QuickBooks Desktop Job Costing

QuickBooks Desktop Job Costing

QuickBooks Desktop Job Costing

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

Language: english

Note: 4.4/5 (85 notes) 33,599 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-10-13

What you’ll 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

 

Requirements

  • Understanding of accounting concepts

 

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.

 

Who this course is for

  • Business professionals in an industry using job costing
  • Accounting professionals who want to learn job costing
  • Students who want to apply job costing concepts to accounting software

 

Course 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

 

QuickBooks Desktop Job CostingQuickBooks Desktop Job Costing

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