Job Costing

Managing Jobs or Projects is a major challenge for most organisations. The delivery of services and products in a competitive environment means that there has to be tight controls of budgets, effective ways of capturing data, multiple methods of billing for services and products, and excellent reporting.

MYOB Greentree’s Job Cost suite provide all the right controls and offers management a comprehensive tool with all the right components from budgets to through Purchasing and job tracking, and then invoicing and job completion. All the key functional components are integrated and all costs are automatically fed through to the General Ledger.

The Job Cost suite is the central hub for the management of all the work that makes up a job or project. The starting point is the ability to create multiple budgets if required. There is maximum flexibility in the structuring of jobs which allows an organisation to match the actual costs to the budget. Costs flow from many different areas including Purchasing, Timesheets, Inventory, Travel, general disbursements and Payroll.

Integration

The job costs system is the pivotal point where transaction information is collated. Costs flow in from other areas of the Greentree software including employee timesheet information for both the job and also payroll, Inventory data, Purchase orders and general disbursements.

Job Structure

Hierarchical job structures can be set up to match actual job processes and track costs as they occur. These structures can be simple or complex depending on the type of job. There can be different types of structures in the job cost system which reflects the way that a company manages jobs.

Planning Boards

A key management focus is coordination of resources and most efficient use of the workforce. Planning boards give operational staff a quick and accurate picture of work in progress and future jobs. The drill down functionality provides additional detail if required.

Budgets

Most companies have detailed estimates and job budgets that are used for quotes, tenders and proposals. These estimates or budgets can be loaded into Greentree Job Cost where they are used as comparison against the actual costs being captured as the job progresses. Multiple budgets can be retained for a job.

Additional functionality is provided by the Advanced Job Cost module. This is for more complex jobs or if a greater level of transaction detail is required.

Revenue Recognition

This tracks and recognises the profit on long term projects as it is earned during the life of a job. The revenue to be recognised is calculated based on percentage complete. This can be reviewed by Project managers and adjusted if required. Calculations can be based on budget vs actual costs, budget vs actual hours or elapsed time on the job.

Revenue forecasting can be generated by period, allowing entry of forecast revenue for future periods with the option of spreading the unallocated revenue evenly over the remaining periods of the job.

Work Breakdown Structures

For very large projects the job can be broken down into smaller manageable components. This can then flow through into different types of billing in the project ie Mobilisation can be a one-time charge and invoiced but labour for operations is billed weekly.

Retentions

If a project has a requirement that a retention value needs to be held back then this can be defined when the job is set up. A number of different retention types can be configured using predefined rules and then applied as required. Also managed are General Ledger account postings. All the details of the retention and processing of claims are maintained and available.

Estimate Variations

This provides the functionality to manage job estimates as one ‘master’ estimate. A master can be set up and then additional estimates (for variations etc) can be created which are then included in the master.

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Screen shots – Greentree Financial Management Module

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Job Costing
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    Matilda Equipment
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