Other Costs

Use Other Cost transactions to enter miscellaneous expenses into the Goldenseal accounting software.

HINT-- Goldenseal uses other costs for expense tracking, accounts payable and job costing.

WORKING WITH OTHER COST RECORDS
Entering Records | Changing Records | Deleting Records | Voiding Records
Finding Records | Sorting Records

Website Info Links
Accounting Software | Accounts Payable Software | Expense Tracking Software | Job Costing Software

RELATED TOPICS
       Material Purchases | Material Takeoffs | Other Cost accounts
       Subcontractors | Vendor Payment Terms | Vendor Sales Tax
       Vendor Withholding

Creating Other Cost Records

To enter Other Costs, follow these steps:

Choose Other Costs from the Costs menu.
Click the New button, or choose New Record from the Edit menu.
Enter details for the cost.

QUICK SETUP HINT-- You only need to enter Supplier, Brief Description, Gross Price, Payment Method and Details. For job costs, fill in the Job and Category fields.

Data Fields

Enter the following information for each Other Cost record:

Supplier-- Choose the Other Cost account from whom services were received.
One Time Name-- If you are paying to an account which allows you to enter one-time names, turn on the checkbox and type in a name.
Brief Description-- Enter a brief description of the item purchased.
HINT-- If there is more than one item, use a Category Breakdown or an Item Breakdown.
Gross Price-- Enter the price of the purchase before sales tax. If you use a breakdown, the gross price is computed from the total of breakdown items.
Tax Rate-- Choose the sales tax rate used for this purchase.
Net Price-- The total price with sales tax is calculated.
Invoice Number-- Enter the number on the vendor's sales receipt or invoice.
Comments-- Enter any comments you have about this work.

Date-- Today's date is entered automatically. You can change the date if desired.
Record Number-- A purchase number is entered automatically.
HINT-- To reset the number, choose Record Numbers from the Options menu.
Job Class-- Enter the type of account for which you are making this purchase.
Job-- Enter the account against which this purchase will be job costed.
Apply To-- If the purchase is an ordinary expense, leave this field as none. Otherwise choose the special conditions that apply.
Transaction-- If you are applying this purchase to an Allowance, Change Order or Purchase Order, enter it here.
Payment Method-- Choose the payment method used for this purchase.
Payment Details-- Enter the payment terms or the account used to pay for this transaction.

More Info

Click the More Info button to enter additional details for this expense record:

Job Cost Details
Job Cost Amount-- Goldenseal shows the amount used for job costing this record.
Category-- Enter a cost category, under which this purchase will be costed.
Subcategory-- Enter a cost subcategory, under which this purchase will be costed.
Location-- Enter a location against which this purchase will be costed.

Billing Details
Vendor Withholding-- If you withhold taxes from the vendor or get a credit for GST, the rate and amount are calculated here.
Billing Date-- The billing date for this purchase is calculated automatically, based on the sale date and payment terms.
Retainage-- If you deduct retainage from this vendor, the amount is calculated here.

Apply To

Some other cost transactions have special conditions-- they apply to another transaction, or receive special treatment in expense accounting. To enter a special condition, choose an item in the Applies To field.

Some purchases have a linked transaction which you will enter into the Transaction field:

Allowance-- project purchases that apply to an allowance. Goldenseal will include this item when you do Allowance billing.
Bid-- purchases that apply to a prior bid from this vendor. Goldenseal warns you if the total amount of purchases exceeds the bid amount.
Change Order-- project purchases that apply to a change order. Goldenseal will include this item when you do Change Order billing.
Purchase Order-- this purchase will be applied to a prior purchase order for this vendor. When you complete the transaction, Goldenseal will warn you if the total amount of purchases exceeds the purchase order amount, or if purchase orders are required and none has been entered.

You can also use the Applies To field to identify other special conditions:

Capital Improvement-- a purchase that adds to the asset basis value of an investment, equipment or real estate account, rather than being handled as an expense.
Credit-- a transaction that reduces the amount owed to the supplier. The gross amount of a credit is negative.
Finance Charge-- a payment for interest on overdue items.
Return-- a transaction that reduces the amount owed to the supplier, and reduces the inventory quantity of any items that it includes. The gross amount of a return is a negative number.
Prepaid Expense-- a purchase that will be used over a future time period. In financial reports, the pre-paid amount is considered as an asset.
Special Order-- a purchase that has not yet been received.

