Since we did not update our construction book this year, we decided to post the “Job Costing Using WIP Accounts” chapter to our web site.
Many construction companies and builders need to recognize revenue and costs according to job phases, or other milestones set out in their contracts. When this is the case, it becomes difficult to get the job costing reports needed for managing the projects in addition to getting proper financial statements that show deferred revenues and costs on the balance sheet for uncompleted jobs.
The chapter posted at www.sleeter.com/free includes methods for setting up QuickBooks chart of accounts, items and reports to allow you to record revenues and expenses just like before, but have them hit the balance sheet while the jobs are still open. We also show you how to customize reports so that you can get the job costing information to help you manage the projects. There is also a sample data file posted there that has the setup and sample data transactions.