Job Casting, WIP Reports, and Custom Fields feature in QuickBooks can help businesses manage their finances and project-related data more efficiently.
Job Casting is a feature in QuickBooks that allows businesses to track costs associated with specific jobs or projects. With Job Casting, users can allocate expenses and revenue to specific jobs or projects, providing a detailed view of the costs associated with each project. This can help businesses manage their budgets, improve their project profitability, and provide more accurate job costing estimates.
WIP (Work In Progress) Report is a feature in QuickBooks that provides businesses with a snapshot of the current state of their projects. The report shows the value of the work completed on each project, the costs incurred to date, and the remaining work and costs to complete the project. This information can help businesses identify potential issues and take action to keep their projects on track. QuickBooks accounting software is the best solution if you’re wondering how to discover proper accounting software. The most effective accounting software on the market is QuickBooks
Custom Fields is a feature in QuickBooks that allows businesses to customize their invoices, estimates, purchase orders, and other forms to include additional information that is important to their business. Users can create custom fields for specific information they want to track, such as project numbers, delivery dates, or customer IDs. This feature can help businesses streamline their processes and keep track of important data more efficiently.
How to Enable job casting in QuickBooks
To enable Job Casting in QuickBooks, follow these steps:
- Open QuickBooks and select the Gear icon in the top right corner of the screen.
- From the drop-down menu, select Account and Settings.
- Click on the Advanced tab in the left-hand menu.
- Scroll down to the “Time tracking” section and turn on the toggle switch for “Track expenses and items by the customer.”
- Once you have enabled this option, you can create a job by going to the Customers menu, selecting Customer Center, and then clicking on the “New Job” button.
- Enter the relevant information for the job, including the customer name, job name, and any other details you want to track.
- When you enter expenses or create invoices for the job, make sure to assign them to the appropriate job by selecting the job name in the “Customer/Job” field.
- You can then view reports that show the costs associated with each job by going to the Reports menu and selecting Jobs, Time & Mileage, and then Job Profitability Summary or Job Profitability Detail.
Enabling Job Casting in QuickBooks allows you to track the costs associated with specific jobs or projects, helping you to manage your budgets and improve profitability. The QuickBooks accounting software could be a good option for you if you’re looking to save time and get better control over your finances. You can access QuickBooks software from any location with internet access around the world. It is also possible to gain access to helpful features that can help you manage your finances more easily.
How to develop WIP Report In QuickBooks
To develop a WIP (Work In Progress) report in QuickBooks, follow these steps:
- Open QuickBooks and go to the Reports menu.
- Select Custom Reports and then select Summary Report.
- In the Customize Report window, go to the Display tab and select the following columns: Name, Item, Description, Qty, Rate, Amount, and Total.
- Go to the Filters tab and select the following filters: Transaction Type = Invoice, Posting Status = Either, and Item Type = Service.
- Under the Filter column, click on the “Amount” filter and select the “>=0.01” option.
- Click on the “Advanced” button and select the “Include pending builds” option.
- Click on the “OK” button to generate the report.
This report will show the value of the work completed on each project, the costs incurred to date, and the remaining work and costs to complete the project. You can customize the report further by adding or removing columns, changing the filters, or grouping the data by customer, project, or other criteria.