer under the Customer until now you could not assign a ‘Sales Rep’ to each Job, only the Customer as a whole. (Slide 1) But now, you can assign a Sales Rep for each Job, even when a different Rep (or no Rep at all) is assigned at the Customer level.
Filter Reports by Job Status: Many users have questioned the purpose of the Job Status field on the Jobs tab for Customer:Jobs. (Slide 2) Now many reports can be filtered by the Job Status providing a real purpose for this field, and adding to the Job Cost analysis reporting capabilities.
Sales Reps on Forms (for Enterprise users): While many QuickBooks forms permitted either a Sales Rep to be assigned on the ‘header’ or ‘within a column on the stub’, there have been some exceptions. You can now assign a Sales Rep on Checks, Vendor Bills and Credit-card Charges by customizing the columns on those forms. (Slide 3) I believe it is very likely that this feature will be pushed-out to (at least certain version) Premier users in the future.
Job Work in Progress (WIP) Summary Report: This report shows a summary of job-related information, including estimated and actual cost, the percent complete, and the estimated, earned, and actual revenue. (Slide 4) The Earned Revenue column shows the amount you've earned for the job but haven't billed the customer for. The Act. Revenue column shows the amount you've already billed the customer for. This report is very similar to the Job Estimates vs. Actuals Summary report; however it contains the new “percent completed” column. You use to have to export data from QuickBooks into Excel in order to compute the difference between Estimated and Actual Cost in order to determine the percentage complete; now QuickBooks does all this for you.
Committed Costs by Job Report: Another new report which shows the costs incurred for a job but for which you haven't billed the customer. The Est. Cost comes from the job estimate, the Act. Cost represents the costs you have already billed the customer for. The amount in the Total Cost column is the Act. cost amount plus committed costs and unpaid wages. Committed costs are those amounts that appear on unpaid purchase orders for a job. Unpaid wages come from time entries that have not yet been posted to a payroll check. The amount in the Remaining Cost column represents the Est. cost amount minus the Total cost amount. This is a beneficial report if you follow the Job Costing flow from Job Estimate to Purchase Orders to Time Keeping and Progress Billing. (Slide 5) shows examples of where both proper and improper Job Costing within this report.) As you can see from the example, if you don’t start with an estimate, this report spits out a lot of meaningless information.
I wrote this article based upon pre-release versions of QuickBooks 2014 products, so it is possible that some of the features I described might be slightly different, or updated by the time QuickBooks 2014 is actually released. Over the next few weeks Intuitive Accountant will be reviewing more of the new features, functions and enhancements in the various versions of QuickBooks-2014.