Tag Archives: Project

How to track job and project in accounting software?

Software: MoneyWorks accounting software

It’s essential for the job or project-based businesses to measure job profitability. It gives the business owner a breakdown of the job-related income, expenditures, and a bottom line of whether the job is making money.

You have an option of enabling the full job costing and time billing feature, or just showing the job column to enter the job references in the transaction when turning on the job function from the Document Preferences of the MoneyWorks accounting software.

By showing the job column alone allows you to tag a job code on the GL (general ledger) account when recording a transaction such as Sales Invoice, Purchase Invoice, or Payment.

On the other hand, if you do keep stock (inventory) for both trading and project, or require job sheet to enter the time cost or resources used; then turning on the full job function is a better consideration.

Job Preferences

MoneyWorks debits the cost of goods sold and credits the accounts payable (or bank) when a product has tagged to the job in a purchase invoice (or payment). On the other hand, the product cost transferred from inventory assets to the cost of goods sold when the product transferred from the existing warehouse to the job via a job sheet entry.

Job transaction

Job account summary, job profit and loss detail, etc. are job reports which can print from the report menu once transactions have recorded; or you may create an analysis report from the File menu based on your requirement. It gives an income and expenses overview of the job and eases the tracking of the job profitability.

Job Reports

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Job tagging

Software: MoneyWorks accounting software

Is your job making money?

Job tracking is essential if you are in project business such as an event organiser, subcontracting, software development, etc. Have a good understanding of the job profitability, know where your money goes, what type of job is losing money, which sector to grow is an important factor for a business to survive.

You need tools to help to monitor the profitability of a job. MoneyWorks, a small business accounting software, has a job function which allows the user to tag the income and expenses with a job. For example, you may tag the job code to the job-related expenses such as insurance, labour cost, equipment rental, transportation, purchases, etc.

job-profitability

Once you have all the data, you can use an analysis report to analyse the job profitability. You can use the built-in JT Account report from the Report menu to monitor the job profitability or create a new one with job printed horizontally across the report.

References:
MoneyWorks v7 User Guide page 175, The Job File.
MoneyWorks v7 User Guide page 397, Job Control.