.jpg)
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.
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 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.
Sign up a free demo to find out how MoneyWorks helps manage your business finance more efficiently.