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Office Productivity Other Office Productivity QuickBooks

QuickBooks Desktop Job Costing

Learn job costing in QuickBooks from a CPA - Create estimates, run job costing reports, track inventory parts, & more
Rating: 4.8 out of 54.8 (38 ratings)
17,858 students
Created by Robert (Bob) Steele
Last updated 10/2019
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • Four methods to run a full job costing system in QuickBooks
  • How to enter estimates
  • How to create and use two sided items in a job cost system
  • How to track inventory parts in a job cost system
  • How to generate and analyze job costing reports
  • How to use classes in a job costing system

Requirements

  • Understanding of accounting concepts

Description

This QuickBooks Desktop Job Costing course will provide the resources for learners to develop a solid understanding of job costing concepts and the tools QuickBooks provides to create an effective job costing system.

The course will include four example problems demonstrating different job costing systems and methods that can be used.

We will provide backup files so learners can jump forward in the problems or rework any component of a problem. The use of backup files is not a requirement of the course, however.

If you have an older version of the software and cannot use backup files, you can still work the practice problems from start to finish. We will be creating new files for each practice problem so learners can follow along from start to finish without the need for a backup file.

The course will start out reviewing a job costing system, gaining an understanding of the objectives of a job costing system. Then we will discuss the tools provided by QuickBooks to achieve our objectives in the QuickBooks software.

We will start by reviewing the end products of the four job costing system practice problems we will be creating in later in the course. This review process will allow us to visualize where we are headed in the course. Then we will start working problems from start to finish.

Our first QuickBooks problem will run a job cost system in QuickBooks using a work in process or WIP account to track costs. We will start out using a limited number of accounts and items and walk through each step in detail.

The second QuickBooks problem will run a job cost system in QuickBooks, focusing on the Cost of Goods Sold account. We will use a small number of accounts and items. We will discuss adjusting entries that can be used to adjust the financial statements to the appropriate accounting method required.

The third QuickBooks problem will run a job cost system in QuickBooks with the use of more accounts and items, resulting in a system that provides more detailed reports.

The fourth QuickBooks problem will run a job cost system in QuickBooks with the use of the classes feature. We will discuss the pros and cons of using this option.

Who this course is for:

  • Business professionals in an industry using job costing
  • Accounting professionals who want to learn job costing
  • Students who want to apply job costing concepts to accounting software

Course content

7 sections • 78 lectures • 10h 44m total length

  • Preview04:39
  • Preview10:13

  • 2 Job Costing Process # 1 Overview & Objectives
    01:09
  • Download Excel Practice file
    00:01
  • 120 Excel Problem Tracking WIP
    32:51
  • Download Backup Files
    00:06
  • Preview03:45
  • 130 Review Job Cost System 1
    21:40
  • Accounting Comic Break
    00:15

  • 3 Job Costing Process #s 2, 3, & 4 Overview & Objectives
    00:58
  • Download Backup Files
    00:06
  • Download Excel Practice file
    00:01
  • 135 Excel Problem Tracking COGS
    30:35
  • 140 Restore Backup File 140
    02:26
  • 145 Review Job Cost System 2
    10:26
  • 150 Restore QuickBooks File 150
    02:03
  • 155 Review Job Cost System 3
    09:36
  • 160 Restore Backup File 160
    01:45
  • 165 Review Practice Problem 4
    10:31
  • Accounting Comic Break
    00:15

  • 4 Job Costing Process # 1 Tracking Work in Progress
    01:10
  • Download Backup Files
    00:06
  • Download Excel Practice file
    00:01
  • Preview06:40
  • Preview06:18
  • Preview10:14
  • 327 Set Up Estimates For Jobs
    09:17
  • 330 Set Up WIP Beginning Balances
    12:55
  • 335 Enter Beginning Balances
    07:42
  • 340 Purchase Raw Materials On Account
    06:01
  • 345 Direct Materials Used in Job
    09:31
  • 350 Direct Labor Applied to Jobs
    09:38
  • 355 Factory Overhead Applied to Job
    12:41
  • 360 Factory Overhead Incurred
    18:16
  • 365 Job Completed & Not Billed
    08:43
  • 370 Job Closed & Invoiced
    21:47
  • 375 Close Balance In Factory Overhead
    06:12
  • Accounting Comic Break
    00:16

  • 5 Job Costing Process # 2 Tracking COGS with Fewer Accounts
    01:15
  • Download Backup Files
    00:06
  • Download Excel Practice file
    00:01
  • 410 Create QuickBooks File
    03:28
  • 415 Factory Overhead
    08:25
  • 420 Enter Beginning Balances for Jobs & Accounts
    15:52
  • 425 Purchase Raw Materials On Account
    05:41
  • 430 Raw Materials Used & Applied to Job
    10:22
  • 435 Enter Job Estimates
    08:30
  • 440 Apply Direct Labor Cost to Jobs
    09:17
  • 445 Apply Overhead to Jobs
    27:57
  • 450 Record Job Completion & Invoicing
    20:33
  • 455 Adjusting Entry
    08:22
  • Accounting Comic Break
    00:15

  • 6 Job Costing Process # 3 Tracking COGS with More Accounts
    00:50
  • Download Backup Files
    00:06
  • Download Excel Practice file
    00:01
  • 510 Create QuickBooks File
    02:36
  • 515 Set Up Jobs, Items, & Accounts
    17:34
  • 517 Enter Job Estimates
    13:15
  • 520 Enter Beginning Balances For Jobs & Accounts
    14:49
  • 525 Purchase Raw Materials On Account
    05:41
  • 530 Raw Materials Used & Applied to Job
    17:47
  • 540 Apply Direct Labor Cost to Jobs
    11:08
  • 545 Apply Overhead to Jobs
    22:25
  • 550 Record Completion of Job & Invoicing
    15:40
  • Accounting Comic Break
    00:16

  • 7 Job Costing Process # 4 Using Classes to Track Jobs
    00:55
  • Download Backup Files
    00:06
  • Download Excel Practice file
    00:01
  • 610 Create QuickBooks File
    04:27
  • 613 Turn On Class Tracking
    02:38
  • 615 Set Up Jobs & Classes
    09:19
  • 617 Set Up Accounts
    08:23
  • 620 Enter Beginning Balances For Jobs & Accounts
    19:26
  • 625 Purchase Raw Materials On Account
    20:11
  • 640 Apply Direct Labor Cost to Jobs
    09:41
  • 645 Apply Overhead to Jobs
    26:27
  • 660 Selling & Administrative Expenses
    09:26
  • Accounting Comic Break
    00:15

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 15,671 Reviews
  • 324,172 Students
  • 93 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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