Payment Methods

Enter one of the following into the Payment Method field:

Cash-- If you paid cash for an instant purchase. Enter the Cash account you used into the Details field.
Check-- If you wrote a check for an instant purchase. Enter the Checking account into the Details field. When you close the record, Goldenseal will ask you which checkbook to use.
Checking Debit-- Enter the Checking account into the Details field.
Credit Card-- If you made an instant purchase by credit card. Enter the Credit Card account that you used into the Details field.
Barter-- For purchases paid for by an exchange of items. In the Details field, enter the barter transfer that serves as payment.
Employee Reimburse-- For purchases made by an employee. In the Details field, enter the employee who made the purchase. A reimbursement will be made to them as part of the next payroll.
Escrow Check-- Enter the Escrow account into the Details field. When you close the transaction, Goldenseal creates an instant purchase and will ask you which checkbook to use for the purchase.
Escrow Debit-- Enter the Escrow account into the Details field. Goldenseal creates an instant purchase.
Gift-- For items given to you free. There will be no payment transaction or billing for the item.
Investment Debit-- Enter the Investment account into the Details field. Goldenseal creates an instant purchase.
Loan Debit-- Enter the Loan account into the Details field. Goldenseal creates an instant purchase.
Savings Debit-- Enter the Savings account into the Details field. Goldenseal creates an instant purchase.
Vendor Invoice-- Choose Vendor Invoice as a payment method if you'll be billed later for this item. Goldenseal automatically enters the vendor's usual payment terms into the Details field. If this purchase uses other payment terms, change the contents of the Details field. You'll pay for the item later with the Pay Bills command.

For more about purchase payments, click here.

Status Field

All other costs start with Purchased as a status.
When a payment is made on account, the affected invoice will be marked as Part Paid or Paid.
When the material purchase is included in a Time & Materials Bill, the status will change to T&M Billed.
When the material purchase is included in a Time & Materials Bill, and you receive payment, the status will change to Billed & Paid.
If you are disputing the legitimacy of a purchase, mark its status as Disputed (see page ).
If an order is still waiting or not completely delivered, mark its status as Incomplete.
If you are entering past purchases that will be used only for job costing, change the status to Job Cost Only.
If you are pre-entering an estimated future purchase, change the status to Planned.
If you are entering a price quote from a vendor that is not an actual purchase, change the status to Pricing Only.
To cancel a purchase, change its status to Void.

Payroll Tax Breakdowns

Use Payroll Tax breakdowns to itemize payments to tax agencies for payroll withholding and employer taxes.

You can create tax breakdowns automatically with the Pay Bills command.

You can also fill in payroll taxes with these steps:

Choose Other Costs from the Costs menu.
Click the New button, or choose New Record from the Edit menu.
Enter a tax agency into the Supplier field.
Click on the breakdown popup menu, and switch to a Payroll Tax breakdown.
Goldenseal will fill in a breakdown table that shows all taxes currently due to the agency.

Click in the checkmark column to mark the items you want to include.

If for some reason you need to make an adjustment to an item, click in the Adjust column and type in the adjustment amount.

Sales Tax Breakdowns

Use Payroll Tax breakdowns to itemize payments to tax agencies for payroll withholding and employer taxes.

You can create tax breakdowns automatically with the Pay Bills command.

You can also fill in payroll taxes with these steps:

Choose Other Costs from the Costs menu.
Click the New button, or choose New Record from the Edit menu.
Enter a tax agency into the Supplier field.
Click on the breakdown popup menu, and switch to a Sales Tax breakdown.
Goldenseal will fill in a breakdown table that shows all taxes currently due to the agency.

Click in the checkmark column to mark the items you want to include.

If for some reason you need to make an adjustment to an item, click in the Adjust column and type in the adjustment amount.

Using Other Costs

If you didn't pay for a purchase with an instant purchase, use the Pay Bills command to pay it when it is due.

Goldenseal automatically includes Other Costs in Job Costs reports and Time and Materials billing.

Use the Find command to locate a specific record. You can search by date, vendor, or any other info about the record.