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.
Job Costing Process # 1 Overview & Objectives
Job Costing Process #s 2, 3, & 4 Overview & Objectives
Job Costing Process # 1 Tracking Work in Progress
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103 Job Costing Process #s 2, 3, & 4 Overview & Objectives
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11Download Backup Files
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12Download Excel Practice file
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13135 Excel Problem Tracking COGS
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14140 Restore Backup File 140
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15145 Review Job Cost System 2
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16150 Restore QuickBooks File 150
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17155 Review Job Cost System 3
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18160 Restore Backup File 160
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19165 Review Practice Problem 4
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20Accounting Comic Break
Job Costing Process # 2 Tracking COGS with Fewer Accounts
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214 Job Costing Process # 1 Tracking Work in Progress
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22Download Backup Files
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23Download Excel Practice file
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24310 Create QuickBooks File
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25320 Set Up Jobs
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26325 Set Up Job Costing Items
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27327 Set Up Estimates For Jobs
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28330 Set Up WIP Beginning Balances
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29335 Enter Beginning Balances
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30340 Purchase Raw Materials On Account
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31345 Direct Materials Used in Job
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32350 Direct Labor Applied to Jobs
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33355 Factory Overhead Applied to Job
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34360 Factory Overhead Incurred
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35365 Job Completed & Not Billed
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36370 Job Closed & Invoiced
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37375 Close Balance In Factory Overhead
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38Accounting Comic Break
Job Costing Process # 3 Tracking COGS with More Accounts
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395 Job Costing Process # 2 Tracking COGS with Fewer Accounts
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40Download Backup Files
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41Download Excel Practice file
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42410 Create QuickBooks File
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43415 Factory Overhead
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44420 Enter Beginning Balances for Jobs & Accounts
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45425 Purchase Raw Materials On Account
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46430 Raw Materials Used & Applied to Job
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47435 Enter Job Estimates
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48440 Apply Direct Labor Cost to Jobs
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49445 Apply Overhead to Jobs
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50450 Record Job Completion & Invoicing
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51455 Adjusting Entry
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52Accounting Comic Break
Job Costing Process # 4 Using Classes to Track Jobs
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536 Job Costing Process # 3 Tracking COGS with More Accounts
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54Download Backup Files
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55Download Excel Practice file
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56510 Create QuickBooks File
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57515 Set Up Jobs, Items, & Accounts
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58517 Enter Job Estimates
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59520 Enter Beginning Balances For Jobs & Accounts
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60525 Purchase Raw Materials On Account
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61530 Raw Materials Used & Applied to Job
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62540 Apply Direct Labor Cost to Jobs
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63545 Apply Overhead to Jobs
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64550 Record Completion of Job & Invoicing
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65Accounting Comic Break