Job Costing Calculations Explained

Accurate job costing is often the difference between making money and losing money.  Our job costing reports make it easy for you to stay on track of your budget, commitments, and actual expenditures so that at all times you know where things stand.  Is more being spent on labor then expected?  Are materials costing more then you budgeted?  Don't just guess, know! The table below shows each module and the status that is necessary and how it impacts your Estimated, Committed, or Actual cost.   The image below shows how the items are calculated based on where the value is coming from (within the image above) or based on a calculation of two or more cell values. For cost transactions where the cost code is blank, the cost code is associated with an "Unassigned" value. For cost transactions where the item type is blank, the item type is associated with an "Unassigned" value.  

• Related Articles

• When to use Expense or Bills? How does this impact job costing?

  There is no difference in how a Bill or an Expense affects job costing, both are costed to the job based on how they are filled out by cost code and/or MLESO

• What is the difference between an Expense and a Bill? How does this impact Job Costing?

  To Add a Child Code or Major Code, you must first have a Parent or Division Code in the Cost Codes. Then to "action" box in Upper left of Screen and select "Add Child Code" if you need to add a Parent or Division select "Add Parent Code" from Same ...

• How do I make sure a Bill is accurately job costed?

  When you record the Bill, you are given the option to choose the Cost Items so when you record the Bill, you will find the type and the cost code to ensure that the Bill is accurately job costed.

• How do I generate a report to see the Estimated and Actual cost?

  To generate a report to see the Estimated and Actual Cost, go to Menu and select Reports. Here, you can choose Select Budget VS Actual under Job costing Reports.

• How do I show Labor Costs in the Project Financial tab if Cost Codes are not being used in Timecards?

  Time will still be tracked in the Project Financials as it is just considered Labor. If you are not using Cost codes you will not get the detailed job costing which is found in the reports.