QuickBooks Desktop Job Costing

Learn job costing in QuickBooks from a CPA - Create estimates, run job costing reports, track inventory parts, & more

4.65 (89 reviews)
Udemy
platform
English
language
Other
category
34,072
students
10.5 hours
content
Oct 2019
last update
$89.99
regular price

What you will 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

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.

Screenshots

QuickBooks Desktop Job Costing - Screenshot_01QuickBooks Desktop Job Costing - Screenshot_02QuickBooks Desktop Job Costing - Screenshot_03QuickBooks Desktop Job Costing - Screenshot_04

Content

Introduction

Introduction
110 Job Cost System Objectives

Job Costing Process # 1 Overview & Objectives

2 Job Costing Process # 1 Overview & Objectives
Download Excel Practice file
120 Excel Problem Tracking WIP
Download Backup Files
125 Restore QuickBooks Backup File 125
130 Review Job Cost System 1
Accounting Comic Break

Job Costing Process #s 2, 3, & 4 Overview & Objectives

3 Job Costing Process #s 2, 3, & 4 Overview & Objectives
Download Backup Files
Download Excel Practice file
135 Excel Problem Tracking COGS
140 Restore Backup File 140
145 Review Job Cost System 2
150 Restore QuickBooks File 150
155 Review Job Cost System 3
160 Restore Backup File 160
165 Review Practice Problem 4
Accounting Comic Break

Job Costing Process # 1 Tracking Work in Progress

4 Job Costing Process # 1 Tracking Work in Progress
Download Backup Files
Download Excel Practice file
310 Create QuickBooks File
320 Set Up Jobs
325 Set Up Job Costing Items
327 Set Up Estimates For Jobs
330 Set Up WIP Beginning Balances
335 Enter Beginning Balances
340 Purchase Raw Materials On Account
345 Direct Materials Used in Job
350 Direct Labor Applied to Jobs
355 Factory Overhead Applied to Job
360 Factory Overhead Incurred
365 Job Completed & Not Billed
370 Job Closed & Invoiced
375 Close Balance In Factory Overhead
Accounting Comic Break

Job Costing Process # 2 Tracking COGS with Fewer Accounts

5 Job Costing Process # 2 Tracking COGS with Fewer Accounts
Download Backup Files
Download Excel Practice file
410 Create QuickBooks File
415 Factory Overhead
420 Enter Beginning Balances for Jobs & Accounts
425 Purchase Raw Materials On Account
430 Raw Materials Used & Applied to Job
435 Enter Job Estimates
440 Apply Direct Labor Cost to Jobs
445 Apply Overhead to Jobs
450 Record Job Completion & Invoicing
455 Adjusting Entry
Accounting Comic Break

Job Costing Process # 3 Tracking COGS with More Accounts

6 Job Costing Process # 3 Tracking COGS with More Accounts
Download Backup Files
Download Excel Practice file
510 Create QuickBooks File
515 Set Up Jobs, Items, & Accounts
517 Enter Job Estimates
520 Enter Beginning Balances For Jobs & Accounts
525 Purchase Raw Materials On Account
530 Raw Materials Used & Applied to Job
540 Apply Direct Labor Cost to Jobs
545 Apply Overhead to Jobs
550 Record Completion of Job & Invoicing
Accounting Comic Break

Job Costing Process # 4 Using Classes to Track Jobs

7 Job Costing Process # 4 Using Classes to Track Jobs
Download Backup Files
Download Excel Practice file
610 Create QuickBooks File
613 Turn On Class Tracking
615 Set Up Jobs & Classes
617 Set Up Accounts
620 Enter Beginning Balances For Jobs & Accounts
625 Purchase Raw Materials On Account
640 Apply Direct Labor Cost to Jobs
645 Apply Overhead to Jobs
660 Selling & Administrative Expenses
Accounting Comic Break

Reviews

Belinda
May 9, 2022
Understanding the Objectives of the course and the options to choose from allow the opportunity to apply our current business objectives with the most reasonable option. I look forward to completing this course to understand Job Costing as it relates to my business.
Jenna
February 24, 2022
Course said no prerequisites, but I wasn't provided with the quickbooks workbook files needed. Followed the instructions several times and only hade backup files, files that didn't match the file numbers stated in the course.
Bem
December 16, 2021
Amazing crunching of information in a span of few minutes. I like that the lecturer reiterates information but rephrases it in a way that is comfortable to listen to so I get to remember it easily.
Jimaltenberg
November 19, 2020
Excellent presentation. Really explains well how these transactions flow through QuickBooks. Well worth the money!
Connor
July 20, 2020
I really liked this class I was able to put learning into muscle memory, making it very easy, going through a step by step process. I took the QuickBooks desktop course from this instructor and it was also very helpful. Thank You for being so thorough.
Noel
June 19, 2020
It's using QB Desktop which I have. He's also giving 4 different ways of doing Job Costing. Amazing!

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Related Topics

2602794
udemy ID
10/12/2019
course created date
10/30/2019
course indexed date
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course submited by