QuickBooks Guide: Job Costing, WIP Reports, and Custom Fields Explained

Mar 1

3 min read

Managing finances efficiently is crucial for businesses, especially in industries like construction, manufacturing, and professional services, where tracking job costs, managing work in progress (WIP) reports, and utilizing custom fields in QuickBooks can enhance accuracy and decision-making. This guide will walk you through mastering these essential QuickBooks features. For expert assistance, call +1-855-216-2925.

Understanding Job Costing in QuickBooks

What is Job Costing?

Job costing is a method used to track expenses and revenues for specific projects or jobs. It helps businesses determine profitability, manage budgets, and make informed financial decisions.

How to Set Up Job Costing in QuickBooks

Enable Job Costing:
Open QuickBooks and go to Edit > Preferences.
Select Accounting and then navigate to the Company Preferences tab.
Ensure that Use Class Tracking and Assign Expenses to Jobs are enabled.
Create Customers and Jobs:
Navigate to Customers > Customer Center.
Click New Customer & Job and enter the necessary details.
Under the customer, create a job and assign a name.
Track Expenses by Job:
When entering bills, checks, or expenses, assign them to a specific job to track costs effectively.

For assistance with setup, call +1-855-216-2925.

Generating Work in Progress (WIP) Reports in QuickBooks

What is a WIP Report?

A Work in Progress (WIP) report helps businesses track ongoing projects, showing incurred costs, estimated revenue, and remaining budget. It ensures profitability and project efficiency.

How to Run a WIP Report in QuickBooks

Customize Reports for WIP Tracking:
Go to Reports > Jobs, Time & Mileage > Job Profitability Summary.
Customize the report by selecting the date range, job type, and filtering expenses.
Use the Percentage of Completion Method:
Create a report tracking actual costs versus estimated costs.
Compare earned revenue against costs incurred to track profitability.
Export and Analyze Data:
Export reports to Excel for deeper analysis.
Monitor progress and adjust estimates accordingly.

Need help generating detailed WIP reports? Call +1-855-216-2925.

Utilizing Custom Fields in QuickBooks

Why Use Custom Fields?

Custom fields allow businesses to track additional information tailored to their operations. They help in categorizing data, improving reporting, and enhancing efficiency.

How to Set Up Custom Fields

Go to Customer, Vendor, or Employee Lists:
Navigate to Lists > Customer & Vendor Profile Lists.
Select Custom Fields and click Define Fields.
Create and Assign Custom Fields:
Add new fields with labels (e.g., project manager, contract type, deadline).
Assign them to specific lists (Customers, Vendors, Employees).
Use Custom Fields in Transactions:
When creating invoices, estimates, or purchase orders, include custom fields to capture additional data.

For expert guidance, call +1-855-216-2925.

Best Practices for Job Costing, WIP Reports, and Custom Fields

Regularly update and reconcile job costs to ensure accurate tracking.
Monitor WIP reports monthly to adjust financial strategies as needed.
Leverage custom fields to capture crucial data points for better decision-making.

Conclusion

Mastering job costing, WIP reports, and custom fields in QuickBooks empowers businesses to track profitability, manage projects effectively, and optimize financial reporting. If you need personalized assistance, call +1-855-216-2925 today!

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