Job Costing QuickBooks Online - Contractors

Explore key terms in job costing, including jobs, sub customers, and projects, and learn why QuickBooks Online favors projects over desktop’s jobs for tracking profitability and labor costs.

Explore how to enable and use billable expenses in quickbooks online, including turning on expenses billable, showing item tables on expense forms, and linking expenses to customers for invoicing.

Learn to add projects in QuickBooks Online, assign them to customers, and track income, costs, and net profit. Manage time, estimates, invoices, and expenses across projects via the projects tab.

Set up cost of goods sold accounts in QuickBooks Online to detail job costs by materials, labor, and overhead, with subaccounts under materials for specific items.

Learn to add items, products, and services in QuickBooks Online for job costing. Create two-sided items linked to sales income and cost of goods sold to populate invoices and expenses.

Enter beginning balances for jobs and accounts in QuickBooks Online using job costing, including direct materials, direct labor, and factory overhead, and review effects on the balance sheet.

Enter beginning balances for jobs in QuickBooks Online, including direct materials, direct labor, and overhead, with one transaction linking job costing to the balance sheet and P&L.

Enter the beginning balances for job costing accounts with a single journal entry, then review the balance sheet and trial balance for cash, equipment, accounts payable, and retained earnings.

Record raw materials purchased on account with a bill, increasing raw materials and accounts payable. Hold the materials in a raw materials asset and allocate to jobs later.

Allocate raw materials to jobs in QuickBooks Online, recording transfers from raw materials to cost of goods sold, with material detail and ledger reconciliation.

Apply raw materials to multiple jobs in QuickBooks Online, posting to cost of goods sold and updating raw materials inventory through journal entries for each job.

Apply direct labor to jobs in QuickBooks Online by allocating contractor labor to specific jobs, guiding journal entries and expenses to cost of goods sold for jobs 14–16.

Learn how to apply factory overhead to jobs in QuickBooks Online using allocation methods, direct and indirect costs, and journal entries to affect cost of goods sold.

Apply overhead to specific jobs using a percentage-based allocation across direct materials, indirect materials, utilities, rent, depreciation, and other overhead, then assign costs to jobs 14–16 in QuickBooks Online.

Learn how to record a completed job in QuickBooks Online, invoice for it, and track costs against cost of goods sold while managing open and closed jobs.

Explore how to create and compare job estimates in QuickBooks Online, including entering line items, estimate statuses, and linking estimates to invoices for contractors.

Track direct materials, direct labor, and overhead in work in process, transfer to finished goods, and compute cost of goods sold with a 30% markup in Excel and QuickBooks.

Explore Excel-based problem tracking of cost of goods sold and compare direct materials, labor, overhead, and journal entries with QuickBooks, highlighting reconciliations, overhead allocation, and end-of-period adjustments.