Lesson 35-- More Expenses
This lesson shows you how to use the Goldenseal construction accounting software to enter Equipment Hours, Inventory Used, Subcontractor Costs and Other Costs. They'll help with time tracking, time billing, job costing and accounts payable.
Each time you use a piece of equipment, create an Equipment Hours record to describe the work that was done.
To do so, follow these steps:
When you complete the record, Goldenseal posts it to time and materials billing and job costs, the same as a material purchase.
For more about Equipment Hours in the reference manual, click here.
Create an Inventory Used transaction each time that you take materials from inventory and use them on a project. To create an inventory used record, follow these steps:
Goldenseal uses Inventory Used transactions for job costs and time and materials billing, exactly the same as a material purchase. It also reduces the inventory quantities of any items listed in the Item breakdown, and adjusts the value of the Inventory account.
To create a subcontractor cost record, follow these steps:
For more about subcontractor costs in the reference manual, click here.
Subcontractor cost records can handle simple bills (similar to a material invoice) and time bills (where you pay a fixed amount per hour or day).
When a subcontractor bills for a fixed amount, follow these steps:
When you pay a subcontractor by the hour or day, follow these steps:
A subcontractor cost record includes three different billing rates.
The data that you put into an Other Cost transaction is almost identical to that in a material purchase. You identify the expense, and assign it to a job, cost category and location. You can also apply the cost to an allowance, bid, change order or other special conditions. Enter payment methods the same as in the other types of expense transactions.
When you receive a bill for a miscellaneous cost, follow these steps:
It's a good idea to enter expenses as soon as you know about them. That way your job cost information will be as up-to-date as possible.
When you pay for an expense by cash, check or credit card, enter it as soon as you can after the payment was made.
When an expense will be billed later, enter it as soon as you have a delivery ticket or other indication of the amount owed.
You can pre-enter expenses before you know their exact cost. Use the best guess at the cost, and give them either Planned or Job Cost Only status (use the Status pop-up field in the left-center part of the window).
Transactions with Job Cost Only status will be included in job cost totals, but won't be used for time and materials billing or Accounts Payable.
HINT: You can also use Job Cost Only status to enter past expenses, so you'll have accurate totals for projects that were underway when you started with Goldenseal (see page 400).
Transactions with Planned status won't be included in job costs, billing or payables, but their total will appear in some reports that show planned costs. When you actually purchase planned items, change the status from Planned to Entered.
This lesson has covered four more types of expense transactions used in the Goldenseal job costing software. You can use them to keep track of your equipment, subcontractor and miscellaneous expenses, and get ready to pay bills that you owe.
Before you move on, you may want to take a break and think about more expenses that you can add to your business, so you can enter transactions for them.
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