Job Cost Month-End Processing

Confirm the Processing Date is set for the month you are closing.

Month-end date: __________________________

Transaction cut-off date: ____________________

Responsible person: _______________________

Date reconciled: __________________________

Update

Confirm the following processes are completed:

  • Complete closing procedures for Accounts Payable, Accounts Receivable, and Payroll.
  • Job Cost > Data Entry > Job Cost Transaction – Confirm all Job Cost Transactions have been updated.
    • Click Update Job and preview report. Make sure this is blank, meaning all items have been updated for the month.
    • Click Update G/L and preview report. Make sure this is blank, meaning all items have been updated for the month.
  • Job Cost > Data Entry > Projected Cost (Build/Update projected costs for all open jobs)
    • Click on the Build button. Enter first job number. Ensure that Through Period End Date is correct.
    • Review the Cost-to-Complete column. Change the Cost-to-Complete as needed (which changes the % to complete).
    • Update projected costs to the job projected cost history. New Projections are then used in reporting.
    • Repeat process for each job.
      Important: Confirm all projections are complete by going to Data Entry > Projections, clicking the Build button and then click on the Batch code list box. If projections are built and processing dates are closed; projections can still be updated. The processing dates only prevent projections from being built for a closed periods!

Reconcile

  • Job Cost > Period End > Job Cost Type Summary Report – Print the JC Type Summary Report to obtain balances for each job cost type in Job Cost.
    • Enter the appropriate period end date.
    • Print in summary and Year to date.
  • General Ledger > Reports > Trial Balance – Print the Trial Balance for all Direct Cost accounts.

    • Select the applicable fiscal year and fiscal period.
    • Select Direct Cost > Job Cost Only.

Verify balance in JC and GL

JC – Cost Type 1: ____________________ GL – Labor : _________________________

JC – Cost Type 2: ____________________ GL – Materials: _______________________

JC – Cost Type 3: ____________________ GL - Subcontract: _____________________

JC – Cost Type 4: ____________________ GL – Equip Internal: ___________________

JC – Cost Type 5: ____________________ GL – Equip Rented: ___________________

JC – Cost Type 6: ____________________ GL – Other Costs: ____________________

Year End Accounting Reports to Print and Retain

  • Billing History - Print the Billing History report for the current month for all project billings by division.
  • Contract Status Report - These reports are used monthly to reconcile and report current contract values, percent complete, billed to date and earned revenue.

Change Processing Dates

  • System Administration > Change Processing Dates - Change the processing dates to reflect the new period.