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Job Cost Transfer FAQs |
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Summary:Answers
to frequently-asked questions about transferring job
costs in Clients & Profits. Clients & Profits
allows unbilled costs to be easily and quickly moved from
one job to another. The job cost transfer function even
leaves an audit trail that documents everything. This FAQ
answers frequently-asked job cost transfer questions
asked by Clients & Profits users. To learn more about
job cost transfers, the Job Costing chapter in your User
Guide offers a comprehensive discussion of profitability
reports. Q. Which is better: unposting or adding a job cost transfer? A job cost transfer moves only dollar amounts between jobs and tasks. It creates a negative entry on a job showing the amount moved to a different job. Job cost transfers can move amounts from many invoices in one step. Unposting removes one invoice and its costs from a job or jobs. It's more precise, and is better when fixing a mistake. Sometimes, a cost is added to the wrong job, and the vendor has been paid. Then, it's easier to use Job Cost Transfers to move the cost and gross amounts to the correct job. By transferring the cost and gross amounts, you don't have to go through the process of unposting the check, unposting the a/p invoice, redistributing, and then reposting everything.  Q. The amounts in the Job Cost Transfer window are different than the net cost amounts. Why? The transfer amount is a cost's gross amount. The gross includes markups or commissions on hard costs and time. You can include the net amount in the transfer by choosing the option to Transfer net amounts . But you don't see the net cost amounts in the Job Cost Transfer window. Q. Why do I get a message that the job has no costs? I know there are costs--I've partially billed them. Only completely unbilled costs can be transferred. A cost either belongs on a job or it doesn't. If a cost's billing status is anything other than unbilled , it can't be transferred. Q. How do job cost transfers affect the General Ledger? They don't affect the General Ledger at all; they affect only jobs and tasks. The journal entries from the original transactions do not change in the General Ledger. If you need to change the G/L accounts affected by a transaction, either unpost, edit, and re-post or add an adjusting journal entry. Q. How can I transfer time/hours? You shouldn't use the Job Cost Transfer function for transferring time. If the time was added to a job by mistake, then it is easily edited through the time sheets. If the time was added to a job, but can't be billed from that job--that's a different story. For accurate cost accounting, it's important that you track every hour spent on each job. Just because some time can't be billed from a job doesn't mean it should be transferred. If it is transferred, the job would show less time was spent on it--which overstates the job's profit. The hours and the cost amount should always stay on the job for which the time was spent. In this situation, it's fine to use Job Cost Transfer to move only the gross unbilled amount of a time entry to a job from which it can be billed. The original job is less profitable because there are costs and hours on it without corresponding billings; the job that can be billed becomes more profitable. Note: The actual number of hours can never be moved using job cost transfers. They can be moved only if the time entry is edited. Q. Can I transfer a cost from a task to another task on the same job? Yes. You can't transfer the cost between tasks on the same job ticket using Job Cost Transfers. Instead, edit the original transaction (time entry, expense, or vendor invoice). Or add a negative Expense removing the cost from one task and a positive Expense moving the cost to another task. Q. Can I transfer a cost from a task to a different task on another job? Yes. If you transfer a cost from a job to a different job, the same task is used. If the job you're transferring to doesn't have that task, it is automatically added to that job during the transfer. Q. I'm ready to close a job and have unbilled costs on it; what should I do? You can very easily transfer all Unbilled costs to another job from which they can be billed. Find the job ticket from which you want to move Unbilled costs. Click on the WIP icon. Select the toolbar button to Transfer this job's unbilled amounts to another job then enter the job number. There's an option to Transfer Net Amounts , if desired. Q. How can I review the job cost transfers done last week (or some other time period)? It's a Snapshot report. Choose Snapshots > Job Costs then select the Job Costs category. Enter the a range of dates (i.e., the time period during which job cost transfers were entered), select the Transfers option, then click Print. Q. If I accidentally transfer the wrong cost, how do I unpost it? Unfortunately, job cost transferred can't be unposted. Instead, you'll need to transfer the cost back to the original job. Use the memo field in the Job Cost Transfer window to explain in detail why the transfer is being reversed. This will create a clear audit trail on the job's cost reports.
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