Methods for entering historical job cost records
You can enter historical cost records for each job. There are many ways to enter the cost records. Select a method appropriate for each job. While some methods require additional time and effort, those same methods produce more detailed reports than the faster methods of entry.
For example, you might only need the total amount of job costs for a project that is nearly complete, whereas you might need the individual job costs for a job that is just beginning.
Important! Sage 100 Contractor does not automatically create job costs for payroll records assigned payroll record type 3-Hand Computed or 4-Startup. If you are using the Payroll module and have entered the year-to-date payroll history, determine the job costs associated with payroll and figure those costs into the appropriate historical cost entries.
Method 1
For each job, enter one cost record. Determine the amount from the total costs to date for the job at the time the general ledger was set up. It is recommended that you assign the record cost type 5-Other. Post each record to the period just prior to the current period.
Because you are entering a single amount that may cover many cost codes, create a special cost code for this purpose. You might name the cost code something like Unassigned or Lump Sum or Start Up.
This method provides you with Bonding, Over/Under Billing, and Job Cost Totals reports. Reports based on cost codes, cost types, or accounting periods do not contain any detailed data.
Important! If your budget is set up to reflect the original budget costs, the Cost to Budget report will show discrepancies.
Method 2
For each job, enter one cost record for each cost code. Determine the amount from the total costs to date for each cost code for each job at the time the general ledger was set up. It is recommended that you assign the record cost type 5-Other. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code except in Journal reports or Current Cost Summary reports. Reports based on cost types or accounting periods do not contain any detailed data.
Important! If your budget is set up to reflect the original budget costs, the Cost to Budget report will show discrepancies.
Method 3
For each job, enter one cost record for each cost code in the prior fiscal year and another cost record for the current fiscal year. First, determine the accumulated costs for each cost code in the prior fiscal year. Then enter a separate cost record for each cost code. Post each record to period 0. It is recommended that you assign the record cost type 5-Other.
Next, determine the accumulated costs for each cost code in the current fiscal year. Then enter a separate cost record for each cost code. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code during the previous and current fiscal years, but does not provide accurate Journal reports. Reports based on cost types or accounting periods do not contain any detailed data.
Important! If your budget is set up to reflect the original budget costs, the Cost to Budget report will show discrepancies.
Method 4
For each job, enter one cost record for each combination of cost code and cost type. Determine the amount from the total costs to date for the job at the time the general ledger was set up. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code and cost type, but does not provide accurate Journal or Current Cost Summary reports. Reports-based accounting periods do not contain any detailed data.
Method 5
For each job, enter one cost record for each combination of cost code and cost type in the prior fiscal year, and another cost record for each combination of cost code and cost type in the current fiscal year.
First, determine the accumulated costs for each combination of cost code and cost type in the prior fiscal year. Then enter a separate cost record for each combination of cost code and cost type. Post each record to period 0.
Next, determine the accumulated costs for each combination of cost code and cost type in the current fiscal year. For each combination of cost code and cost type, enter a separate cost record. Post each record to the period just prior to the current period.
This method provides reports with an accurate breakdown of costs for each cost code and cost type during the previous and current fiscal years, but does not provide accurate Journal or Current Cost Summary reports. Reports based on accounting periods do not contain any detailed data.
Method 6
For each job, enter one cost record for each combination of cost code and cost type in the prior fiscal year, and enter another cost record for each combination of cost code and cost type in the current fiscal year.
First, determine the accumulated costs for each combination of cost code and cost type in the prior fiscal year. Then enter a separate cost record for each combination of cost code and cost type. Post each to period 0.
Next, determine the accumulated costs for each combination of cost code and cost type in each period during the current fiscal year. For each combination of cost code and cost type, enter a separate cost record. Post each record to the appropriate accounting period.
Suppose you are starting up in period 7. Determine the accumulated costs for each combination of cost code and cost type in each period. Then enter a cost record for each combination of cost code and cost type in periods 1 through 6.
This method provides reports with an accurate breakdown of costs for each cost code and cost type during the previous and current fiscal years. Reports on job cost journals do not provide detailed data.
Method 7
For each job, enter each cost record. First, enter the cost records in the prior fiscal year, posting each to period 0. Then in the current fiscal year, enter each cost record, posting each record to the appropriate period.
This method provides reports with an accurate breakdown of costs for each cost code and cost type during the previous and current fiscal years. Because individual costs for a job have been entered, reports on job cost journals provide fully detailed reports.