Project and Job Costing
Project and Job Costing is a sophisticated module that provides the tools necessary to manage the simplest to the most complex contract or job. It makes the estimating, tracking, costing and billing of projects easy and manageable – simplifying cost control and planning. With the powerful features included in Project and Job Costing, you can identify potential issues and determine success factors for any project.
Project and Job Costing provides an effective solution for project managers in construction, job service and other professional industries, as well as for businesses that require a time and materials system.
Powerful Estimating Capabilities
Assign staff, material, subcontractors, equipment, miscellaneous items and overhead to each project within the contract.
Set up complex estimates by specifying the quantity (for example, hours), unit cost and billing rate (for time and materials projects) for each staff member, material (inventory item), subcontractor, equipment, miscellaneous item and overhead expense allocated to a project. Assign the cost categories to which they apply to automatically calculate cost and revenue estimates for each cost category, or simply define the cost and revenue estimates for each category within a project.
Flexible Contract Management
- Manage contracts or jobs at three levels – contract (job), project (phase) and category.
- Maintain multiple projects or phases within each contract and track multiple categories within each project.
,li>Change contract, project and category names to match industry-specific terminology.
- Maintain multiple contracts or jobs per customer.
- Use as many as five segments in your contract numbers to represent types of contracts and divisions.
- Easily navigate through the projects and categories within the contract using the optional Tree view.
- Choose from three different project types – time and materials, cost plus and fixed price. Each project within the contract can be a different type.
- Select the accounting method (revenue recognition method) for each project within the contract. Choose from total cost percentage complete, category percentage complete, labor hours percentage complete, billings and costs, project percentage complete, completed project or accrual-basis. Mix and match the project types and accounting methods for very complex or simple projects.
- Specify begin and end dates for each project to allow for timelines.
- Set up projects and categories that you can use for default information.
- Assign each category to one of six cost types (labor, material, equipment, miscellaneous, overhead and subcontractor) to track costs at an appropriate level for your company.
- Assign up to seven progress statuses to each contract and project. Choose from estimate, approved, open, on hold, inactive, completed and closed.
- Close a project to billings and/or costs at any time.
- Automatically override General Ledger revenue account segments for each project and cost account segments for each category.
- Easily set up a new contract using the step-by-step wizard.
- Quickly create a new contract by copying an existing contract.
- Maintain records for subcontractors, equipment, staff, miscellaneous items, overhead expenses and charges that can be assigned to any project. Record the Accounts Payable vendor on each subcontractor record.
- Allocate overhead and labor burden to each category.