I have a contractor who purchased 2012 and we want to begin it as Jan 2012. They have four current jobs that we want the job costing info to be carried over. What is the best way to do it?
I would use a zero check as of 12/31/2010
Enter the Job Cost using the Item Tab, assuming they have Job Costing via cost code, using customer job
On the Expese Tab use the account number/s that the items point to. enter this amount as a negative, No Job.
No changes to your GL beginning balances, but Job Cost Report will reflect job cost.
This works great, but now contractor wants the actual amount to show up on the report, estimate vs actual. How do I do this?
I have the same initial question. The method for costs seems like it will work, but what about payments received for the job before the new year?
Thanks.
This has turned out to be very interesting. I made up a dummy bank account and a dummy accounts receivable for the customer invoices and payments. Then after doing the the zero checks, on the expense side I put it to cost of goods sold( again another dummy account I called 2011) and the CPA is going to adjust to wherever needed for jobs in progress for the balance sheet. The contractor insisted that all info on these four jobs be carried over, they want the jobs costs vs estimate report to be complete and didn't want to go between two programs. and none of it will be claimed until 2012. I spoke to several QB pro advisors and none knew how to do it. Hope the CPA is able to figure it out.
If you are getting the job costing reports that you need, but are still showing 'dummy balances' in your P & L and Balance Sheet as of 12/31/11, this is what I would do:
In one journal entry, close (zero out) all of those accounts and use Opening Balance Equity for the total variance.
Then, when you enter/adjust your 12/31/11 Trial Balance to the CPA's, that OBE will zero out.
I hope this helps.
Laura D
